HDFC Bank, PNB cut savings rate by 50 basis points

Axis, BoB and HDFC Bank all followed SBI's 50 bps cut to 3.5% from the existing 4%

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

This makes it the seventh to do so after State Bank of India (SBI) acted last month. Axis Bank, Bank of Baroda (BoB), Indian Bank, Karnataka Bank, Kotak Mahindra Bank and most recently YES Bank had preceded it.  

Axis, BoB and HDFC Bank all followed SBI’s 50 bps cut to 3.5 per cent from the existing four per cent, for varying deposit amounts. 

HDFC Bank said its revision would be