Find out which bank is offering highest interest on savings account, SBI, HDFC, Canara, PNB, ICICI or Union Bank
In India, banks match fixed deposits with competitive interest rates on savings accounts.
Rates of interest on saving accounts: Savings accounts now have competitive interest rates from a number of Indian banks, some of which even match the rates on fixed deposits from other banks. However, when compared to fixed deposits, savings accounts do not offer seniors higher interest rates.
Many banks have increased the interest rates they charge on savings accounts as a result of the Reserve Bank of India raising the repo rate. Some of the banks with the best interest rates are as follows:
State Bank of India (SBI) right now offers 2.70 percent premium on stores up to Rs. 10 crore, and 3% on deposits greater than Rs. 10 crore in accounts for savings.
On deposits of less than Rs. 1, HDFC Bank offers 3% interest. 50 lakh in savings accounts, and deposits in excess of this amount earn a 3.50% interest rate.
On deposits of less than Rs. 10,000, ICICI Bank pays 3% interest. 3.50% on deposits of more than Rs. 50 lakh and 50 lakh in bank accounts.
Punjab National Bank offers 2.70 per cent interest on deposits below Rs. 10 lakh and 2.75 per cent interest on deposits above Rs. 10 lakh in savings accounts. For deposits of 100 crores or more, the bank offers 3 per cent interest.
Canara Bank offers interest rates on a variety of amounts that range from 2.90 percent to 4%, the highest rate being 4% for deposits of at least 2000 crores.
Union Bank of India offers 2.75 per cent interest on deposits of Rs. 50 lakh and 2.90 per cent interest on deposits up to Rs. 50 lakh and Rs. 100 crore in savings accounts. For deposits of more than 100 crores, the bank offers 3.10 per cent interest, while deposits of more than 500 crores receive an annual interest of 3.40 per cent. The highest interest rate of 3.55 per cent is offered on deposits of 1000 crores.