Mumbai, Aug 17

HDFC Bank Ltd on Thursday said it will reduce interest rate by 0.5 per cent on saving bank deposits of below Rs 50 lakh to 3.5 per cent with effective from Saturday.

Post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4 per cent per annum.

The revised rates will be applicable to both resident and non-resident customers, the bank said.

Many private and public lenders including the State Bank of India have slashed their saving account deposit rates.

 

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