HDFC Bank Account: Amid a positive trend among banks to hike interest rates on various deposit accounts, the HDFC bank has revised its interest rates on its savings bank accounts for its customers. The lender, which is India’s biggest in the private sector, has hiked interest rates on HDFC bank savings accounts. The move has been notified on the HDFC Bank website.
HDFC Savings Account Interest Rates Details
“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. According to this, the bank is now giving an interest rate of 3.00 per cent per annum on savings accounts with balances of less than Rs 50 lakh. HDFC Bank is now 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 percent per annum on savings balances of more than Rs 1,000 crore.
What are the Revised Savings Account Interest Rates at HDFC Bank?
Savings account balance less than Rs 50 lakh- 3 per cent interest per annum
Savings account balance between Rs50 lakh and Rs 1,000 crore – 3.50 per cent interest per annum
Savings account balance more than Rs 1,000 crore – 4 per cent interest per annum
The revised rates are applicable to domestic, NRO, and NRE savings accounts, the bank has notified on its website.
“Savings Bank interest will be calculated on the daily balances maintained in your account,” it said in a note. Savings Bank interest will be paid at quarterly intervals, the HDFC Bank further said.
HDFC Bank is the first bank in many years that has revised its interest rates on savings accounts. The last time India’s largest public sector lender did the same was in 2020, while private lender ICICI bank revised the rates in the same year as well.
The move comes days after the bank revised its interest rates on fixed and recurring deposits, which are of less than Rs 2 crore. According to the bank’s official website, the new rates are effective from January 12, 2022. Check out HDFC’s latest interest rates on domestic / NRO / NRE deposits of less than Rs 2 crore.
As per the update, if the tenor of the deposits is between 7 – 14 days, the regular interest rate is 2.50 per cent per annum, and for the senior citizen, the rate is 3.00 per cent. The regular interest rates, as well as rates for the senior citizens, remain the same even if the tenor is for 15-29 days.
The rising interest rates in most banks is likely to come as good news for depositors who have been earning one of the lowest rates of interest for almost 20 years. If the base rate rises further, we are likely to see a few more increases in rates of interest going forward.
Read all the Latest News, Breaking News and Coronavirus News here.
For all the latest business News Click Here
