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Punjab National Bank, HDFC Bank Slash Savings Deposit Interest Rates
August 22, 2017
Punjab National Bank(PNB) and HDFC Bank have cut the savings account interest rates by 50 bps to 3.5% for deposits up to Rs. 50 lakhs. However, the former has also slashed the interest rates on fixed deposits below Rs. 1 crore by 15-40 basis points on certain maturities.
After SBI cutting the interest rates on savings accounts earlier this month, HDFC and PNB have become the fifth and sixth to join the league. YES Bank, Bank of Baroda, and Kotak Mahindra Bank are the other banks to have taken similar action a few days ago.
