The Reserve Bank of India (RBI) has recently cut the repo rate by 25 basis points (0.25%), which has also reduced its interest rates by major banks of the country. Of these, ICICI Bank, HDFC Bank, AXIS Bank, and YES Bank have cut their savings account interest rates by 25 basis points. Let us know how much interest you will get on the savings account of these banks.
ICICI Bank interest rates
ICICI Bank, which is the second largest private bank in the country, has also changed its savings account interest rates after a reduction in repo rate. Now if your ICICI Bank account is less than Rs 50 lakh, then you will get an annual interest of 2.75%. Earlier this rate was 3%. At the same time, if you have an amount of Rs 50 lakh or more in your account, then you will get an interest of 3.25%.
ICICI Bank interest rates:
Less than 50 lakhs (until the end of day): 2.75% annually
50 million or more (until the end of day): 3.25% annually
Hdfc bank
HDFC Bank has also cut the interest rates of its savings account. According to the new interest rates applicable from 12 April 2025, if you have less than 50 lakh deposits in your account, then you will get an interest of 2.75%. At the same time, interest of 3.25% will be available on the amount of 50 lakh or more. This deduction has also been made after the reduction in the repo rate.
HDFC Bank’s interest rates:
Axis bank
AXIS Bank has also changed the interest rates received on its savings account. Now, if you have less than Rs 50 lakh in your account, then you will get an interest of 2.75%. At the same time, if there is an amount ranging from Rs 50 lakh to Rs 2,000 crore in your account, then you will get an interest of 3.25%. Apart from this, Overnight Mibor + 0.70% interest will be available at a deposit of more than Rs 2,000 crore.
Axis Bank’s interest rates:
Less than Rs 50 lakh: 2.75% annually
From Rs 50 lakh to Rs 2,000 crore: 3.25% annually
More than Rs 2,000 crore: Overnight Mibor + 0.70%
YES Bank’s new interest rates
YES Bank has also changed interest rates on its savings account. Now the bank is paying 3% interest on deposits up to Rs 10 lakh. Interest of 3.50% will be available on deposits ranging from 10 lakh to 25 lakh rupees. At the same time, the bank is paying 4% interest on an amount ranging from 25 lakh to 50 lakh rupees. Apart from this, 5% interest will be available on deposits ranging from 50 lakh to 100 crore rupees. These new interest rates have come into force from 21 April 2025.
YES Bank interest rates:
Up to Rs 10 lakh: 3% annually
10 lakh to 25 lakh rupees: 3.50% annually
25 lakh to 50 lakh rupees: 4% annually
50 lakh to 100 crore rupees: 5% annually
DA cut effect
The deduction of interest rates in India directly affects the consumers, especially on those who have the amount deposited in the savings account. If you use the savings account of any bank, then it is very important to know what the interest rate on your deposit is. Consumers will now get less interest due to cuts in the interest rates of these major banks, which will affect the income received on their deposit.
conclusion
Interest rates cut by banks after cutting RBI’s repo rate is a common process, which is done keeping in mind the current status of the market. This cut not only affects the savings account holders, but can also affect loans and debt rates. Despite this, it is important to note that changes in these interest rates can be a challenge for consumers, especially for those whose large amount is deposited in the savings account.
