Banking

HDFC Bank Cuts Interest Rates on Some Savings Accounts

Customers with savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum.

FILE PHOTO: A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. Credit: Reuters/Shailesh Andrade/File Photo

A bird flies past a window of a HDFC Bank branch office in Mumbai, India, October 21, 2015. Credit: Reuters/Shailesh Andrade/File Photo

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

Customers with savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum, the lender said in a statement.

SBI had cut deposit rates on most of its savings accounts to a six-year low last month to boost net interest margins, prior to the interest rate cut by the RBI.

Lenders such as Yes Bank Limited and Axis Bank Limited among others have also cut interest rates on certain savings accounts.

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