Private sector lender HDFC Bank announced a cut in interest rate on savings account deposits. By this rate cut, HDFC bank customers maintaining an account balance below Rs 50 lakh will now earn interest at the rate of 3.5 per cent per annum.
Customers maintaining a savings bank account balance of Rs. 50 lakh and above will continue to earn interest at 4 per cent. 4 Banks That have Slashed Savings Bank Account Interest Rates
The new revised rates will be applicable to both resident and non-resident customers, and it will be effective from August 19, 2017.HDFC Bank is the latest lender to lower savings account deposit rate after SBI.
Country's largest lender SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below. After that PSU lender Bank of Baroda, Axis Bank and Yes Bank and Karnataka Bank has announced changes in the interest rate on savings account deposits.