Savings Account Interest Rate: Some people prefer to keep money in savings account. Customers also get interest on keeping money in savings account. We will tell you about the interest rates of savings account of some major banks of the country.
Savings Account Interest Rate: Although people have many investment options today, most customers still trust banks more. This is the reason why people make fixed deposits in banks. At the same time, some people prefer to keep money in savings accounts. Customers also get interest on keeping money in savings accounts. Today we will tell you about the interest rates of savings accounts of some major banks of the country. These banks are State Bank of India (SBI), Bank of Baroda (BOB), Kotak Mahindra Bank, HDFC and ICICI Bank.
SBI: The country’s largest public sector bank – State Bank of India gives its customers 3.50% interest on savings deposits up to ₹ 1 crore. For amounts above ₹ 1 crore, this interest rate is 4% per annum.
Kotak Mahindra Bank: Private sector Kotak Mahindra Bank has fixed the interest rate on savings account deposits up to ₹ 1 lakh at 4.5%. The interest rate on amounts above ₹ 1 lakh and up to ₹ 1 crore remains unchanged at 6%. Similarly, the interest rate on savings account balances above ₹ 1 crore remains stable at 5.5%.
Bank of Baroda: Talking about Bank of Baroda (BOB), it provides interest of 3.50% to 4.00% on savings account.
HDFC Bank: HDFC Bank is offering an interest rate of 3.50% per annum on savings deposits less than ₹ 50 lakh. HDFC Bank gives an interest rate of 4% per annum on more than this amount.
ICICI Bank: ICICI Bank also gives the same interest rate to its customers like HDFC. The interest rate for account balance less than ₹ 50 lakh is 3.5% per annum. The interest rate for savings balance of more than ₹ 50 lakh is 4%. Let us tell you that as per the rules of the Reserve Bank of India (RBI), the interest amount is credited to the customer on a quarterly basis.
