An important announcement for hdfc bank customers..!?
hdfc bank is India's largest private-sector bank. A large number of customers have savings accounts with this bank. Recently, the Reserve bank reduced the repo rate by 25 basis points. Due to this, hdfc bank has reduced the savings account interest rate to 2.75 percent for customers who have savings accounts with their bank. The savings account interest rate for those with a balance of more than Rs. 50 lakh is currently 3.25 percent. Earlier, this rate was 3.5 percent. This step has been taken specifically to reduce costs and increase profit margins. Following the repo rate cut, there is a possibility that other banks will also reduce the interest rate on savings accounts and other savings schemes in the same way. hdfc bank has not increased its savings account interest rate for more than 14 years. The interest rate, which was 4 percent in 2011, has now come down to 3.25 percent. The interest rate reduction measures have brought about a huge change in the mindset of bank customers. Because earlier many people used savings accounts for savings, but now they use them only for money transactions. Those who want to save a large amount of money are increasingly seeking fixed deposits.
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hdfc bank is India's largest private-sector bank. A large number of customers have savings accounts with this bank. Recently, the Reserve bank reduced the repo rate by 25 basis points. Due to this, hdfc bank has reduced the savings account interest rate to 2.75 percent for customers who have savings accounts with their bank. The savings account interest rate for those with a balance of more than Rs. 50 lakh is currently 3.25 percent. Earlier, this rate was 3.5 percent. This step has been taken specifically to reduce costs and increase profit margins. Following the repo rate cut, there is a possibility that other banks will also reduce the interest rate on savings accounts and other savings schemes in the same way. hdfc bank has not increased its savings account interest rate for more than 14 years. The interest rate, which was 4 percent in 2011, has now come down to 3.25 percent. The interest rate reduction measures have brought about a huge change in the mindset of bank customers. Because earlier many people used savings accounts for savings, but now they use them only for money transactions. Those who want to save a large amount of money are increasingly seeking fixed deposits.
