Savings Account Interest Rate: The Reserve Bank of India (RBI) in its monetary policy meeting on February 7, 2025, reduced the repo rate by 25 basis points from 6.50 percent to 6.25 percent. The Reserve Bank has reduced the repo rate for the first time since 2020. The repo rate is the interest rate at which commercial banks are allowed to borrow funds against various collaterals. When the repo rate is low, the interest rate also decreases. That is, the interest on the loan is reduced. Today we will talk to you about the interest rates of some big banks on savings accounts.

State Bank of India's interest rate on savings accounts

2.70 percent on deposits up to Rs 10 crore

3.00 on deposits above Rs 10 crore

Effective from October 15, 2022

Bank of Baroda's interest rate on savings accounts

Bank of Baroda gives interest ranging from 2.75 percent to 4.10 percent on savings accounts.

2.75 percent on deposits of Rs 1 lakh to Rs 50 crore

3.00 percent on deposits of Rs 50 crore to Rs 200 crore

3.05 percent on deposits of Rs 200 crore to Rs 500 crore

4.10 percent on deposits of Rs 500 crore to Rs 1,000 crore

Effective from February 27, 2024

PNB's interest rate on savings account

2.70 percent on balance less than Rs 10 lakh

2.75 percent on the balance of Rs 10 lakh to Rs 100 crore

3.00 percent on the balance of Rs 100 crore and above

Effective from January 1, 2023

ICICI's interest rate on savings account

3.00 percent on a balance less than Rs 50 lakh

3.50 percent on a balance more than Rs 50 lakh

HDFC on savings account Bank's interest rate

3.00 percent on a balance less than Rs 50 lakh

3.50 percent on a balance more than Rs 50 lakh

Effective from April 6, 2022

Kotak Mahindra Bank's interest rate on savings account

3.00 percent on balance up to Rs 5 lakh

3.50 percent on balance between Rs 5 lakh and Rs 50 lakh

4.00 percent on balance more than Rs 50 lakh

Effective from October 17, 2024