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