A savings account is one of the basic financial products that everyone should have. All major banks, including the State Bank of India (SBI), Bank of Baroda (BoB), Kotak Mahindra Bank, HDFC and ICICI Bank offer their customers various savings account variations. These are just basic savings accounts where you can leave your money and earn an interest in the range of 3.5-6% depending on the amount and the bank. The interest amount is credited to the customer quarterly, in accordance with the rules of the Reserve Bank of India (RBI).
Here are the savings account interest rates for the major Indian banks:
SBI: The State Bank of India, the largest, offers its customers interest rates of 3.50% on the balance of the savings deposit up to (I.e.1 crore above (I.e.1 crore, the interest rate incident on the savings balance is 4% per annum. Following the 25bps reduction in the repurchase rate by the Central Bank of India (RBI) on April 4, SBI's spot credit and overdraft fee will be reduced by 25bp with effect from May 1. The savings rate is also revised to 3.5% for balances up to (I.e.1 lakh and 3.25% for above (I.e.1 lakh.
Kotak Mahindra Bank: Private lender Kotak Mahindra Bank cut the deposit interest rate on savings accounts up to (I.e.1 lakh. The interest rate was reduced to 4.5% from 5% before, according to the bank's website. The interest rate revision came into effect as of April 15, 2019. The interest rate on savings account deposits in the above balance sheet (I.e.1 lakh and up (I.e.1 crore remains unchanged at 6%. Similarly, the interest rate on the balance of savings accounts above (I.e.1 crore remains stable at 5.5%.
Baroda Bank: Bank of Baroda (BoB), which became the second largest public sector bank after SBI after its merger with Bengaluru-based Vijaya Bank and Mumbai's Dena Bank, offers an interest rate of 3.50 % to 4.00% in savings account.
HDFC Bank: HDFC Bank is offering an interest rate of 3.50% per annum (p.a.) on the savings deposit balance below (I.e.50 lakh. Above this amount, HDFC charges an interest rate of 4% per year.
ICICI Bank: ICICI Bank, like HDFC, offers its customers the same range of interest rates. For account balance below (I.e.50 lakh, the interest rate is 3.5% per annum. The interest rate of 4% for the savings balance (I.e.50 lakh.