20170817

HDFC Bank Cuts Interest Rate On Savings Account Deposits

HDFC Bank savings bank account holders maintaining a balance below Rs. 50 lakh will now earn interest at the rate of 3.5 per cent per annum.

HIGHLIGHTS

Savings bank account balance below Rs. 50 lakh to earn 3.5% interest
Balance of Rs. 50 lakh and above to continue to earn 4%, says HDFC Bank
Revised rates applicable to resident, non-resident customers, it adds

HDFC Bank, India's No.2 lender by assets, on Thursday announced a cut in interest rate on savings account deposits. Customers maintaining an account balance below Rs. 50 lakh will now earn interest at the rate of 3.5 per cent per annum. Customers maintaining a savings bank account balance of Rs. 50 lakh and above will continue to earn interest at 4 per cent. The revised rates will be applicable to both resident and non-resident customers, HDFC Bank said. The new rates will be effective from August 19, 2017.

HDFC Bank is the latest lender to lower savings account deposit rate after SBI or State Bank of India, the country's largest lender, on July 31, 2017 introduced a new two-tier savings account interest rate system, reducing interest rates for most of its depositors. On balances below Rs. 1 crore, SBI lowered the interest rate to 3.5 per cent from 4 per cent. On balances above Rs. 1 crore, it continued to offer the rate of 4 per cent. After SBI's move, many lenders including Axis Bank, Bank of Baroda, Indian Bank and Yes Bank cut their interest rates on savings accounts. In 2011, the Reserve Bank of India (RBI) had freed savings bank deposit rates. Credit rating firm India Ratings believes that the beginning of reduction in savings bank rates by commercial banks will spur a new competition among them.

India Ratings believes that with the interest rate cycle reaching the bottom, downward repricing of existing liabilities (savings account rate cut) could facilitate a further reduction in lending rates.

Financial planners say that keeping a large sum of money in savings accounts is not a good strategy. Liquid mutual funds could be an alternative investors need to look at. With banks even cutting fixed deposit rates, accrual debt funds could also be considered, they say. Accrual funds mainly focus on earning interest income from the coupon or interest offered by bonds.

Source - NDTV

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PUBLIC SECTOR BANK

S.n. Public Sector Banks Web Site
N.
1 Allahabad Bank ................... http://www.allahabadbank.com/
2 Andhra Bank ............................. www.andhrabank-india.com/
3 Bank of Baroda ..................... http://www.bankofbaroda.com/
4 Bank of India ............................ http://www.bankofindia.com/
5 Bank of Maharashtra ................ www.maharashtrabank.com/
6 Canara Bank .......................... http://www.canbankindia.com/
7 Central Bank of India .............. www.centralbankofindia.co.in/
8 Corporation Bank ........................ http://www.corpbank.com/
9 Dena Bank ................................... http://www.denabank.com/
10 Indian Bank .......................... http://www.indian-bank.com/
11 Indian Overseas Bank .......................... http://www.iob.com/
12 Industrial Developmen BANK (IDBI) ........... www.idbi.com/
13 Oriental Bank of India ................ http://www.obcindia.com/
14 Punjab & Sind Bank .................... http://www.psbindia.com/
15 Punjab National Bank ................ http://www.pnbindia.com/
16 State Bank of India ................... www.statebankofindia.com/
17 Syndicate Bank ................. http://www.syndicatebank.com/
18 UCO Bank .................................... http://www.ucobank.com/
19 Union Bank of India ................. www.unionbankofindia.com/
20 United Bank of India .............. www.unitedbankofindia.com/
21 Vijaya Bank .......................................... www.vijayabank.com/


Associate Banks of SBI

S.N Associate Banks of SBI Web Site
1 State Bank of Bikaner & Jaipur .............. www.sbbjbank.com/
2 State Bank of Hyderabad ................. http://www.sbhyd.com/
3 State Bank of Indore ............................. www.indorebank.org/
4 State Bank of Mysore ........................ www.mysorebank.com/
5 State Bank of Patiala ............................ http://www.sbp.co.in/
6 State Bank of Saurashtra ............. http://www.sbsbank.com/
7 State Bank of Travancore www.statebankoftravancore.com/

Private Sector Banks

S.No Private Sector Banks Web Site
1 AXIS Bank Ltd. ........................... http://www.axisbank.com/
2 Centurion Bank of Punjab Ltd ........ www.centurionbop.co.in/
3 City Union Bank Ltd. ......... http://www.cityunionbank.com/
4 Coastal Local Area Bank Ltd. ..... www.coastalareabank.com/
5 Cpital Local Area Bank Ltd ............... www.capitalbank.co.in/
6 Development Credit Bank Ltd. ......... http://www.dcbl.com/
7 ICICI Bank Limited ..................... http://www.icicibank.com/
8 IndusInd Bank Limited................ http://www.indusind.com/
9 ING Vysya Bank Ltd. ...................... www.ingvysyabank.com/
10 Karnataka Bank Ltd. ............. http://www.ktkbankltd.com/
11 Kotak Mahindra Bank Ltd .............. http://www.kotak.com/
12 Krishna Bhima Samruddhi Local Area Bank Ltd
13 SBI Commercial and International Bank Ltd .............. www.sbici.com/
14 Tamilnad Mercantile Bank Ltd ............ http://www.tmb.in/
15 The Bank of Rajasthan Ltd ....... www.bankofrajasthan.com/
16 The Dhanalakshmi Bank Limited. ...... www.dhanbank.com/
17 The Federal Bank Ltd. ....... http://www.federal-bank.com/
18 The HDFC Bank Ltd. ................ http://www.hdfcbank.com/
19 The Jammu & Kashmir Bank Ltd. ..................... http://www.jammuandkashmirbank.com/
20 The Karur Vysya Bank Ltd. ............ http://www.kvb.co.in/
21 The Lakshmi Vilas Bank Ltd. ....... http://www.lvbank.com/
22 The Nainital Bank Ltd.
23 The Ratnakar Bank Ltd. ......... www.theratnakarbank.com/
24 The South Indian Bank Ltd. .... www.southindianbank.com/
25 Yes Bank Limited ....................... http://www.yesbank.co.in/

Foreign Banks

S.N. Foreign Banks Web Site
1 AB Bank Limited ..............................http://www.abbank.org/
2 ABN AMRO Bank N.V. .................. www.abnamroindia.com/
3 Abu Dhabi Commercial Bank Ltd. ...... www.adcbindia.com/
4 Bank Internasional Indonesia ............... www.biimum.com/
5 Bank of America N.A. ................. www.bankofamerica.com/
6 Bank of Bahrain & Kuwait BSC .......... www.bbkonline.com/
7 Barclays Bank Plc ......................... http://www.barcap.com/
8 BNP PARIBAS ..................... http://www.bnpparibas.co.in/
9 Calyon Bank ......................... http://www.ca-indosuez.com/
10 Citibank N.A. ............................ http://www.citibank.co.in/
11 Deutsche Bank AG .............................. http://www.db.com/
12 J P Morgan Chase Bank, National Association ..... www.jpmorgan.com/
13 Krung Thai Bank Public Company Limited
14 Mashreqbank psc .............. http://www.mashreqbank.com/
15 Mizuho Corporate Bank Ltd
16 Oman International Bank S A O G ...... www.oiboman.com/
17 Societe Generale ............................... http://www.sgcib.com/
18 Societe Generale .............................. http://www.sgcib.com/
19 Sonali Bank Ltd. .......................
20 Standard Chartered Bank .... www.standardchartered.com/
21 State Bank of Mauritius Ltd. .. http://www.sbmonline.com/
22 The Bank of Nova Scotia ........ http://www.scotiabank.com/
23 . The Bank of Tokyo-Mitsubishi, Ltd
.24 The Development Bank of Singapore Ltd. (DBS Bank Ltd.) ............................................... http://www.dbs.com/
25 The Hongkong & Shanghai Banking Corporation Ltd.......... http://www.hsbc.co.in/ ·

Co-operative Banks

S.N. Co-operative Banks Web Site
1 Abhyudaya Co-op. Bank Ltd.
2 ACE Co-operative Bank Ltd.
3 Am anath Co-op. Bank Ltd. ........ www.amanath-bank.com
4 Apna Sahakari Bank Ltd ......... www.apnabankltd.com
5 Bassein Catholic Co-op. Bank Ltd.
6 Bombay Mercantile Co-op. Bank Ltd.
7 CITIZENCREDIT Co-op. Bank Ltd. .. www.citizencreditbank.com
8 Dombivli Nagari Sahakari Bank Ltd. .. www.dnsb.co.in
9 Jalgaon Janata Sahakari Bank Ltd.
10 Janakalyan Sahakari Bank Ltd . www.janakalyanbank.com
11 Janalaxmi Co-op Bank Ltd.
12 Janata Sahakari Bank Ltd. .. www.janatabankpune.com
13 Mahesh Sahakari Bank Ltd., Pune
14 Nagpur Nagarik Sahakari Bank Ltd.
15 New India Co-op. Bank Ltd. .. www.newindiacobank.com
16 Nutan Nagarik Sahakari Bank Ltd.
17 Punjab & Maharashtra Co-op. Bank Ltd.www.pmcbank.com
18 Rajkot Nagarik Sahakari Bank Ltd. www.rnsbindia.com
19 Rupee Co-op. Bank Ltd. .. www.rupeebank.com
20 The A.P. Mahesh Co-op. Urban Bank Ltd. .......www.maheshbank.org
21 The Bharat Co-op. Bank (Mumbai) Ltd.
22 The Cosmos Co-op. Bank Ltd. ... www.cosmosbank.com
23 The Deccan Merchants Co-op. Bank Ltd.
24 The Greater Bombay Co-op. Bank Ltd. .......www.greaterbank.com
25 The Gujarat Industrial Co-op. Bank Ltd.
26 The Jalgaon Peoples Co-op. Bank Ltd.
27 The Kalupur Commercial Co-op. Bank Limited .....www.kalupurbank.com
28 The Kapol Co-op. Bank Ltd. .. www.kapolbank.com
29 The Karad Urban Co-op. Bank Ltd. .......... www.karadurbanbank.com
30 The Mahanagar Co-op. Bank Ltd. .. ..... www.mahanagarbank.com
31 The Municipal Co-op. Bank Ltd
32 The North Kanara GSB Co-op. Bank Ltd. ........www.nkgsbank.com
33 The Saraswat Co-op. Bank Ltd. . www. saraswatbank.com
34 The Shamrao Vithal Co-op. Bank Ltd. .........www.svcbank.com
35 The Surat Peoples Co-op. Bank Ltd. www.spcbl.com
36 The Thane Janata Sahakari Bank Ltd. ......www.thanejanata.co.in
37 The Urban Co-op. Bank Ltd.
38 The Zoroastrian Co-operative Bank Ltd ........ www.zoroastrianbank.com