ICICI Bank to reduce interest on Saving account

ICICI Bank has cut interest on savings account. The bank on Wednesday cut the interest rate by 0.25 per cent for savings account. The new rates will be applicable from 8 April. Earlier, many banks including SBI and PNB have also announced cut in interest rate on savings accounts.

How much less will you get interest now?

Now, instead of 3.5 percent, 3.25 percent interest will be given on deposits up to Rs 50 lakh in savings account. At the same time, interest on deposits above Rs 50 lakh but less than Rs 2 crore will now get 3.75 percent, which was 4 percent earlier.

PNB, BoB and SBI have also reduced interest on savings account

From April 1, Punjab National Bank customers will get interest of 3.50% per annum on the amount deposited in savings account up to Rs 50 lakh. At the same time, if there is more than Rs 50 lakh in the savings account, interest will be given at the rate of 3.75% per annum. The bank has reduced the interest rate by 0.05% when the amount is more than 50 lakhs. At the same time, the remaining interest rates have not been changed.

SBI has also cut interest rates

Recently, the country’s largest bank, State Bank of India (SBI), had announced a flat 3% annual interest rate on all its savings accounts. This interest rate has come into effect from 14 March. SBI has also cut the FD interest rate. The new interest rates come into effect from March 28. On March 27, the Reserve Bank of India (RBI) cut the repo rate by 75 basis points. The repo rate has come down from 5.15 per cent to 4.40 per cent.