HDFC Bank cuts savings account rate by 25 bps to 2.75%

HDFC Bank has cut its savings account interest rate by 25 basis points to 2.75%, the lowest among private sector peers, effective April 12. This decision follows the RBI’s recent repo rate cuts and aims to boost term deposits while managing net interest margins. The move aligns HDFC Bank’s savings rate closer to public sector banks like SBI and PNB.

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