If you think that RBI’s repo rate cut affects only loans, then this news is important for you. In the last 5 months, the Reserve Bank of India (RBI) has cut a total of 100 basis points i.e. 1% in three monetary policy meetings (MPC). Its direct impact is now visible on the interest rates of savings accounts. Banks are now paying less interest on deposits, which has affected the earnings of crores of small depositors.
Which are the major banks that have reduced savings account interest in June 2025
The country’s largest public and private banks have cut the interest rates of savings accounts in June 2025. State Bank of India (SBI), HDFC Bank and ICICI Bank have now started paying less interest to their customers than before. These banks have now fixed a uniform interest rate instead of different balance slabs, which has caused loss especially to those depositing large amounts.
Also read: Canara Bank offers one of the cheapest home loans – Check new home, consumer loan rates
SBI savings account interest rates
State Bank of India has implemented a uniform interest rate of 2.5% per annum on all its savings accounts from June 15, 2025. Earlier this rate was 2.7% on balance less than Rs 10 crore and 3% on Rs 10 crore or more. This change has reduced the return on savings of crores of customers.
HDFC Bank savings account interest rates
HDFC Bank has started paying a uniform 2.75% per annum interest on all savings accounts from June 10, 2025. Earlier, 2.75% interest was available on less than Rs 50 lakh and 3.25% interest was available on Rs 50 lakh or more. Now all customers will get the same rate, which has caused direct loss to high value account holders.
ICICI Bank savings account interest rates
ICICI Bank has also cut interest rates from June 12, 2025. Now the bank is offering 2.75% interest per annum on all savings accounts, whereas earlier 3.25% interest was available on amounts above Rs 50 lakh. 2.75% interest was already being offered on balances less than Rs50 lakh.
Also read: SBI cuts savings account, FD rates
Other banks that changed savings account interest rates
Bank of Baroda
Bank of Baroda has implemented new rates from June 12,
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