Business Companies 17 Aug 2017 HDFC Bank cuts rates ...

HDFC Bank cuts rates from 4 per cent to 3.5 per cent for savings accounts

REUTERS
Published Aug 17, 2017, 10:57 am IST
Updated Aug 17, 2017, 10:57 am IST
State Bank of India had cut deposit rates on most of its savings accounts to a six-year low last month.
HDFC Bank is a major player in India's banking sector. (Photo: PTI)
 HDFC Bank is a major player in India's banking sector. (Photo: PTI)

Mumbai: HDFC Bank Ltd on Thursday cut interest rates on most of its savings accounts to 3.5 percent from 4 percent.

Customers with savings bank account balance of 5 million rupees ($77,924.10) and above will continue to earn interest at 4 percent per annum, the lender said in a statement.

 

State Bank of India (SBI.NS) 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 Reserve Bank of India.

Lenders such as Yes Bank Ltd (YESB.NS) and Axis Bank Ltd (AXBK.NS) among others have also cut interest rates on certain savings accounts.

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