HDFC bank interest rate: Private lender HDFC Bank said it had revised interest rates on its savings accounts, affecting several bank customers. In line with the revised interest rates on savings accounts, which came into effect two days ago, HDFC Bank will offer an interest rate of 3% per annum on savings accounts with a lower balance at Rs 50 lakh. For an HDFC savings bank deposit account of more than Rs 50 lakh, the interest rate will be 3.5% per annum. The move was notified on the bank’s website.
HDFC Bank Savings Account Interest Rates
Effective April 6, 2022, the interest rate for savings bank deposit accounts has been revised as shown below:
Savings account balance less than Rs 50 lakh – 3% interest per annum
Savings account balance above Rs 50 lakh – 3.50% interest per annum
The above mentioned rates will be applicable on savings bank accounts with domestic, NRO and NRE deposits, from 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, HDFC Bank added.
Second review in two months
A little over two months ago, the lender, also the largest in the Indian private sector, announced a revision of interest rates on savings bank deposits. According to this notice, HDFC Bank was offering an interest rate of 3.00% per annum on savings accounts with a balance of less than Rs 50 lakh. HDFC Bank previously offered an interest rate of 3.50% pa on savings account balances above Rs 50 lakh and below Rs 1,000 crore, and 4.50% pa on savings account balances. savings above Rs 1,000 crore. Hence, the latest revision will affect people with a savings account balance above Rs 1,000 crore.
A few days ago, the public lender Punjab National Bank also cut interest rates on its savings accounts, in disappointing news for the lender’s customers. The public sector bank said that for bank accounts with a balance of less than Rs 10 lakh, interest rates have been lowered to 2.70% per annum. For accounts with a balance between Rs 10 lakh and Rs 500 crore, the interest rate has been reduced to 2.75% per annum.
HDFC Bank’s announcement also comes days after announcing a merger with its sister company HDFC Limited, to become India’s third-largest company. It also came two days before announcements from the Reserve Bank of India’s MPC meeting today, where the central bank decided to keep interest rates unchanged.
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