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HDFC Bank Revises Interest Rates On Saving Accounts

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

Photo Credit : Reuters

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HDFC Bank Ltd, on Thursday (17 August), has announced a revision in its savings bank interest rate effective August 19, 2017.

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 from earlier 4 per cent.

The revised rates will be applicable to both resident and Non-resident customers.

As of June 30, 2017, HDFC Bank had a distribution network with 4,727 branches and 12,220 ATMs in 2,666 cities/towns.

For the quarter ended June 30, 2017, the Bank’s total income was Rs 22,185.4 crore as against Rs 19,322.6 crore for the quarter ended June 30, 2016.

Net revenues (net interest income plus other income) increased by 21.7 per cent to Rs 12,887.4 crore for the quarter ended June 30, 2017 as against Rs 10,588.1 crore for the corresponding quarter of the previous year.

Net Profit for the quarter ended June 30, 2017 was Rs 3,893.8 crore), up 20.2 per cent, over the quarter ended June 30, 2016. Total income for the quarter ended June 30, 2017, was Rs 22,185.4 crore.