J-K Banks cut the intrest rates

New Delhi, Sept 13: A shock was received yesterday.
Public sector lender Jammu and Kashmir Bank (J-K) has announced that

* The interest rate on its savings bank accounts is 3.50 %.

* The bank has cut the interest rate by 0.50 % earlier it was 4 %.

* The revised interest rate on domestic/NRO/NRE rupee savings bank deposits will be effective from September 12, 2017.

Experts said that the banks are reducing the interest rate because of the excess money deposited in the banks after the demonetization.

Earlier the SBI and dozen of banks have reduced the interest rates from 4 % to 3.5 %. Many more banks are expected to follow the suit in coming days because of excess liquidity.