According to the PSU lender Indian Bank, it has introduced two tier interest rate structure for saving bank accounts and will offer interest rate of 4 per cent per annum on savings account with incremental balance of over Rs 50 lakh and 3.50 per cent per annum for deposit up to Rs 50 lakh.
The new interest rate will be effective from August 16, 2017.
Important Takeaways from Above News-
- Recently, SBI had slashed interest rate on savings account deposits by 50 basis points to 3.5 per on balance of Rs 1 crore and below.
- Mr. Kishor Kharat is the Managing Director & Chief Executive Officer of Indian Bank.
- Its is Headquartered in Chennai, Tamil Nadu.
Source- The Economic Times