HDFC Bank reduces its interest rates

New Delhi Aug 17: A shock has been received.
HDFC private bank has reduced the interest rates .the bank has said that

* The interest rate on deposits in saving accounts below RS 50 lakhs has
been reduced to 3.5 %.

* Earlier the interest rates stood at 4 %.

* There is no change in interest rate for deposits above Rs 50 lakhs.

* The order would be implemented from August 19, 2017.

Earlier many another bank such as SBI, Yes Bank, Axis Bank,
Bank of Baroda, etc have also cut their interest ratings on the saving accounts of deposits.

Sources say that the banks have reduced their interest rates because of the high inflow of money to the banks because of the demonetization.Experts say that many more banks may follow the suit in coming days.