HDFC Bank cuts interest rate by 0.5% on savings bank accounts below Rs 50 lakh

HDFC Bank has announced a cut of 0.5% (50 basis points) on interest on savings bank accounts with a balance below Rs 50 lakh with effect from 19 August 2017.
 
Customers maintaining an account balance of below Rs 50 lakh will earn interest at 3.5% per annum as compared to 4% earlier.  The revised rates will be applicable to both resident and non-resident customers, the bank said.
 
Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4% per annum, the bank added.
 
State Bank was the first bank to announce a cut in savings bank rates. The bank was followed by others including Axis Bank and YES Bank.
DH News Service