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HDFC Bank Makes Interest Rate Revision On Savings Account: Check New Rates Here
HDFC Bank, a private sector lender, has revised its interest rates on savings bank accounts today. The rate of interest for savings bank deposit accounts will be 3.00 percent per annum on savings balances of less than Rs 50 lakh, and 3.50 percent on savings balances of more than Rs 50 lakh, beginning on April 6, 2022. Previously, the bank offered a 3% interest rate on savings account balances under Rs 50 lakh, 3.50 percent on savings account balances between Rs 50 lakh and Rs 1000 crore, and 4.50 percent on savings account balances beyond Rs 1000 crore.
HDFC Bank Savings Account Interest Rates
The following are the rates of interest on savings bank accounts, including domestic, NRO, and NRE deposits, as of April 6, 2022. Savings Bank interest will be calculated based on the daily balances in your account and paid by the bank at quarterly intervals.
| Savings Balance (Rs) | Interest Rate p.a |
|---|---|
| Less than Rs. 50 Lakh | 3.00% |
| Of and above Rs 50 Lakh | 3.50% |
| Source: Bank Website. Effective 6th April 2022 |
Customers of HDFC Bank should be aware that today the bank has increased the interest rate on fixed deposits of less than Rs 2 crore that mature in one year to two years. Previously, the bank offered a 5% interest rate on these deposits, but from April 6, 2022, the interest rate will be 5.1 percent on deposits maturing in 1 year and 1 year 1 day - 2 years. For more details, please click here.
On the other hand, the Punjab National Bank (PNB) cut the interest rate from 2.75% to 2.70% on savings accounts with balances under Rs 10 lakh and the interest rate has also been dropped from 2.80% to 2.75% on savings accounts with balances over Rs 10 lakh. For more details, please click here.
