Several leading banks in India, including HDFC Bank, State Bank of India (SBI), and the Bank of India (BOI), have recently slashed their interest rates on deposits.
The decision comes after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points.
The move is part of an effort to protect margins amid changing market conditions.
Let’s take a look at the latest interest rates.
HDFC Bank reduces savings account interest rates
Bank #1
India’s largest private bank, HDFC Bank, has slashed its savings account interest rate. The new rates are 2.75% for balances up to ₹50 lakh, and 3.25% for above ₹50 lakh (earlier 3.5%). These interest rates has been decreasing from a peak of 4% in 2011.