Savings Account Alert: Major Banks Slash Interest Rates — Check New Rates Here!

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.

📉 FD Interest Rates Also Reduced:

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%

💡 What Should Account Holders Do?

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.)