LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

PNB, HDFC Bank cut interest rate on savings account by 0.5%

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Aug 17, 2017
08:19 pm
PTI
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

Two leading lenders PNB, HDFC Bank today slashed interest rate on savings bank accounts by 50 basis points to 3.5 per cent on deposits up to Rs 50 lakh.

Besides, Punjab National Bank (PNB) has also reduced interest rates on fixed deposits of less than Rs 1 crore by 15-40 basis points on select maturities.

Interest rate on savings bank account for balance up to Rs 50 lakh has been reduced to 3.50 per cent per annum, PNB said in a statement.

HDFC Bank became the fifth while PNB sixth lender after SBI to cut interest rate on savings bank account.

"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. Customers maintaining account balance of below Rs 50 lakh will earn interest at 3.5 per cent per annum," HDFC Bank said in a statement.

The new interest rates of both the banks will be effective from August 19, it added.

On July 31, State Bank of India (SBI) slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.

This triggered rate cut by various banks. Earlier this month, Axis Bank had also reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh.

Another PSU lender Bank of Baroda had cut the rate to 3.5 per cent on deposits of up to Rs 50 lakh. Karnataka Bank too has tweaked the interest rate on savings bank accounts.

Yesterday, Yes Bank reduced the interest rate on savings bank accounts by 1 per cent to 5 per cent for deposits of less than Rs 1 lakh.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi Monetary Policy announcements exhibit continuity and stability - Expert Ajay Bagga tells Anil Singhvi
RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged RBI Monetary Policy Review: Shaktikanta Das led panel keeps policy rates unchanged
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here

LATEST NEWS

Free Fire OB27 update released in India: Check how to APK download link, new map, characters and more

Stocks to buy with Anil Singhvi: Here are Vikas Sethi’s top two picks today for good returns

CBSE class 10 promotion criteria, class 12 board exam dates and will ICSE Class 10, 12 exams be postponed?—All you need to know

New Covid 19 office guidelines for central government employees: Check fresh notice by MHA

Ashok Leyland delivers first of its kind, LBP vehicles to IAF in link-up with Lockheed Martin

Alert! WhatsApp status flaw allows stalkers to track users online? Check all details here

Wipro, Auto Stocks, Insurance Stocks to Quess Corp - here are top Buzzing Stocks today

Market Outlook With Anil Singhvi: Rising Covid-19 cases to dampen Indian markets, says Market Guru

Samsung Galaxy M42 5G India launch date REVEALED; Check expected price, specifications and more

Delhi curfew e-pass update: How to apply for e-pass on delhi.gov.in website, timings and more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved