MUMBAI: HDFC Bank Ltd on Thursday cut interest rates for most of its savings accounts to 3.5 per cent from 4 per cent.
Customers with savings bank account balance of 5 million rupees and above will continue to earn interest at 4 per cent per annum, the lender said in a statement. The State Bank of India had cut deposit rates on most of its savings accounts to a six-year low last month to boost net interest margins, prior to the interest rate cut by the Reserve Bank of India.
