Savings account rate cut: Bad times for small savers, time to shift?
Eight major banks have cut the interest rates on savings account to as low as 3.5%. For savings account, higher interest rates are considered better option. This reduction will majorly impact the small savers.
Following India's largest bank State Bank of India (SBI), eight private banks have cut the interest rates of savings account within a week.
SBI, on July 31 had slashed the pricing for under Rs 1 crore saving deposits by 0.50% to 3.5%. After which, major banks, HDFC Bank, ICICI Bank, Axis Bank and five other banks followed the trend.
ICICI Bank cut interest rate on savings account by 0.5%
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