Big hit to savings account holders: SBI, HDFC Bank, ICICI Bank cut interest rates in June 2025

In June 2025, several major banks in the country, including State Bank of India (SBI), HDFC Bank, and ICICI Bank, reduced their interest rates on savings accounts following a 50-basis-point repo rate cut by the Reserve Bank of India (RBI). The revision by banks has resulted in reduced returns for depositors, as some banks have adopted a uniform lower rate across all balance slabs. Below is a summary of the updated interest rates on savings accounts at these banks:

State Bank of India (SBI), the country’s largest bank, has revised its interest rates on savings accounts and made them uniform at 2.5% per annum for all savings account balances. The revised rates are effective from June 15, 2025. Earlier, SBI was offering a rate of 2.7% on account balances below Rs 10 crore and 3% on balances of Rs 10 crore and above.

SBI cuts FD rates across all tenures and savings account rate: Check latest interest rates from June 15, 2025

HDFC Bank savings account interest rates

Private sector lender HDFC Bank has revised its interest rates on savings accounts, effective June 10, 2025. The bank has reduced the interest rate by 50 basis points-from 3.25% to 2.75%-per annum on balances of Rs 50 lakh and above. Now, all savings account balances, regardless of amount, will earn a uniform interest rate of 2.75% per annum. Earlier, balances below Rs 50 lakh earned 2.75% interest, while balances of Rs 50 lakh and above earned an interest rate of 3.25%.

Big hit to depositors: HDFC Bank reduces FD and savings account rates

ICICI Bank savings account interest rates

ICICI Bank has revised its interest rates on savings accounts, effective June 12, 2025. The bank has reduced the rate by 50 basis points -from 3.25% to 2.75%-on balances of Rs 50 lakh and above. Now, all savings account balances, regardless of amount, will earn a uniform interest rate of 2.75% per annum.
Earlier, ICICI Bank used to offer an interest rate of 2.75% per annum for end-of-day balances under Rs.50 lakh. For balances of Rs 50 lakh and above, the interest rate offered was 3.25%.

Other banks that have revised their savings account interest rates

Bank of Baroda savings account interest rates

Bank of Baroda offers interest rates between 2.7% and 4.25% on savings accounts depending on the balance slab. The revised rates are effective from June 12, 2025.
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Federal Bank savings account interest rates

The Federal Bank offers interest rates between 2.5% and 6.25% on savings accounts depending on the balance slab. The revised rates are effective from June 17, 2025.

IndusInd Bank savings account interest rates

IndusInd Bank offers interest rates between 3% and 5% on savings accounts depending on the balance slab. The revised rates are effective from June 16, 2025.

RBL Bank savings account interest rates

RBL Bank offers interest rates between 3% and 6.75% on savings accounts depending on the balance slab. The revised rates are effective from June 16, 2025.