Dena Bank cuts savings rate by 0.5% on deposits up to Rs25 lakh
New Delhi: Public sector Dena Bank on Monday cut interest rate on savings account deposits up to Rs25 lakh by 0.5% to 3.50%.
Those having deposits over Rs25 lakh in their savings bank accounts will continue to get the existing interest of 4%.
“Dena Bank has reduced the interest rate on savings bank account for balance up to Rs25 lakh to 3.50% per annum from the existing rate of 4% per annum,” Dena Bank said in a statement.
For deposits above Rs25 lakh, the interest rate will remain unchanged at 4% per annum, it said.
With this, Dena Bank has joined a host of peer banks after the industry leader SBI started paying less on certain savings deposits.
State Bank of India (SBI) had cut interest rate on savings deposits on 31 July by 0.5% to 3.5% for deposits up to Rs1 crore, the lowest rate being offered in six years.
HDFC Bank, Bank of Baroda, Punjab National Bank (PNB) and Axis Bank, Yes Bank and Karnataka Bank are among the banks which cut their interest rate on savings accounts. Dena Bank stock traded 1.59 down at Rs30.85 on BSE.