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HDFC Bank Revises Savings Account Interest Rates W.e.f. 2nd February 2022

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The country's largest private sector lender, HDFC Bank, has adjusted its savings account interest rates. The new rates, according to the bank's official website, are effective as of today, February 2nd, 2022, and applicable to domestic, NRO, and NRE savings accounts.

 
HDFC Bank Revises Savings Account Interest Rates W.e.f. 2nd February 2022

HDFC Bank Savings Account Interest Rates 2022

Following the exclusive revision, the bank is now offering an interest rate of 3.00% per annum on savings balances of less than Rs 50 lakh. HDFC Bank is now giving an interest rate of 3.50 percent per annum on savings balances of more than Rs 50 lakh and less than Rs 1000 crore, and 4.50 percent per annum on savings balances of more than Rs 1000 crore. These interest rates will be calculated based on the daily account balances and will be paid out in quarterly intervals. The bank has mentioned on its official website that "Effective 2nd Feb 2022, Rate of Interest for Savings Bank deposits Accounts has been revised as below."

Savings Balance (Rs)Interest Rate p.a
Less than Rs. 50 Lakh3.00%
Above Rs 50 Lakh to less than Rs 1000 Cr3.50%
Above Rs 1000 Cr4.50%
Source: Bank Website

Let us now compare the new HDFC Bank saving account interest rates with the interest rates of the State Bank of India (SBI), ICICI Bank, and Axis Bank.

SBI Savings Account Interest Rates

The country's largest lender is offering the following interest rates on savings bank deposits w.e.f 31st May 2020.

Savings Bank deposit slabsExisting Rate of InterestRevised Rate of Interest w.e.f. 31.05.2020
SB Deposit accounts with balances upto Rs. 1 lakh2.75% p.a2.70% p.a.
SB Deposit accounts with balances above Rs. 1 lakhi) 2.75% p.a. for balance upto Rs. 1 lakh, ii) 2.75% p.a. for balance above Rs. 1 lakh.i) 2.70% p.a. for balance upto Rs. 1 lakh, ii) 2.70% p.a. for balance above Rs. 1 lakh
Source: Bank Website

ICICI Bank Savings Account Interest Rates

The following are the ICICI Bank's savings account interest rates as of June 4, 2020.

 
For the end of day balance below Rs 50 LakhsFor the end of day balance of Rs 50 lakhs and above
3.00%3.50%
Source: Bank Website

Axis Bank Savings Account Interest Rates

The following are the interest rates for Axis Bank Savings Accounts as of April 1, 2021.

Balance SlabsApplicable Rate of Interest w.e.f. 01st Apr, 2021
Less than INR 50 Lacs3.00% p.a.
INR 50 Lacs and up to less than INR 10 Crs3.50% p.a.
INR 10 Crs and up to less than INR 100 CrsRepo + (-0.65%) Floor rate of 3.50% applicable
INR 100 Crs and up to less than INR 200 CrsRepo + (-0.50%)
INR 200 Crs and up to less than INR 2,500 CrsRepo + (-0.50%)
Source: Bank Website

Note

Customers of Punjab & Sind Bank should be reminded that the bank's savings account interest rates have also been modified. The new rates are effective as of February 1, 2022, and more information can be found here.

Story first published: Wednesday, February 2, 2022, 16:48 [IST]
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