HDFC Bank Cuts Savings Account Interest Rates; Check Revised Rates of Interest
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HDFC Bank Interest Rates: Private lender HDFC Bank has said that it has revised the interest rates on its savings accounts, affecting several customers of the bank. As per the revised rates of interest on savings accounts, which have come into effect from two days ago, the HDFC Bank will provide an interest rate of 3 per cent per year on savings accounts with balances below Rs 50 lakh. For HDFC savings bank deposit account of more than Rs 50 lakh, the rate of interest will be 3.5 per cent per annum. The move has been notified on the bank’s website.
HDFC Bank Savings Account Interest Rates
Effective from April 6, 2022, the Rate of Interest for Savings Bank deposits Accounts has been revised as given below:
Savings account balance less than Rs 50 lakh- 3 per cent interest per annum
Savings account balance above Rs 50 lakh- 3.50 per cent interest per annum
The rates mentioned above will be applicable on savings bank accounts with domestic, NRO, and NRE deposits, as of April 6, 2022, HDFC Bank said on its website. “Savings Bank interest will be calculated on the daily balances maintained in your account,” it said in a note. Savings Bank interest will be paid at quarterly intervals, the HDFC Bank further said.
Second Revision in Two Months
A little over two months ago, the lender, also India’s biggest in the private sector, had announced a revision in the savings bank deposit interest rates. According to that notice, HDFC Bank was offering an interest rate of 3.00 per cent per annum on savings accounts with balances of less than Rs 50 lakh. HDFC Bank was previously offering an interest rate of 3.50 per cent per annum on savings account balances of more than Rs 50 lakh and less than Rs 1,000 crore, and 4.50 percent per annum on savings balances of more than Rs 1,000 crore. Therefore, the latest revision will affect people with over Rs 1,000 crore savings account balance.
Days ago, public lender Punjab National Bank had also cut the he interest rates on its savings accounts, in a disappointing news to the lender’s customers. The public sector bank has said for those bank accounts with less than Rs 10 lakh balance, the interest rates have been lowered to 2.70 per cent per annum. For those accounts with a balance between Rs 10 lakh and Rs 500 crore, the interest rate has been reduced to 2.75 per cent per annum.
HDFC Bank’s announcement also comes days after it announced a merger with its sister concern HDFC limited, to become India’s third largest company. It also came two days ahead of the reserve Bank of India’s MPC meet announcements today, where the central bank decided to keep the interest rates unchanged.
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