After the Reserve Bank of India (RBI) reduced the repo rate, both public and private sector banks have followed suit by cutting the interest rates on fixed deposits (FDs) and savings accounts.
ICICI Bank, the second-largest private bank, has joined this trend by lowering its savings account interest rate by 0.25%.
ICICI Bank’s New Savings Account Rates
ICICI Bank has updated its savings account interest rates. Customers with balances up to ₹50 lakh will now earn an interest rate of 2.75%, which is the same as HDFC Bank’s rate.
For balances exceeding ₹50 lakh, the interest rate will increase to 3.25%. These new rates came into effect today, as per ICICI Bank’s website.
Other Banks Also Cutting Rates
The State Bank of India (SBI), the largest bank in the country, is offering a lower interest rate of 2.70% on savings accounts, which is below what ICICI and HDFC are offering.
After two repo rate cuts by the RBI, banks have lowered both loan and deposit interest rates.
While many banks have focused on cutting FD rates, ICICI and HDFC have also reduced their savings account interest rates.
FD Rate Reductions Across Multiple Banks
In addition to the changes in savings account rates, several banks—including SBI, PNB, Bank of India, and HDFC—have reduced their FD interest rates by 0.25%.
Some banks have applied this cut across all FD tenures, while others have adjusted rates for specific terms.
