Bank of India slashes interest rates on saving Deposits

New Delhi Aug 24: A shock for customers.
Bank of India a public sector bank has today that

* The Intrest rates on Saving Accounts Deposit Rates below Rs 50 Lakh is 3.5 %.
* The bank has cut the interest rates by 50 basis points from current 4 %.
* There is no change in Intrest received on Savings banks account deposits above RS 50 lakhs and stands at 4 %.
* The order would be effective from Today

Earlier the banks like SBI, HDFC Bank, Axis Bank, Bank of Baroda, Karnataka Bank, PNB bank, ICICI bank, Indian bank, Central Bank of India and Dena Bank have cut the interest rates on savings deposits.

Experts say that many more banks may follow the suit because of the huge inflow of cash to banks after demonetization which was announced last year.