Several major banks, including HDFC, ICICI, Axis, and Federal Bank, have reduced savings account interest rates, affecting customers’ returns and financial planning.
Saloni Kumari | Apr 21, 2025 |
Why HDFC, ICICI, Axis, and Federal Bank Customers are worried?
If you are also someone who thinks your money is safe in the savings accounts of banks and counts the interest received on that amount as profit, then you may be shocked on hearing this news. Several banks across the country have announced a reduction in the interest rates on savings accounts. This will affect many account holders who put their money in a savings account for their medical emergencies, retirement or family requirements.
HDFC, ICICI, Axis and Federal Bank have cut their interest rates from 3% to 2.75% on balances below Rs 50 lakh; on the other hand, SBI is offering an interest rate of 2.7%. While the fixed deposit rates have also been decreased, this will further decrease the returns on the deposited amount.
The ICICI Bank has decreased its interest rate on savings accounts by 0.25%. Customers with deposits more than Rs 50 lakhs in their savings accounts will be offered with interest rate of 2.75%, this rate is the same as that offered by HDFC Bank. Accounts with deposits more than Rs. 5o Lakhs will be provided the interest rate of 3.25%.
The HDFC Bank Limited has amended its interest rate offered on savings accounts. This amendment will be implemented from April 12, 2025. Saving accounts with amounts below Rs. 50 Lakhs, the interest rate has been decreased from 3.00% per annum to 2.75% per annum. Accounts with an amount of Rs 50 lakh or more will not be offered an interest rate of 3.25% per annum. Before, it was 3.50% per annum.
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