Mumbai: Another private sector bank has dealt a significant blow to its millions of customers. This bank has reduced the interest rates on savings accounts. The bank’s decision will directly affect your pocket. Prior to this, HDFC Bank, Axis Bank, and ICICI Bank had also reduced their savings account interest rates. Read in detail to find out which bank has reduced its rates and by how much.
New Interest Rates of the Bank
Following the Reserve Bank of India (RBI)’s decision to cut the repo rate, YES Bank has now slashed the interest rates on its savings accounts. The new rates are effective from today, April 21, 2025.
- For balances up to Rs 10 lakh, the interest rate is now 3per cent per annum.
- For deposits between Rs 10 lakh and Rs 25 lakh, the rate is 3.5per cent.
Savings Account Interest Rate Structure
For accounts with balances between Rs 25 lakh and Rs 50 lakh, the new rate is 4 per cent.
For balances above Rs 50 lakh and up to Rs 100 crore, the interest rate will now be 5per cent.
For balances above Rs 100 crore, customers are advised to contact the bank directly for applicable rates.
ICICI Bank Update
Earlier, ICICI Bank had reduced its savings account interest rates by 0.25per cent. This move followed similar reductions by HDFC Bank and Axis Bank. According to the new structure, customers maintaining balances of up to Rs 50 lakh in their savings accounts will now earn an interest rate of 2.75per cent.
HDFC Bank News
HDFC Bank cut its savings account interest rate by 25 basis points, bringing it down to 2.75per cent for balances below Rs 50 lakh. For balances above Rs 50 lakh, the rate was reduced from 3.5 per cent to 3.25per cent. These new rates have been effective since April 12.
