Highest savings account interest rate: Comparison of ICICI Bank vs HDFC Bank vs Axis Bank vs YES Bank
In a fresh round of interest rate revisions, several major private lenders, including ICICI Bank, HDFC Bank, and Axis Bank, have reduced their savings account interest rates by 25 basis points (bps) following the Reserve Bank of India's (RBI) decision to lower the repo rate by 25 bps during its monetary policy meeting on April 9, 2025. DCB Bank and YES Bank are among other banks that have revised their savings account interest rates.
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Let's take a look at the latest savings account interest rates offered by these banks:
ICICI Bank
ICICI Bank, the second-largest bank in the country by market capitalisation, has slashed the interest rates on its savings accounts by 25 basis points (bps). Under the revised structure, ICICI Bank now offers an interest rate of 2.75% per annum for end-of-day balances under Rs 50 lakh, compared to the earlier rate of 3%. For balances of Rs 50 lakh and above, the interest rate has been reduced to 3.25% from 3.50% per annum earlier. These rates are calculated based on the daily closing balance and reflect the broader trend of banks realigning their deposit offerings amid prevailing monetary conditions.
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Also read:
Now ICICI Bank cuts FD, savings account interest rates; check details
On Balances (in ₹)
Rate of Interest (% p.a.)
For end of day balance below ₹ 50 Lakhs
2.75%
For end of day balance ₹ 50 Lakhs and above
3.25%
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HDFC Bank
According to the data available on HDFC Bank's website, under the newly revised structure effective April 12, 2025, the interest rate for savings account balances has been lowered across both deposit slabs:
For balances less than Rs 50 lakh, the bank has revised the interest rate to 2.75% per annum, down from 3% per annum earlier. For balances of Rs 50 lakh and above, the interest rate now stands at 3.25% per annum, compared to the earlier rate of 3.50% per annum.
Also read:
HDFC Bank reduces FD interest rates by up to 50 bps: Check the latest fixed deposit rates
Savings Account Balance
Interest Rate p.a
Less than ₹50 Lakh
2.75%
Of and above ₹50 Lakh
3.25%
Axis Bank
After the revision, Axis Bank now offers an interest rate of 2.75% per annum for end-of-day balances below Rs 50 lakh. For balances of Rs 50 lakh and up to Rs 2,000 crore, the interest rate is now 3.25%; for balances above Rs 2,000 crore, Axis Bank offers overnight MIBOR + 0.70%. These rates are applicable from April 15, 2025.
DCB Bank
DCB Bank has revised its savings account interest rates effective from April 16, 2025.
Balance Range (₹)
Interest Rate (% p.a.)
On balances up to 1 lakh in the account
1.50%
On balances above 1 lakh to less than 5 lakh in the account
2.50%
On balances from 5 lakh to less than 10 lakh in the account
4.50%
On balances from 10 lakh to less than 50 lakh in the account
6.60%
On balances from 50 lakh to less than 1 crore in the account
7.25%
On balances from 1 crore to less than 2 crore in the account
7.50%
On balances from 2 Crore to less than 3 Crore in the account
8.00%
On balances from 3 crore to less than 50 Crore in the account
7.00%
On balances from 50 crore to less than 300 Crore in the account
8.00%
On balances from 300 crore and above
5.50%
YES Bank
YES Bank has revised its savings account interest rates for domestic and non-resident savings accounts. After the revision, the savings account interest rates offered by the bank vary between 3% and 5% depending on the balance in the account. The revised rates are effective from April 21, 2025. Note that YES Bank will calculate interest on incremental balances in each interest rate slab at applicable rates.
DOMESTIC & NON-RESIDENT SAVINGS ACCOUNTS
(Rupee Deposits)
Daily Balance in the Savings Account (INR)
Applicable Interest Rates (p.a.)
w.e.f. 21st April'25
Up to Rs.10 Lac
3.00%
Rs.10 lacs and above to less than Rs.25 lacs
3.50%
Rs.25 lacs and above to less than Rs.50 lacs
4.00%
Rs.50 lacs and above to less than Rs.100 Crs
5.00%
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