HDFC Bank reduces rates on certain savings accounts to 3.5% from 4%
HDFC Bank reduces rates on certain savings accounts to 3.5% from 4%
Interest Rate on Saving Bank Accounts: 7 Top Banks That Have Slashed Rates to Benefit Customers
18 August, 2017, 09:29
Just yesterday, Private sector lender Yes Bank reduced the interest rate on savings bank accounts by 1 per cent to 5 per cent for deposits of less than Rs 1 lakh. An excerpt from the regulatory filing submitted by HDFC Bank read, "Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4 per cent per annum". The bank has maintained the 6% return that it offered customers with deposits between Rs 1 lakh and Rs 1 crore, while reducing the rate on deposits above Rs 1 crore to 5.5% from 6% earlier. These revised rates will be applicable for both resident and non-resident customers, HDFC Bank said. But for depositors of over Rs 1 lakh but less than Rs 1 crore, the bank will continue to pay the existing savings bank rate of 6%.
HDFC Bank: HDFC slashed rates for savings bank account balance below Rs 50 lakh to 3.5% per year. Karnataka Bank too has tweaked the interest rate on savings bank accounts.
Please Wait while comments are loading. The other four banks are Bank of Baroda, Axis Bank, Indian Bank and Karnataka Bank.
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Most have kept their savings bank rate at 3.5%, specially for the smaller depositors.
Since July 31, three banks have cut their SB rates. Then, after a few months in October 2011, the central bank deregulated the savings rate, allowing banks the freedom to take their own decisions on interest rates.
The private sector bank said that the rate remains unchanged at 6 per cent for SB deposits in the above ₹1 lakh and less than ₹1 crore slab, . According to RBI officials, depositors continue to receive a positive return on their savings account considering that retail inflation is less than 3.5%. The new rates would be effective from September 1. Reports stated that the move, which may lead to a rate ware, will help the bank make an additional gain of around Rs 2,500 crore.
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