Here is some good news for all HDFC bank customers. HDFC has revised the Interest rate for Savings Bank deposits Accounts. In a statement, the bank said that the Savings Bank interest will be calculated on the daily balances and it will be paid at quarterly intervals. One of the largest private sector banks has hiked its interest rate on savings accounts. This decision was announced on their website.
According to the notification on the HDFC website, the bank is giving an interest rate of 3% per annum on savings account with a balance less than Rs 50 lakhs and 3.50% per annum with a balance more than Rs 50 lakhs and less than Rs 1,000 Crores. The bank will be giving a 4.5% interest rate for a balance of more than Rs 1,000 crores.
Check out the new interest rates here:
The bank in a statement said that the revised interest rates are active for 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.
HDFC Bank is one of the first banks in many years who have revised their interest rates on the savings account. Before this, the ICICI Bank had revised its rates.
The interest rates of ICICI Bank are the same as HDFC bank, i.e. 3% for balances up to Rs 50 lakh and 3.5% for balances above Rs 50 lakh.
However, the overall interest rates are not high enough hence people mostly prefer to create FDs out of their savings or invest in other options.
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