Markets

HDFC Bank cuts savings account interest rate by 0.5%, stock trading lower

HDFC Bank cuts savings account interest rate by 0.5%, stock trading lower

HDFC Bank has cut the interest rate by 50 basis points (1/2 a per cent) to 3.5 percent on savings bank deposits for balances upto Rs 50 lakh. Deposits above Rs 50 lakh would attract 4 per cent interest rate.

Indian Bank: The PSU lender said in a regulatory filing at the BSE that it "has introduced two tier interest rate structure for saving bank accounts and will offer 4 per cent interest per annum for incremental balance over Rs. 50 lakh and 3.50 per cent per annum for balance up to Rs. 50 lakh".

Another private bank Yes Bank cut saving bank interest rate by 100 basis points (one per cent) to five per cent for balance less than Rs one lakh. The revised rates will be effective from September 1, 2017, said the bank in a BSE filing on Wednesday post market hours.

Axis Bank, on the other hand, was the fourth lender to reduce the interest rate after market leader SBI begun the process of reducing interest rate on savings bank account on July 31. Balance above Rs 1 lakh and less than Rs 1 crore would earn 6 per cent deposit.

Wealth Enhancement Advisory Services LLC Boosts Position in Halliburton Company
The sales growth rate for a stock is a measure of how the stock's sales per share (SPS) has grown over a specific period of time. PK share have plunged by -2.49% in percentage terms since the start of the year - and retreated -1.9% in the last month.

Axis Bank: The first private bank to follow SBI's move was Axis Bank. However, the bank will continue to pay 6 per cent interest on deposits of over Rs 1 lakh and less than Rs 1 crore. These changes shall be effective from August 19, 2017.

Also Read: Worried about savings rate cut?

Yes Bank: The private sector bank reduced the interest on savings accounts with balance of Rs 1 lakh or less from 6% to 5%.

Digital Payments Banks are still offering lucrative interest rates on deposits with them. Hence the interest rate revision impact on customers with lower balance is negligible. There are now three payments banks in operation- India Post, Paytm and Airtel. Additionally, it also provides personal accidental insurance of Rs 1 lakh with every savings account and free money transfers between Airtel-to-Airtel accounts.


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