Public sector Syndicate Bank has cut savings account interest rate by 0.50 percent to 3.50 percent for deposits up to Rs 25 lakh. The bank has revised rate of interest on savings bank deposits with effect from October 10 to 3.50 percent from 4 percent existing rate.
For the deposits above Rs 25 lakh, the interest rate is unchanged at 4 percent. With this, Syndicate Bank has joined over two-dozen banks, both from the public and private sector, who have cut the interest rate on deposits in various quantum.
Important Takeaways from Above News-
- Syndicate Bank was established in 1925 in Udupi, Karnataka.
- Mr Melwyn Rego is the Managing Director & CEO of Syndicate Bank.
- It Headquarters in Manipal, Karnataka.
Source- The Hindu