SBI, HDFC Bank. ICICI Bank Cut Interest Rates: In June 2025, after the RBI cut the repo rate by 50 basis points, SBI (State Bank of India), HDFC Bank, and ICICI Bank reduced the interest rates on their savings accounts.

This decision will have a direct impact on the earnings of customers holding savings accounts in these banks, as now they will get less interest on their deposits.

SBI reduced the interest rate of savings account-
The country's largest public sector bank, SBI, has made the interest rate of its savings account uniform. Now no matter how much balance is there in the account, State Bank of India will pay interest at the rate of 2.5% per annum. This new rate will be applicable from June 15, 2025. Earlier SBI used to pay 2.7% interest on a balance less than Rs 10 crore and 3% interest on a balance of Rs 10 crore or more. But now an annual interest rate of 2.5% has been implemented in both categories.

HDFC Bank also reduced the rate-
Let us tell you that HDFC Bank has also changed the interest rates of its savings account from June 10, 2025. The bank has cut 50 basis points and now all accounts will get 2.75% annual interest.

Earlier HDFC Bank used to give 2.75% interest on a balance less than Rs 50 lakh and 3.25% interest on a balance of Rs 50 lakh or above. But now a uniform 2.75% has been implemented for all.

Interest reduced on ICICI Bank savings accounts-
In this episode, ICICI Bank has also changed the interest rates of its savings account. These changes have come into effect from June 12, 2025. Now no matter how much amount is in the account, only 2.75% interest will be available. Earlier this bank used to give 2.75% interest on balances less than 50 lakhs and 3.25% interest on above that. But now the interest rate has been made equal for all.

Other banks also changed interest rates-
Apart from these big banks, many other major banks in the country have also cut the interest rates of savings accounts. Whose information you can check here-

Bank of Baroda-
Bank of Baroda has also changed the interest rates on its savings account. Now it will be available in slabs ranging from 2.7% to 4.25%. The new rates are applicable from 12 June 2025.

IndusInd Bank -
The interest rates on savings accounts of IndusInd Bank are between 3% to 5%. These rates are also fixed according to the balance slab. The new rates have come into effect from 16 June 2025.

Federal Bank-
Federal Bank is now paying interest ranging from 2.5% to 6.25% on its savings account. The rates will be decided according to the balance of the account. These new rates are applicable from 17 June 2025.

RBL Bank -
RBL Bank's interest rates are now between 3% to 6.75%, which vary according to the amount deposited in the account. The new interest rates have come into effect from 16 June 2025.

The reduction in interest rates by these banks will have the greatest impact on those people who keep money in savings accounts for their daily needs. Earlier, where some banks used to get 3% or more interest, now it has come down to 2.5%-2.75%.

This means that if you have deposited a large amount in a savings account, then now you will get less interest than before. In such a situation, if you are looking for better returns, it may be wise to consider FD, Mutual Funds, or other options.

You will now get less interest on large amounts kept in savings account. For better returns, you can consider FD, Mutual Funds or other investment options.

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