HDFC customers, Alert! Bank has revised interest rates on saving accounts; check new rates

HDFC Bank customers will receive a 3% annual interest rate on saving accounts having balances under Rs 50 lakh.

New Delhi: If you are an HDFC Bank customer, there is an important piece of news. The country’s largest bank by market valuation has changed the interest rates the lender offers on investments in savings bank accounts. The latest interest rates on saving accounts are applicable from April 6, 2022. 

With the latest revision, investors will receive a 3% annual interest rate on saving accounts having balances under Rs 50 lakh. Also, HDFC Bank saving account customers having a balance of more than Rs 50 lakh will now receive an interest rate of 3.50%.  

HDFC Bank has noted that the latest interest rates are applicable on domestic, NRO and NRE deposit saving accounts. HDFC Bank revises interest rates on saving accounts and fixed deposit accounts once every quarter.

Banks Revising FD Interest Rates 

HDFC Bank has recently revised interest rates on FD investments. The bank has recently revised the Domestic/NRO and NRE Non-withdrawable Fixed Deposit rates greater than or equal to 5 Crore with effect from 06 April 2022. 

Besides HDFC Bank, several other banks have also revised their interest rates. For instance, ICICI Bank has cut the interest rate on fixed deposit schemes with various maturity periods, by 5 basis points or 0.05%.  

The private lender has trimmed the interest rates on FDs worth more than Rs 2 crore but below Rs 5 crore. Interest rates on FD schemes worth less than Rs 2 crore have remained unchanged. Also Read: PPF interest unchanged: Here's how to get Rs 26 lakh by investing just Rs 1000 per month

According to the bank’s website, the interest rates are applicable to both general and senior citizen investors. ICICI Bank has kept interest rates on FD policies maturing in less than one year unchanged. Also Read: Sensex tanks 575 points; Nifty skids below 17,700