After the recent announcement by the Reserve Bank of India (RBI) on decreasing the repo rate by 25 basis points (bps) as per its monetary policy conference on April 9, 2025, several private banks, such as ICICI Bank, HDFC Bank, and Axis Bank, have also decreased their interest rates offered on savings account deposits. Banks other than these that have made amendments to their interest rates are YES Bank and DCB Bank.

ICICI Bank Interest Rate on Savings Accounts

The second-biggest bank in the country, ICICI Bank, has decreased its interest rate on savings accounts by 25 basis points (bps). As per the recent amendments, the ICICI Bank now offers an interest rate of 2.75% per annum to its savings account customers for balances below Rs. 50 lakhs. Previously, the interest rates offered on these balances were 3%. Saving accounts for balances of Rs. 50 Lakhs and above, for them, the interest rate has been decreased from 3.50% to 3.25% per annum. These rates are based on the daily balance in your account and show how banks are adjusting their deposit rates according to current economic conditions.

HDFC Bank Interest Rate on Savings Accounts

HDFC Bank has lowered the interest rates as per the new revised structure implemented on April 12, 2025, according to the information mentioned on the official website of the bank. The interest rates have been decreased on savings account deposits for both low and high balance amounts.

For savings account deposits of less than Rs. 50 lakhs, the interest rate has been decreased to 2.75% per annum from the earlier rate of 3% per annum. For saving account deposits of Rs. 50 lakh and above, the interest rate has been decreased to 3.25% per annum from the earlier rate of 3.50% per annum.

Axis Bank Interest Rate on Savings Accounts

After the amendments were made, Axis Bank decreased its savings account interest rates to 2.75% per annum for balances below Rs. 50 lakh. The bank offers the interest rate of 3.25% for the balances of Rs.50 lakh and up to Rs.2,000 crore. Balances above Rs. 2,000 crore have an interest rate of 0.70% + MIBOR offered by the bank. The rates have come into effect from April 15, 2025.

YES Bank Interest Rate on Savings Accounts

YES Bank has also made amendments to its interest rates offered to savings account deposits. After the changes were made, the interest rate of YES Bank ranged between 3% and 5%, depending on the balances in the savings accounts. The amended interest rates of YES were made effective on April 21, 2025.