HDFC Bank lowers savings interest rates after three years; Comparison with SBI, ICICI & PNB

HDFC Bank has slashed interest rates on its savings bank deposit accounts by 25 basis points (bps), marking the first rate cut in this category since April 2022. The revision applies to both slabs of savings balances, impacting all customers. The new rates are effective from April 12, 2025.

The interest rate on your savings account is calculated using daily closing balance. The accumulated interest is credited to your account on a monthly or quarterly basis, at the discretion of the bank.

FD rate cut ahead of RBI MPC: HDFC Bank, Yes Bank, Punjab & Sind Bank cut FD interest rate

HDFC Bank latest savings account interest rates

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 interest rate has been revised to 2.75% per annum, down from 3.00% per annum.
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
The previous rate structure, which had been in effect since April 6, 2022, offered slightly higher yields:
3.00% p.a. for balances below Rs 50 lakh
3.50% p.a. for balances of Rs 50 lakh and above

Now let us compare HDFC Bank with other that of top banks such as SBI, PNB and ICICI

SBI savings account interest rates

For balances less than Rs 10 crore, the interest rate offered is 2.70% per annum and for balances above Rs 10 crore, the bank offers 3% savings account interest rate. These rates are effective from October 15, 2022.

Also read: SBI cuts FD interest rates on select tenures; introduces revised ‘Amrit Vrishti’ scheme with lower interest rates

Savings Bank deposit slabs	Existing Rate of Interest	Revised Rate of Interest w.e.f. 15.10.2022
Balances less than Rs. 10 Crore	2.70% p.a	2.70% p.a.
Balances Rs. 10 Crore & Above	3.00% p.a.

ICICI Bank savings account interest rates

The interest rate is 3% for accounts with balances under Rs 50 lakh. However, the interest rate rises to 3.50% if the balance is Rs 50 lakh or above. Savings Account interest offered by ICICI Bank (as in 2025) is determined by the sum in the Account at the end of the day.

On Balances (in ?)	Rate of Interest (% p.a.)
For end of day balance below ? 50 Lakhs	3
For end of day balance ? 50 Lakhs and above	3.5

PNB savings account interest rates

For savings fund accounts with a balance of less than Rs 10 lakh, Punjab National Bank offers an interest rate of 2.70% per annum. For balances ranging from Rs 10 lakh to less than Rs 100 crore, the interest rate is slightly higher at 2.75% per annum. For balances of Rs 100 crore and above, the bank offers a rate of 3.00% per annum. These rates have been effective since January 1, 2023.

Also read: Punjab National Bank (PNB) cuts FD interest rates on these tenures: Check details

Saving Deposit Interest Rate
	Revised w.e.f. 01.01.2023
Saving Fund Account Balance below Rs.10 Lakh	2.70% p.a.
Saving Fund Account Balance of Rs.10 Lakh to less than Rs.100 Crore	2.75% p.a.
Saving Fund Account Balance of Rs.100 Crore & above	3.00% p.a.