Savings Accounts: Big changes have been made in the savings accounts of these banks; Check immediately

Bank Rule: If you consider your money safe and beneficial by keeping it in a bank savings account, then this news may be worrying for you. The country’s big private banks HDFC, ICICI, Axis and Federal Bank have cut the interest rates on their savings accounts.

Bank Rule: If you consider your money safe and beneficial by keeping it in a bank savings account, then this news may be worrying for you. The country’s big private banks HDFC, ICICI, Axis and Federal Bank have cut the interest rates on their savings accounts. This will have a direct impact on the income of crores of bank account holders, especially those who keep a large amount in savings account for their retirement, medical or emergency needs.

How much interest will you get now?

HDFC Bank has changed the interest rate on its savings account and reduced it from 3.00% to 2.75% on amounts less than Rs 50 lakh. These new rates have come into effect from 12 April 2025. At the same time, an amount above Rs 50 lakh will now get 3.25% interest, which was earlier 3.50%. ICICI Bank has also made a similar cut. The bank will now pay 2.75% interest on savings accounts up to Rs 50 lakh, while 3.25% interest will be available on amounts above this.

Axis Bank and Federal Bank have also reduced their savings rates in the same range. The special thing is that SBI is already offering the minimum rate of 2.70%, that is, now almost all the big banks have come to the same situation of low interest rates.

FD was also affected

Not only savings accounts, but these banks have also reduced the interest on Fixed Deposit (FD). HDFC Bank has reduced its FD rates by up to 50 basis points. Now, for general citizens, interest on FD will range from 3% to 7.10%, while senior citizens are getting rates ranging from 3.5% to 7.55%.

What should account holders do?

This fall in interest rates has come at a time when inflation is constantly rising and many people fulfill small needs with the money deposited in their bank accounts. In such a situation, experts advise that if your amount is high and you want better returns, then you can turn to options like balanced mutual funds, debt funds or senior citizen savings schemes.

The post Savings Accounts: Big changes have been made in the savings accounts of these banks; Check immediately first appeared on informalnewz.

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