2025-06-11-花旗集团-印度银行_存款利率（2025年6月）行动追踪_各行动态_11页_210kb

报告摘要

Summary of India Banks Deposit Rate Actions

Background

Following the June Monetary Policy Committee (MPC) meeting, India banks continue to cut deposit rates (both savings and fixed deposits). This summary tracks key rate actions to understand each bank's approach.

Savings Rates

HDFC Bank cut the savings rate in the >Rs5mn bucket by 50bps, reducing it to a uniform rate of 2.75% across all buckets.
Other banks with balances over Rs5mn, such as Axis Bank (AXSB), ICICI Bank (ICICIBC), and Kotak Mahindra Bank (KMB), have not yet taken action and continue to offer 3.25% savings rates in higher ticket buckets.
Federal Bank (FB) offers 3.5% in the >5mn bucket.

Tenor Deposit (TD) Rates

Several banks reduced peak TD rates. HDFC Bank cut its peak TD rate by 25bps to 6.60% for 15-21m maturity.
Axis Bank (AXSB), ICICI Bank (ICICIBC), and Kotak Mahindra Bank (KMB) followed, reducing rates to 6.60% each from higher levels (6.85%, 6.85%, and 6.9% respectively).
Federal Bank continues to offer 7.00%, while Indian Overseas Bank (IIB) and Axis Bank IDFC First (IDFCFB) offer 7.25% and 7.00%, respectively.
RBL Bank (RBK) has lowered its peak TD rate to 7.75% in a 500-day bucket, with 7.50% in other 12-24 months buckets.
HDFC Bank leads in aggressive cuts, with a significant reduction in 15-21m maturity.

Marginal Cost of Funds based Lending Rate (MCLR)

MCLR reductions: HDFC Bank, ICICI Bank, and Kotak Mahindra Bank cut 1-yr MCLR by 35bps, 25bps, and 30bps respectively, effective since March 2025, bringing rates to 8.75%, 9.15%, and 9.15%.
Other banks, including Axis Bank (c.9.15%), IDFC First (c.10.35%), and Indian Overseas Bank (c.10.35%), also saw cuts.
These reductions aim to lower lending rates and support the banking sector.

Home Loan Rates

PSU banks (e.g., Axis, ICICI, Kotak) are more aggressive on home loans, offering rates based on repo rate + spread (e.g., ICICI at Repo +2.5%, HDFC at Repo +2.45%).
Private banks offer rates ranging from 7.9% to 8.25%, while unions like Union Bank offer discounts on eligibility for better customers.

This indicates a trend of banks aligning deposit rates with MPC decisions, with PSU banks taking a more assertive stance. Data as of June 11, 2025.

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