RBI changes the interest rates on Saving Account, knowing that more interest is being received

Saving account: Recently, the Reserve Bank of India cut the repo rate by 25 basis points. Subsequently, many banks have reduced interest rates on their savings accounts and fixed deposits. Now it is very important to understand which banks are giving you good interest. So let’s know which banks are coming with the best interest rate on savings accounts.

Hdfc bank

HDFC Bank has also cut its interest rates. Now you will get 2.75% interest on a balance of less than ₹ 50 lakh, which was earlier 3%. At the same time, there will now be 3.25% interest on the balance of ₹ 50 lakh and above, whereas earlier this rate was 3.50%. Despite these changes, HDFC Bank’s name remains reliable among investors. For customers who have already deposited their money in HDFC, it can be a good time to keep your investment in the right direction.

Icici bank

ICICI Bank, India’s second largest bank, has reduced the interest rate of its savings accounts by 25 basis points. Now if you have less than 50 lakhs, then you will get 2.75% interest. Earlier this rate was 3%. At the same time, you will get 3.25% interest on 50 lakh or more deposits.

Axis bank

Axis Bank has also changed its interest rates. Now 2.75% interest will be available on a balance of less than Rs 50 lakh, while 3.25% interest will be available on a balance ranging from 50 lakh to ₹ 2,000 crore. In addition, if your balance is above ₹ 2,000 crore, the bank will pay interest at the rate of Overnight Mibor +0.70%.

Kotak Mahindra Bank

Kotak Mahindra Bank has also changed its interest rates. You will get 3% interest at a balance of up to ₹ 50 lakh, while 3.50% interest will be given on balance above ₹ 50 lakh. Kotak Mahindra Bank’s name is also known for credibility and security in the Indian banking sector.

Yes Bank

Yes Bank has also made changes in its interest rates. Now 3% interest will be available on balance of up to Rs 10 lakh, and 3.50% will be available on balance from 10 lakh to 25 lakhs. At the same time, you will get 4% interest on the balance of 25 lakh to 50 lakhs. If your balance ranges from Rs 50 lakh to Rs 100 crore, then you will get 5% interest.

conclusion:

If you are thinking of depositing your money in Saving Account, then it is important that you choose the right bank, which can give you the best interest. Although all banks have reduced interest rates, you should choose the right bank keeping in mind your financial goals. Such changes always give you a chance to invest in the right direction, and if you save in the right way, then it will prove beneficial for you in the coming time.

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