Investment
oi-Vipul Das
The country’s largest private sector lender, HDFC Bank, has adjusted interest rates on its savings accounts. The new rates, according to the bank’s official website, are effective as of today, February 2, 2022, and apply to National Savings Accounts, NRO and NRE.
HDFC Bank Savings Account Interest Rate 2022
Following the exclusive review, the bank is now offering an interest rate of 3.00% per annum on savings balances below Rs 50 lakh. HDFC Bank now grants an interest rate of 3.50% per annum on savings balances above Rs 50 lakh and below Rs 1,000 crore, and 4.50% per annum on savings balances above Rs 1000 crore. These interest rates will be calculated on the basis of daily account balances and will be paid quarterly. The bank mentioned on its official website that “effective from February 2, 2022, the interest rate for deposit accounts at the Savings Bank has been revised as below.”
| Savings balance (Rs) | Interest rate pa |
|---|---|
| Fewer rupees. 50,000,000 | 3.00% |
| Above Rs 50 Lakh to less than Rs 1000 Cr | 3.50% |
| Above Rs 1000 Cr | 4.50% |
| Source: Bank website |
Let us now compare the interest rates of HDFC Bank New Savings Account with the interest rates of State Bank of India (SBI), ICICI Bank and Axis Bank.
SBI Savings Account Interest Rates
The nation’s largest lender is offering the following interest rates on savings bank deposits as of May 31, 2020.
| Deposit slabs at the Caisse d’Epargne | Existing interest rate | Interest rate revised on 31.05.2020 |
|---|---|---|
| SB deposit accounts with balances up to Rs. 1,000,000 | 2.75% per year | 2.70% per year |
| SB deposit accounts with balances above Rs. 1,000,000 | i) 2.75% per annum for the balance up to Rs. 1 lakh, ii) 2.75% per annum for the balance above Rs. 1,000,000. | i) 2.70% per annum for the balance up to Rs. 1 lakh, ii) 2.70% per annum for the balance above Rs. 1,000,000 |
| Source: Bank website |
ICICI Bank Savings Account Interest Rates
Here are the interest rates for ICICI Bank savings accounts as of June 4, 2020.
| For end of day balance below Rs 50 Lakhs | For end of day balance of Rs 50 lakhs and above |
|---|---|
| 3.00% | 3.50% |
| Source: Bank website |
Axis Bank savings account interest rate
Here are the interest rates for Axis Bank savings accounts as of April 1, 2021.
| Balance slabs | Interest rate applicable on April 01, 2021 |
|---|---|
| Less than INR 50 Lacs | 3.00% per year |
| INR 50 Lacs and up to less than INR 10 Crs | 3.50% per year |
| INR 10 Crs and up to less than INR 100 Crs | Repo + (-0.65%) Floor rate of 3.50% applicable |
| INR 100 Crs and up to less than INR 200 Crs | Pension + (-0.50%) |
| INR 200 Crs and up to less than INR 2,500 Crs | Pension + (-0.50%) |
| Source: Bank website |
To note
Customers of Punjab & Sind Bank should be reminded that interest rates for savings accounts in the bank have also been changed. The new rates are effective from February 1, 2022, and more information can be found here.
Article first published: Wednesday, February 2, 2022, 4:48 p.m. [IST]
