HDFC Bank Interest Rates: private lender HDFC bank Ltd. has said that it has revised interest rates on its savings accounts, affecting many customers of the bank. As per the revised rates of interest on savings accounts that came into force two days ago, HDFC Bank will offer an interest rate of 3 per cent per annum on savings accounts with balances below Rs 50 lakh. The interest rate for HDFC savings bank deposit account above Rs 50 lakh will be 3.5 per cent per annum. The move has been notified on the Bank’s website.
HDFC Bank Savings Account Interest Rates
With effect from April 6, 2022, the interest rate for savings bank deposit accounts has been revised as follows:
Savings account balance less than Rs 50 lakh – 3% interest per annum
Savings account balance above Rs 50 lakh – 3.50 percent per annum interest
HDFC Bank said on its website that the rates mentioned above will be applicable on savings bank accounts with domestic, NRO and NRE deposits till April 6, 2022. “Savings Bank interest will be calculated on the daily balance in your account,” it said in a note. HDFC Bank further said that the savings bank interest will be paid at quarterly intervals.
Second amendment in two months
Two months ago, India’s largest private sector lender had announced revision of 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 below Rs 50 lakh. HDFC Bank was earlier offering an interest rate of 3.50 per cent per annum on savings account balance above Rs 50 lakh and less than Rs 1,000 crore and 4.50 per cent per annum on savings balance of more than Rs 1,000 crore. Hence, the latest amendment will affect people having savings account above Rs 1,000 crore.
A few days back, public lender Punjab National Bank had also cut interest rates on its savings accounts, in a disappointing news for the lender’s customers. The public sector bank has said that the interest rates have been reduced to 2.70 per cent per annum for bank accounts with balance less than Rs 10 lakh. The interest rate has been reduced to 2.75 per cent per annum for accounts with balance between Rs 10 lakh and Rs 500 crore.
HDFC Bank’s announcement also comes days after it announced merger with its subsidiary HDFC Ltd to become India’s third largest company. This came two days ahead of the announcements of the Reserve Bank of India’s MPC meeting today, where the central bank decided to keep interest rates unchanged.
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