HDFC Bank Cuts Savings Account Interest Rates By 25 Bps After FDs; Know New Rates, Minimum Balance Requirement

HDFC Bank Interest Rates: Following the trend of rates cut, India's largest lender, HDFC Bank has further reduced savings account interest rates by 25 bps on balances below Rs 50 lakh and above. The move comes after HDFC Bank had trimmed its FD rates before RBI rate cut. Indian banks broadly are cutting rates after RBI reduced its policy repo rate by 25 bps last week, on expected lines. Any change in repo rate has a direct impact on savings and deposits of customers, that is because banks have linked their deposits to RBI's key rate.

HDFC Bank Savings Account Interest Rates:

As per the latest update, HDFC Bank is now offering 2.75% rate on savings account with balances less than Rs 50 lakh. The new rates have come into effect from April 12, 2025. Earlier, the bank was offering 3% rate.

Further, on savings account balances of and above Rs 50 lakh, HDFC Bank is offering 3.25% rate compared to 3.50%.

Notably, HDFC Bank had kept its savings account rate at 3% on balances below Rs 50 lakh since April 2020. Hence, the latest cut is for the first time in nearly 5 years.

Furthermore, HDFC Bank has a minimum balance requirement for its savings account. If you have an account in HDFC Bank branch based in metro or urban region, then the minimum balance requirement is Rs 10,000 in a regular savings account per month. The average monthly balance requirement is of Rs 5,000 in the semi-urban region. However, in rural areas, the average quarterly balance is set at Rs 2,500, or FDs of Rs 10,000 for a minimum 1 year, one-day duration.

How to open a savings account at HDFC Bank online?

Step 1: Visit https://www.hdfcbank.com/Navigate to the 'Select Product Type' section and click on 'Accounts'

Step 2: Click on 'Saving account' from the ' Select Product' option

Step 3: Click on 'Apply Online'

Step 4: Validate your Mobile Number and select the Aadhar option for digital account opening. You will also have the option to choose Other OVD where a reference number will be generated and our branch staff will contact you for an account opening.

Step 5: Enter the required information such as name, contact details, address, etc.

Step 6: Fill in nominee details and extend

Step 7: Attach documents like PAN, Aadhaar card, or any other document required by the bank

Step 8: Complete activation of your account via the Video KYC option of the Bank

Step 9: Once the verification process is complete, you will receive a welcome kit from HDFC Bank. This kit will have your debit cum ATM card, PIN, and chequebook.

What Is Savings Account Interest Rate?

A Savings Account interest rate refers to the percentage of interest that a bank pays for the amount deposited in the Savings Account. In your Savings Account, you can deposit and withdraw funds, at any time. Therefore, you will keep earning interest so long you have funds in the account, as per HDFC Bank.

HDFC Bank FD Interest Rates:

With effect from April 1st, HDFC Bank has trimmed its FD rates.

General Category: Now, customers get between 3% to 7.25% rates on their FDs below Rs 3 crore. The highest rate is of 7.25% offered on 18 months to

Senior Citizens: Elderlies get higher returns on their FDs in general terms. After the latest cut, HDFC Bank is offering minimum 3.50% to maximum 7.75% on FDs below Rs 3 crore. The 7.75% rate is offered on 18 months to

What Are FD Rates?

According to HDFC Bank, Fixed Deposits, also known as FDs, are a popular investment option in India, known for their stability. With FDs, you can deposit a certain specific amount for a predetermined period at an agreed-upon interest rate. The FD interest rate signifies the percentage of interest you will earn on the principal amount over your FD tenure. You will earn different rates for different tenures. The FD interest rates are influenced by factors like the Reserve Bank of India's (RBI) monetary policy, inflation rates, and the overall economic scenario.