HDFC Bank Savings Account Interest Rates Revised; Find out more here

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HDFC bank account: Against the background of a positive trend for banks to increase interest rates on various deposit accounts, HDFC Bank has adjusted the interest rates on its savings bank accounts for its customers. The lender, India’s largest in the private sector, has hiked interest rates on HDFC bank savings accounts. The move was announced on HDFC Bank’s website.

Details of HDFC savings account interest rates

“Valid 2nd February 2022, savings bank deposit account interest rate has been revised as follows,” the bank said in a statement on its website. Accordingly, the bank now charges an interest rate of 3.00 per cent per annum on savings accounts with balances of less than Rs 50,000. HDFC Bank is now offering an interest rate of 3.50 per cent per annum on savings accounts over Rs 50,000 and less than Rs 1,000 crore and 4.50 per cent per annum on savings over Rs 1,000 crore.

What are the revised interest rates on savings accounts at HDFC Bank?

Savings account balance less than Rs 50 lakh – 3 per cent interest per annum

Savings account balances between Rs50 lakh and Rs 1,000 crore – 3.50 per cent interest per annum

Savings account balance over Rs 1,000 crore – 4 per cent interest per annum

The revised rates will apply to domestic, NGO and NRE savings accounts, the bank says on its website.

“Sparkassen interest is calculated on the daily balances in your account,” it says in a statement. Savings bank interest is paid quarterly, HDFC Bank said.

HDFC Bank is the first bank in many years to revise interest rates on savings accounts. The last time India’s largest public lender did the same was in 2020, while private lender ICICI Bank also revised interest rates in the same year.

The move comes days after the bank revised its rates on fixed and recurring deposits, which are less than Rs 2 crore. According to the bank’s official website, the new rates will apply from 12th January 2022. Check out HDFC’s latest rates on domestic/NGO/NRE deposits of less than Rs 2 crore.

According to the update, if the deposits have a term of between 7 and 14 days, the regular interest rate is 2.50 percent pa, for seniors 3.00 percent. The regular interest rates as well as the interest rates for seniors remain the same even with a term of 15-29 days.

Rising interest rates at most banks should be good news for depositors, who are earning some of the lowest interest rates in almost 20 years. If the base rate continues to rise, we should see a few more interest rate hikes in the future.

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