The Reserve Bank of India (RBI) announced a cut of 25 basis points (BPS) in the repo rate at its Monetary Policy Committee meeting on 9 April. Since then, many private banks such as HDFC Bank, ICICI Bank and Axis Bank have reduced the interest rates received on their savings accounts and fixed deposits (FD). Here we are telling you what interest rates are currently the most attractive on savings accounts by private banks.

Icici bank
ICICI Bank has set an interest rate of 2.75% per year for balance of less than Rs 50 lakh after a cut of 25 basis points, compared to 3% earlier. The interest rate for balance of Rs 50 lakh and above has been reduced to 3.25%. The calculation of these rates is done on the basis of daily closing balance.

Hdfc bank
HDFC Bank has cut the interest rate of its savings accounts under the effective revised structure from 12 April. Now, the interest rate on balance of less than Rs 50 lakh is 2.75% per year, which was earlier 3%. At the same time, the interest rate on balance of Rs 50 lakh and above has increased to 3.25% per year, while earlier it was 3.50%.

Axis bank
Axis Bank has also reduced interest rate on its savings accounts. Now, the interest rate for end-of-day balance of less than Rs 50 lakh is 2.75% per year. The interest rate on balance ranging from Rs 50 lakh to Rs 2,000 crore is 3.25% per year. The bank offers overnite Mibor + 0.70% for accounts with a balance of more than Rs 2,000 crore. These rates have been implemented from April 15, 2025.

This bank
Yes Bank has amended interest rates on its domestic and non-resident savings accounts. Interest is being paid at the rate of 3% annually on daily balance of up to Rs 10 lakh. The interest rate on balance ranging from 10 to 25 lakh rupees is 3.50%. The interest rate is 5% on the balance of Rs 25-50 lakh and the balance rate ranging from Rs 50 lakh to Rs 100 crore. These revised rates have come into effect from April 21.

Kotak Mahindra Bank
A 3% per year interest rate is being given on daily balance of up to Rs 50 lakh on the savings accounts of Kotak Mahindra Bank. The interest rate for accounts with a balance of more than Rs 50 lakh is 3.50%.

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