Saving Account: On April 9, following the Reserve Bank of India’s decision to cut the repo rate by 25 basis points, several banks, including private sector giants like HDFC and Axis Bank, have revised their interest rates on savings accounts and Fixed Deposits (FDs). Let’s take a look at the private banks offering the most attractive interest rates on savings accounts:
HDFC Bank
HDFC Bank, one of the leading private banks in the country, has also revised its interest rates. As per the revised structure effective from April 12, 2025, the interest rate on savings accounts has been reduced. For balances under ₹50 lakh, the interest rate is now 2.75% per annum, down from the earlier 3% per annum. For balances of ₹50 lakh and above, the interest rate is now 3.25% per annum, previously it was 3.50% per annum.
ICICI Bank
ICICI Bank, the second-largest bank in India by market capitalization, has reduced its savings account interest rates by 25 basis points. For balances under ₹50 lakh, the interest rate is now 2.75% per annum (previously 3%), and for balances of ₹50 lakh or more, it stands at 3.25% per annum (previously 3.50%). The interest is calculated based (Saving Account) on the daily closing balance.
Yes Bank
Yes Bank has also modified the interest rates on both domestic and non-resident savings accounts. According to the bank’s website, accounts with a daily balance of up to ₹10 lakh will earn an annual (Saving Account) interest rate of 3%. For daily balances between ₹10 lakh and ₹25 lakh, the interest rate is 3.50%. For accounts with balances between ₹25 lakh and ₹50 lakh, the rate is 4%, and accounts holding between ₹50 lakh and ₹100 crore will earn an interest rate of 5%. These revised rates have been effective since April 21.
Kotak Mahindra Bank
For Kotak Mahindra Bank, savings accounts with a balance of up to ₹50 lakh will earn 3% per annum interest. For balances exceeding ₹50 lakh, the interest rate is 3.50% per annum.
Axis Bank
Axis Bank has also revised its interest rates on savings accounts, which will come into effect from April 15, 2025. For balances under ₹50 lakh, the interest rate is now 2.75% per annum. For balances between ₹50 lakh and ₹2,000 crore, the interest rate stands at 3.25%. Accounts with balances over ₹2,000 crore will receive an interest rate (Saving Account) of Overnight MIBOR + 0.70%.
Conclusion
The RBI’s repo rate cut has led to a reduction in interest rates by several private banks, making it crucial for customers (Saving Account) to keep track of the latest offerings. Each bank has set its own rates based on the balance slabs, and customers can choose a bank that provides the best rate for their savings. It’s important to compare the revised rates before making any new deposits or switching accounts.
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