Taking a cue from the largest commercial bank, State Bank of India, the Kolkata based UCO Bank and Allahabad Bank have also reduced their rates of interest on deposits.
While UCO has decided to realign rates on deposits by 25 basis points for all maturity excepting for deposits with maturity three years and above where it has remained at 8 per cent.
The bank has also brought its rate of interest on NRE deposits at par with the domestic rate.
UCO has also realigned interest rates payable to senior citizens by 25 basis points as well, except for deposits with maturity of three years and above, which has remained at 8.75 per cent.
Allahabad Bank has also decided to reduce its rates for deposits for 29 days to 5 per cent, while that for 45 days will be reduced to 5.25 per cent.
The ones for 90 days would be 6 per cent and that for a year would be 6.75 per cent.
Rates for maturity of less than three years was reduced to 7.5 per cent, while for three years and above it was kept at 8 per cent.
United Bank of India is however yet to decide on whether it will reduce its rates or not.
The bank is weighing the market trend after which it will decide on a rate cut.
