Business India

PNB and HDFC Bank decrease the Interest Rates on savings accounts

PNB and HDFC Bank decrease the Interest Rates on savings accounts
Written by Karu Cheema

The major banks HDFC and PBB decrease their interest rates by 0.5% on saving accounts which have deposits less than 50 lakhs i.e 3.5% per annum which will come in effect from Saturday.

HDFC Bank said that customers who will maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4 per cent per annum. These revised rates will be applicable for both resident and non-resident customers, HDFC Bank said.

Similarly, PNB said that they decreased the interest rate on saving account deposits up to Rs 50 lakh by 0.5 per cent i.e 3.5 per cent, whereas savings fund account balance of above Rs 50 lakh will garner interest at the rate of 4 per cent per annum. In recent days, many private and public lenders including the State Bank of India have slashed their saving account deposit rates.

About the author

Karu Cheema

In the depth of the world seeking opinions and lot more, I found my passion in these thoughts, The world is simple word bringing us profound touch locked in the world of words. Was born with soulful passion of becoming a writer, having seek this career is best side of me. I am looking forward to light up this world through the words that can touch everyone's mindfulness.