Banking Sector: From HDFC, ICICI to YES Bank; Which bank is giving the highest interest

Banking Sector: The Reserve Bank of India (RBI) has recently reduced the repo rate by 25 basis points, prompting the country’s major banks to revise the interest rates on savings accounts. This decision aims to stimulate economic activities and reduce the cost of loans. ICICI Bank, HDFC Bank, Axis Bank, and YES Bank have announced cuts in their savings account interest rates.

Let’s take a look at the new interest rates of these banks:

ICICI Bank’s New Interest Rates India’s second-largest private bank, ICICI, will now offer interest based on the account balance of the customers.

Earlier, the bank was offering an interest rate of 3% on amounts less than ₹50 lakh, which has now been reduced to 2.75%.

HDFC Bank’s New Interest Rates HDFC Bank has also followed RBI’s lead and implemented new interest rates from April 12.

Axis Bank’s New Interest Rates Axis Bank has also revised the interest rates on savings accounts. Now, the bank will offer interest based on the deposit amount.

YES Bank’s New Interest Rates YES Bank has divided the interest rates on its savings accounts into more categories, providing more transparency to its customers. These rates are effective from April 21, 2025.