HDFC bank account: Amid a positive trend among banks to increase interest rates on various deposit accounts, HDFC Bank has revised its interest rates on its savings accounts for its customers. The lender, which is India’s largest private sector, has raised interest rates on HDFC bank savings accounts. The move was notified on the HDFC Bank website.
HDFC Savings Account Interest Rate Details
“Efficient 2n/a February 2022, the interest rate for savings bank deposit accounts has been revised as below,” the bank said on its website in a note. According to this, the bank now grants a rate of interest of 3.00% per annum on savings accounts with balances below Rs 50 lakh HDFC Bank now offers an interest rate of 3.50% per annum on savings account balances above Rs 50 lakh and below Rs 1,000 crore, and 4.50% per annum on savings balances over Rs 1,000 crore.
What are the revised interest rates for savings accounts at HDFC Bank?
Savings account balance less than Rs 50 lakh – 3% interest per annum
Savings account balance between Rs50 lakh and Rs 1,000 crore – 3.50% interest per annum
Savings account balance above Rs 1,000 crore – 4% interest per annum
The revised rates are applicable to National Savings Accounts, NRO and NRE, the bank announced 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.
HDFC Bank is the first bank in many years to review its interest rates on savings accounts. The last time India’s largest public sector lender did the same was in 2020, while private bank ICICI also revised rates in the same year.
The move comes days after the bank revised its fixed and recurring deposit interest rates to below Rs 2 crore. According to the bank’s official website, the new rates are effective from 12 January 2022. Check out HDFC’s latest interest rates on domestic/NRO/NRE deposits below Rs 2 crore.
According to the update, if the duration of the deposits is between 7 and 14 days, the regular interest rate is 2.50% per annum, and for seniors, the rate is 3.00%. The regular interest rates, as well as the rates for senior citizens, remain the same even if the term is 15 to 29 days.
Rising interest rates at most banks are likely to be good news for depositors earning one of the lowest interest rates in nearly 20 years. If the base rate increases further, we will likely see a few more interest rate increases in the future.
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