ICICI Bank has reduced the interest on savings account. This decision has been taken after the reduction in repo rate. Let us now know how much return will be received on how much deposit?
Savings Account reduced interest Rate: Many people consider savings account as a better option for savings. Banks also offer interest on it (Savings Account Rates), which depends on the monetary policy set by RBI, market conditions and inflation. After the reduction in repo rate, many banks have cut the interest rates of savings deposit accounts. After HDFC Bank and Axis Bank, ICICI Bank has also been included in this list.
ICICI Bank has cut the interest rate of savings account by 25 bps i.e. 0.25%. The new rates have become effective from Wednesday, April 16. Let us tell you that the interest rates are calculated on the basis of daily balance. It is implemented on a quarterly basis. According to the official website, the bank is offering 2.75% interest on deposits of less than Rs 50 lakh. At the same time, the interest rate for an amount of Rs 50 lakh or more is 3.25%.
Interest rates for FDs
Fixed deposit interest rates have been updated on 16 April 2025. The bank is offering 3% to 7.25% returns to general citizens on a tenure of 7 days to 10 years on investments less than Rs 3 crore. It is also giving 0.50% additional interest to senior citizens, for them the interest rate is 3.50% to 7.85%. The highest interest is being given on tenures ranging from 15 months to less than 18 months. The bank is giving 7% return to general citizens and 7.50% return to senior citizens on 5-year tax saver FD.
HDFC Bank and Axis Bank Savings Account Rates
Both the private sector banks have also announced to give 0.25% less interest on savings accounts. The interest rate for deposits less than Rs 50 lakh is 2.75%. On the other hand, 3.25% interest will be given on amounts more than Rs 50 lakh. The country’s largest public sector bank is giving 2.70% interest on deposits up to Rs 10 crore. On the other hand, the interest rate for amounts more than Rs 10 crore is 3%.
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