New Delhi: If you prefer keeping your money safe in a savings account, this update is important for you. Several leading private sector banks — including HDFC Bank, ICICI Bank, Axis Bank, and Federal Bank — have reduced interest rates on their savings accounts.
This change will directly affect millions of account holders, especially those who maintain large balances for retirement, medical, or emergency purposes.
💸 Here Are the Revised Interest Rates:-
HDFC Bank:
Balances below ₹50 lakh — new interest rate: 2.75% (earlier 3.00%)
Balances above ₹50 lakh — new interest rate: 3.25% (earlier 3.50%) -
ICICI Bank:
Balances below ₹50 lakh — new rate: 2.75%
Balances above ₹50 lakh — new rate: 3.25% -
Axis Bank & Federal Bank:
Both have implemented similar rate cuts, bringing their savings account interest close to 2.75% – 3.25%. -
SBI:
Already offers 2.70%, the lowest among major banks.
Alongside savings accounts, HDFC Bank and other banks have slashed Fixed Deposit (FD) rates by up to 50 basis points.
-
For General Citizens: 3.00% – 7.10%
-
For Senior Citizens: 3.50% – 7.55%
Financial experts suggest that for those keeping large sums in savings accounts, this is the right time to explore better-yielding alternatives like:
-
Balanced Mutual Funds
-
Debt Funds
-
Senior Citizen Savings Schemes
-
RBI Floating Rate Bonds
This way, your savings will be better shielded against inflation and stagnant bank returns.
(Disclaimer: Always check the latest rates directly from your bank before making investment decisions.)
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