Many big banks have made a big cut in the interest rates on savings accounts. This means that the money deposited in savings accounts will now yield less profit than before.
Savings Account: If you earn interest by keeping money in a bank’s savings account, then this news may disappoint you. Actually, many big banks of India have made a big cut in the interest rates of savings accounts. This means that now you will get less profit on the money deposited in the savings account than before.
Which bank cut how much
In recent weeks, HDFC Bank, ICICI Bank, Axis Bank and Federal Bank have reduced their savings account interest rates by 25 basis points to 2.75% for amounts less than Rs 50 lakh. Earlier the interest rate was 3 percent. State Bank of India (SBI) has been offering 2.7% interest on amounts less than Rs 10 crore since October 2022. Some of these banks have also cut fixed deposit rates by up to 25 basis points.
For ICICI Bank customers
The bank has cut its savings account deposit interest rate by 0.25 per cent. The bank’s depositors will get 2.75 per cent interest on savings bank balances up to Rs 50 lakh, which is the same as offered by HDFC Bank. For balances above Rs 50 lakh, it will be 3.25 per cent.
For HDFC Bank customers
The bank has changed the interest rate of savings account. These changes will be effective from April 12, 2025. Under this, the interest rate for amounts less than Rs 50 lakh has been reduced from 3.00% per annum to 2.75% per annum. The interest rate for amounts of Rs 50 lakh and above is now 3.25% per annum, while earlier the rate was 3.50% per annum.
The bank has announced a cut in its FD interest rates by up to 50 basis points (bps). With its implementation, interest rates for general citizens have ranged from 3% to 7.10%, while for senior citizens the rates are between 3.5% to 7.55%.
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