HDFC Bank slashes interest rate on savings bank accounts by 50 bps

After SBI now Yes Bank HDFC cut interest rates savings account to fetch less returns

HDFC Bank Limited on Thursday cut interest rates on most of its savings accounts to 3.5% from 4%.

However, the bank will continue to pay 6 per cent interest on deposits of over Rs 1 lakh and less than Rs 1 crore. Customers maintaining account balance of below Rs. 50 lakh will earn interest at 3.5% per annum. "Customers maintaining account balance of below Rs 50 lakh will earn interest at 3.5% per annum".

Mumbai: Both private sector and public sector banks have been cutting interest rates on savings account across the country. For daily balances of above Rs. 1 crore, the interest rate is revised to 5% p.a, from the existing 4% p.a, whereas for daily balances of Rs. 50 lakhs to Rs. 1 crore, the applicable interest rate is 4% p.a. For most of the time since interest on savings account were deregulated in 2011, real interest rates on savings account were negative as inflation ruled much higher than the 4% return offered on these accounts. Deposits above Rs 1 crore would attract 6.25 per cent interest.

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Digital Payments Banks are still offering lucrative interest rates on deposits with them. You can take benefit of it and move your account to any of the small banks close to you.

Airtel is offering the highest interest rates among the functioning payments banks. The change was brought into force from August 16. Total income for the quarter ended June 30, 2017, was Rs 22,185.4 crore.

Karnataka Bank: The bank now offers three percent on saving accounts with deposits up to Rs 1 lakh. The 4% rate will continue for deposits of and above Rs 50 lakh. The relatively newer banks or those that were attempting to make inroads to gain market share had offered higher rates of 6-7% like Kotak Mahindra Bank and Yes Bank. Earlier, the banks gave interests on least amount of balance in a savings account between the 10th and the last day of each month.

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