Icici bank: The second major private of the country has reduced interest on savings account. ICICI Bank has cut interest rates on its savings account deposits by 25 basis points i.e. 0.25 percent. These new rates will be applicable from Wednesday 16 April 2025. The country’s second largest private bank has taken this step a few days after the HDFC Bank reduced interest rate on saving account.
ICICI Bank reduced interest on savings account
According to the ICICI Bank website, now the savings account will get 2.75% interest on the amount up to Rs 50 lakh, which is equal to the new rate of HDFC Bank. At the same time, the interest rate on the amount of more than Rs 50 lakh has come down to 3.25%.
Recently HDFC Bank also reduced interest on savings account
Earlier, HDFC Bank also cut interest rates on its savings account by 0.25% since 12 April 2025. This is the first cut in this category after April 2022. This change applies to both slabs, affecting all customers.
RBI recently reduced repo rate
India’s largest government bank, SBI (State Bank of India), is currently paying 2.70% interest on its savings accounts. In the last few days, other banks have also reduced interest rates on other deposit schemes including fixed deposits. The RBI has recently cut the repo rate twice in a row, which has reduced by 0.50% in the last 4 months. After this, there is pressure on banks to make the effect of this change to the customers. The increase in deposits remains a challenge for banks, and pressure on net interest margin is also being seen. In such a situation, interest rates are being cut so that loans can be cheap.
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