Good News For Bank Customers: This Bank Revises Interest Rate On Savings Accounts
HDFC Bank Latest Interest Rate: Here comes a big update for the bank customers of HDFC Bank. The ban this week has revised the rate of Interest for Savings Bank deposits Accounts.
In a statement, the bank said that the Savings Bank interest will be calculated on the daily balances maintained in your account and interest will be paid at quarterly intervals. India’s biggest lender in the private sector, the HDFC Bank has hiked interest rates on savings accounts. The move has been notified on the HDFC Bank website.
“Effective 2nd Feb 2022, Rate of Interest for Savings Bank deposits Accounts has been revised as below,” the bank said on its website in a note.
As per the notification, the bank is now giving an interest rate of 3 per cent per annum on savings accounts with balances of less than Rs 50 lakh. Moreover, the HDFC Bank is also offering an interest rate of 3.50 per cent per annum on savings account balances of more than Rs 50 lakh and less than Rs 1,000 crore, and 4.50 per cent per annum on savings balances of more than Rs 1,000 crore.
HDFC Savings Account Interest Rates DetailsLess than Rs. 50 Lakh3.00%Of and above Rs 50 Lakh to less than Rs 1000 Cr3.50%Of and above Rs 1000 Cr4.50%
The bank in a statement said that the revised rates are applicable to domestic, NRO, and NRE savings accounts. “The Savings Bank interest will be calculated on the daily balances maintained in your account,” it said in a note.
Notably, the HDFC Bank is the first bank in many years that has revised its interest rates on savings accounts. Prior to this, the ICICI bank had revised the interest rates on Saving Banks accounts.
The move to revise the interest rate comes days after the bank revised its interest rates on fixed and recurring deposits, which are of less than Rs 2 crore.
As per the updates from the bank, the new rates are effective from January 12, 2022.