HDFC Bank Ltd <HDBK.NS> on Thursday cut interest rates on most of its savings accounts to 3.5 percent from 4 percent.
Customers with savings bank account balance of 5 million rupees ($77,924.10) and above will continue to earn interest at 4 percent per annum, the lender said in a statement. http://bit.ly/2vFvjaF
State Bank of India <SBI.NS> 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.
Lenders such as Yes Bank Ltd <YESB.NS> and Axis Bank Ltd <AXBK.NS> among others have also cut interest rates on certain savings accounts.
($1 = 64.1650 Indian rupees)
(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips)