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Axis Bank Updates Savings Account Rates: Better Than SBI, HDFC Or ICICI? Find Out!
Axis Bank, India's third-largest private sector lender, has revised the interest rates on its savings accounts. The interest rates on Axis Bank savings accounts have changed as of April 15. This comes after Axis Bank revised its fixed deposit interest rates for amounts under Rs 3 Cr on April 11, 2025. The RBI stated on April 9th, 2025, that the repo rate will be lowered by 25 basis points to 6%. As part of a broader monetary policy transmission system, banks are rushing to lower interest rates on savings accounts and fixed deposits following this year's second repo rate drop.
Axis Bank Savings Account Interest Rates
The bank will now give an interest rate of 2.75% on balance slabs under Rs 50 lakhs, while the applicable interest rate for balance slabs between Rs 50 lakhs and less than Rs 2000 Cr is 3.25% annually.
| Balance Slabs | Applicable Rate of Interest w.e.f. 15th April 2025 |
|---|---|
| Less than Rs. 50 Lacs | 2.75% p.a. |
| Rs. 50 Lacs and up to less than Rs. 2000 Crs | 3.25% p.a. |
| Rs. 2000 Crs and above | Overnight MIBOR + 0.70% |
SBI Savings Account Rates
Below are the interest rates applicable to savings bank deposits offered by SBI as of October 15, 2022.
| Savings Bank deposit slabs | Revised Rate of Interest w.e.f. 15.10.2022 |
|---|---|
| Balances less than Rs. 10 Crore | 2.70% p.a. |
| Balances Rs. 10 Crore & Above | 3.00% p.a. |
HDFC Bank Savings Account Rates
The interest rate for HDFC Bank savings bank deposit accounts has been changed as of April 12, 2025. The bank is now giving an interest rate of 2.75% on savings account balances under Rs 50 lakh, and HDFC Bank is offering an interest rate of 3.25% on balance slabs of Rs 50 lakh and above.
| Savings Account Balance | Interest Rate p.a |
|---|---|
| Less than ₹50 Lakh | 2.75% |
| Of and above ₹50 Lakh | 3.25% |
ICICI Bank Savings Account Rates
In 2025, ICICI Bank promises savings account interest rates of 2.75% for accounts under Rs. 50 lakh. However, if the sum exceeds Rs. 50 lakh, the interest rate increases to 3.25%. The interest rate is credited every three months and is determined by the daily balance.
| 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% |
Axis Bank FD Rates
Axis Bank's FD rates, as mentioned above, are effective as of April 11, 2025, and our readers shouldn't miss the bank's significant announcement. After the modification, the bank is now giving a 3% interest rate on fixed deposits with maturities of 7 to 29 days, while Axis Bank will give a 3.50% interest rate on those with periods of 30 to 45 days. Axis Bank will provide 4.25% interest on 46-60 day terms and 4.50% interest on 61-87 day fixed deposit terms.
Fixed deposits from Axis Bank that mature between 88 days and 6 months will yield an interest rate of 4.75%, while those with tenures between 6 and 9 months will provide an interest rate of 5.75%. The bank is giving an interest rate of 6.00% on fixed deposits having a term of 9 months to 1 year, while Axis Bank will pay an interest rate of 6.70% on those with a term of 1 year to 15 months. For fixed deposit tenures ranging from 15 months to 2 years, Axis Bank will pay an interest rate of 7.25%; for tenures ranging from 2 years to 5 years, the rate will be 7.10%. Fixed deposits from Axis Bank that mature in five to ten years will now earn a 7% interest rate.
| Maturity Period | General | Senior Citizens |
|---|---|---|
| 7 - 14 days | 3 | 3.5 |
| 15 - 29 days | 3 | 3.5 |
| 30 - 45 days | 3.5 | 4 |
| 46 - 60 days | 4.25 | 4.75 |
| 61 days - 87 days | 4.5 | 5 |
| 88 days - 3 months 24 days | 4.75 | 5.25 |
| 3 months 25 days - 4 months | 4.75 | 5.25 |
| 4 months - 6 months | 4.75 | 5.25 |
| 6 months - 9 months | 5.75 | 6.25 |
| 9 months - 1 year | 6 | 6.5 |
| 1 year - 1 year 10 days | 6.7 | 7.2 |
| 1 year 11 days - 13 months | 6.7 | 7.2 |
| 13 months - 15 months | 6.7 | 7.2 |
| 15 months - 18 months | 7.25 | 7.75 |
| 18 Months - 2 years | 7.25 | 7.75 |
| 2 years - 3 years | 7.1 | 7.6 |
| 3 years - 5 years | 7.1 | 7.4 |
| 5 years to 10 years | 7 | 7.75 |
Note: The interest rates have been taken from the official websites of the respective banks.
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