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.
Fixed deposits earn higher interest than savings accounts. Due to this change in the mindset of the people, the amount of deposits made in current accounts and savings accounts is decreasing. The share of such savings accounts in the total funds raised by banks was higher earlier. But now it has decreased. Since customers do not deposit much money in savings accounts, banks are unable to use that fund. The banking sector has finally taken the step of cutting savings rates on a large scale during the pandemic. In april 2020, the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india reduced the savings rate to 2.7 percent in 2022. Currently, hdfc bank has a balance of over Rs. 6 lakh crore in savings accounts. With the current 25 basis points interest rate cut, it is expected that hdfc bank will save Rs. 1500 crore this year when paying interest.
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HDFC Bank

Sowmiya Sriram

14/04/2025 09:39 AM