HDFC Bank lowers saving account interest rate with new at 2.75 percent
The interest rate has been reduced from 3.5% to 3.25 percent for balances over Rs 50 lakh.
With effect from April 12, HDFC Bank lowered the interest rate on savings accounts with balances under Rs 50 lakh by 25 basis points to 2.75 percent. Among private sector banks, this new rate is the lowest. The interest rate has been reduced from 3.5% to 3.25 percent for balances over Rs 50 lakh.
The decision comes after the RBI lowered the repo rate by 25 basis points. Peers of HDFC Bank, such as ICICI Bank and Axis Bank, currently offer a minimum interest rate of 3% on balances under Rs 50 lakh.
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In preparation for a rate cut, HDFC Bank had previously lowered fixed deposit rates by 35–40 basis points for a few tenures beginning on April 1.
For deposits under Rs 3 crore, Canara Bank recently lowered fixed deposit interest rates by up to 20 basis points on a few tenures. The updated rates go into effect on April 10th, according to the bank's website. The bank now offers interest rates on callable deposits that range from 4 to 7.25 percent for the general public and from 4 to 7.75 percent for senior citizens as a result of the adjustment.
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