New Delhi: If you are an HDFC Bank customer then there is an important news for you. Based on market valuation, the country’s largest bank has changed the interest rates offered by the lender on investments in savings bank accounts. The latest interest rates on savings accounts are applicable from April 6, 2022.
With the latest revision, investors will get 3% annual interest rate on savings accounts with balances below Rs 50 lakh. Also, customers with HDFC Bank savings accounts whose balance is more than Rs 50 lakh will now get an interest rate of 3.50%.
HDFC Bank notes that the latest interest rates are applicable on domestic, NRO and NRE deposit savings accounts. HDFC Bank revises interest rates on savings accounts and fixed deposit accounts once every quarter.
Banks revising FD interest rates
HDFC Bank has recently revised the interest rates on FD investments. The Bank has recently revised the domestic/NRO and NRE non-withdrawable fixed deposit rates of more than or equal to Rs 5 crore with effect from 06 April 2022.
Apart from HDFC Bank, several other banks have also revised their interest rates. For example, ICICI Bank has cut the interest rate on fixed deposit schemes with different maturities by 5 basis points or 0.05%.
The private lender has cut interest rates on FDs above Rs 2 crore but less than Rs 5 crore. There is no change in the interest rates on FD schemes below Rs 2 crore.
According to the bank’s website, the interest rates are applicable to both general and senior citizen investors. ICICI Bank has not changed the interest rates on FD policies maturing in less than one year.