Saving Account Interest Rate: After the Reserve Bank of India (RBI) cut the repo rate by 0.50% (50 basis points) in June 2025, many big banks of the country have reduced the interest rates on their savings accounts.
Saving Account Interest Rate: After the Reserve Bank of India (RBI) cut the repo rate by 0.50% (50 basis points) in June 2025, many big banks of the country have reduced the interest rates on their savings accounts. With this, bank customers will now get less interest than before, especially those account holders who have a large amount in their bank account. Customers will have to plan their investment or savings by taking information about the interest rates of their bank.
SBI reduced interest rate on savings account
The country’s largest bank, State Bank of India (SBI), has made the interest rate on all savings accounts uniformly 2.5% per annum from June 15, 2025. Earlier SBI used to give interest at the rate of 2.7% on small accounts (less than Rs 10 crore) and 3% on large accounts (Rs 10 crore or more). Now the same rate will be applicable on every account.
HDFC Bank also reduced the rate
HDFC Bank has reduced the interest rate on all savings accounts to 2.75% per annum from June 10, 2025. Earlier, 2.75% interest was available on amounts less than Rs 50 lakh and 3.25% interest was available on amounts less than Rs 50 lakh or more. Now all accounts will get the same interest.
ICICI Bank also took the same step
ICICI Bank has also changed the interest rates of its savings account from June 12, 2025. Earlier, 3.25% interest was available on more than ₹ 50 lakh and 2.75% interest was available on less than ₹ 50 lakh. Now interest will be paid at the same rate of 2.75% per annum on every amount.
New interest rates of other banks
Bank of Baroda
Bank of Baroda is now paying interest ranging from 2.7% to 4.25% on savings account according to the amount deposited. These rates are applicable from June 12, 2025.
Federal Bank
Federal Bank is now paying interest ranging from 2.5% to 6.25% on savings account, which will depend on the deposit amount of the customer. These new rates have come into effect from June 17, 2025.
IndusInd Bank
IndusInd Bank is now paying 3% to 5% interest on the account, which will be decided according to the balance slab. This change is effective from June 16, 2025.
RBL Bank
RBL Bank has also revised the interest rates from June 16, 2025. Now the account will get interest from 3% to 6.75%, which will be decided on the basis of the amount deposited in the customer’s account.
What will be the impact?
The decisions of these banks will especially affect those customers who keep a large amount in the savings account. Now they will get less interest than before. This change has happened due to the cut in the repo rate, which aims to control inflation and increase liquidity in the economy.
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