Now, HDFC Bank cuts savings rate to 3.5% for deposits less than Rs 50 lakh

HDFC Bank has cut the interest rate by 50 basis points (half a per cent) to 3.5 percent  on savings bank deposits for balances upto Rs 50 lakh.

A revision in savings bank interest rate is effective August 19, 2017, HDFC Bank said in a statement.

Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at four per annum.

The revised rates will be applicable to both Resident and Non-resident customers.

Another private bank Yes Bank cut saving bank interest rate by 100 basis points (one per cent) to five