Savings Account Interest Reduced: 6 banks have reduced interest on savings account, check the latest interest rate

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 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 pay 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 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 amounts more than Rs 50 lakh and 2.75% interest was available on less than Rs 50 lakh. Now interest will be given at a uniform 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 from 2.7% to 4.25% on savings account according to the amount deposited. These rates are applicable from 12 June 2025.

Federal Bank

Federal Bank is now paying interest from 2.5% to 6.25% on savings account, which will depend on the amount deposited by the customer. These new rates have come into effect from 17 June 2025.

IndusInd Bank

IndusInd Bank is now paying interest from 3% to 5% on the account, which will be decided according to the balance slab. This change is effective from 16 June 2025.

RBL Bank

RBL Bank has also revised the interest rates from 16 June 2025. Now the account will get interest from 3% to 6.75%, which will be decided based on 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 their savings account. Now they will get less interest than before. This change has happened due to the reduction in repo rate, which is aimed at controlling inflation and increasing liquidity in the economy.

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