HDFC Bank Reduces Interest Rates For Savings Accounts From April 12

Starting April 12, HDFC Bank has cut the interest rate on its savings accounts. For account balances below Rs. 50 lakh, the new interest rate is 2.75%, which is a 25 basis points cut and currently the lowest among private banks.

The interest rate has also been reduced from 3.5% to 3.25% if your balance is more than Rs. 50 lakh,

This change comes after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points. Other banks like ICICI Bank and Axis Bank are still offering 3% interest on savings balances under Rs. 50 lakh.