<ul><li>Federal Bank has cut the interest rate on savings accounts by 25 basis points to 2.75%.</li><li>Savings account balances between Rs 50 lakh and Rs 5 crore will now fetch 3.50% interest annually.</li><li>Other private sector banks, such as HDFC Bank, Axis Bank, and ICICI Bank, have also cut interest rates on savings accounts by 25 bps to 2.75%.</li><li>The move is in response to the Reserve Bank of India's repo rate cut and aims to benefit banks on the margin front.</li></ul>

Federal Bank Too Cuts Interest On Savings Account By 25 Basis Points

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