Updated Apr 13, 2025 19:56 IST
HDFC Bank interest rates (iStock)
According to HDFC’s official website, the lender has reduced its interest rates by 25 basis points. Now the interest rate for savings accounts stands at 2.75%.
Now, the savings account having a balance less than Rs 50 lakh, will earn an interest rate of 2.75%. Meanwhile, those savings accounts having a balance over this limit or say Rs 50 lakh, will earn 3.25% interest rate.
The lender had informed on its website that the latest reduction in the interest rate is effective from April 12. Apart from this, HDFC Bank has also informed that “Savings Bank Account interest will be calculated on the daily balances maintained in your account.”
The reduction comes after the Reserve Bank of India (RBI) announced a second consecutive benchmark repo rate cut. The Reserve Bank of India (RBI ) has slashed the repo rate by 25 basis points to 6%, shifting its monetary policy stance from Neutral to Accommodative during its latest Monetary Policy Committee (MPC ) meeting.
Now if we compare, HDFC Bank’s peers like ICICI Bank and Axis Bank are both currently offering 3% minimum interest rate on balances below Rs 50 lakhs.
Also, with this latest reduction, HDFC Bank’s savings interest rate has come closer to public sector lenders like State Bank of India and Punjab National Bank.
These public sector lenders offer a minimum of 2.70% on savings account deposits since 2022.
At the same time, HDFC Bank’s interest rate is on par with Bank of Baorda. Bank of Baorda offers interest rate of 2.75% on deposits up to Rs 50 crore.
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