Syndicate Bank cuts savings account interest rate by 0.5%

Rate cut applicable for deposits up to Rs 25 lakh

Public sector Syndicate Bank has cut savings account interest rate by 0.50 per cent to 3.50 per cent 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 per cent from 4 per cent existing rate," the bank said in a regulatory filing.

For the deposits above Rs 25 lakh, the interest rate is unchanged at 4 per cent.

With this, Syndicate Bank has joined over two-dozen banks, both from public and private sector, who have cut interest rate on deposits in various quantum.

Shares of Syndicate Bank on Wednesday closed 2.78 per cent down at Rs 62.85 on BSE.