Overview

• The Reserve Bank of India cut its repo rate by 50 basis points in June, completing a cumulative 100 basis point reduction over three policy meetings since January.
• State Bank of India imposed a uniform 2.5% per annum savings rate from June 15, replacing its previous balance-slab structure.
• HDFC Bank and ICICI Bank set a flat 2.75% interest rate on all savings accounts effective June 10 and June 12, respectively.
• Bank of Baroda, Federal Bank, IndusInd Bank and RBL Bank continue tiered slabs offering up to 6.75% for larger deposits.
• Senior citizens and high-value savers are exploring alternative investment avenues to offset reduced returns on traditional savings accounts.