New Delhi. There is a good news for HDFC Bank users. Now bank customers will get more interest on savings accounts. In the statement issued by the bank, it has been said that the interest will be calculated on the daily balance in the account of the holder. However, the payment process will be done on quarterly basis.
According to the information released by the bank, with effect from February 2, 2022, HDFC Bank will give 3% interest rate on savings accounts with a balance of less than Rs 50 lakh. With effect from February 2, 2022, the bank will give 3.50% interest rate on the balance amount above Rs 50 lakh and less than Rs 1,000 crore in the account. If there is more than Rs 1,000 crore in the account, then the interest rate of 4.50% will be available on the balance amount. HDFC Bank said in a statement that the revised rates would be applicable to domestic, NRO and NRE savings accounts.
PNB also made changes
Punjab National Bank has cut interest rates on domestic and NRI savings accounts by five basis points. The bank had offered an interest rate of 2.80% on the balance less than Rs 10 lakh in the savings fund account, which will now be 2.75%. For account balances below Rs 10 lakh and Rs 500 crore, PNB was offering 2.85 interest rate, which has been changed to 2.80% till February 3, 2022. The bank will give 3.25% interest rate on the balance amount of Rs 500 crore and above in the savings fund account.
Punjab and Sind Bank has also changed its interest rates on savings bank deposits with effect from February 1. The bank will now offer 3% interest rate on savings account balances below Rs 10 crore. Meanwhile, for account balances of Rs 10 crore and above, the rate has been revised to 3.20%.