HDFC Bank revises interest rates on savings accounts

HDFC Bank revises interest rates on savings accounts

Until now seven banks including SBI have reduced their return on savings accounts.

Not worry, if you want to open an savings there are still other banks who provide with highest interest rates.

Banks could make huge savings because of the cut in the SB rate.

How have the rate cuts progressed?

HDFC Bank Limited on Thursday cut interest rates on most of its savings accounts to 3.5% from 4%.

Bank of Baroda: The second bank to cut rates was Bank of Baroda.

Another PSU lender Bank of Baroda had cut the rate to 3.5 percent on deposits of up to Rs 50 lakh.

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Axis Bank: The first private bank to follow SBI's move was Axis Bank. These revised rates will be applicable for both resident and non-resident customers, HDFC Bank said.

HDFC Bank and PNB said customers maintaining an SB account balance of below ₹50 lakh will henceforth earn 3.5 per cent interest against 4 per cent earlier.

Karnataka Bank: The changes were linked to daily balances. For deposits between Rs 1 lakh and Rs 50 lakh, the rate is pegged at 3.5 percent.

For balances of Rs one crore and above, the new rate will be 6.25 per cent, down from the old rate of 6.5 per cent. And, for deposits above 50 lakh, the 4 percent rate is retained.

Shares of YES BANK LTD. was last trading in BSE at Rs.1761.45 as compared to the previous close of Rs. 1779. However, the 6% rate will remain for the over Rs 1 lakh to below Rs 1 crore deposit bracket. Banks offer companies preferential rates and specific terms for these accounts - which will be individually handled by each of the latter's employees.

The bank has also slashed interest rate on savings accounts to 6.25% from existing 6.5% for deposits over Rs 1 crore.

RBL Bank provides the highest interest rate of 7.1% on savings account above Rs 10 lakh balance.

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