In today’s ever-changing financial world, selecting the perfect savings account can significantly impact your path to achieving your financial goals. This article equips you with the knowledge to navigate the options and choose the account that best suits your needs.. To simplify this decision-making process, we’ve compiled a comprehensive comparison chart of interest rates offered by private sector banks, public sector banks, and foreign banks.
Saving bank accounts serve as the cornerstone of personal finance, offering a safe and convenient way to manage your money. They provide liquidity, security, and modest returns on your deposits, making them an essential component of your financial portfolio.
Benefits:
- Liquidity: Saving accounts allow easy access to your funds, ensuring liquidity for your day-to-day expenses and emergencies.
- Safety: Your deposits in saving accounts are insured up to a certain limit, offering protection against unforeseen events or bank failures.
- Interest Earnings: While saving account interest rates may seem modest, they still offer a passive source of income on your idle funds.
- Convenience: With features like online banking, mobile apps, and ATM access, managing your saving account has never been more convenient.
Precautions:
- Minimum Balance Requirement: Be mindful of the minimum balance requirement to avoid penalties or additional charges.
- Fees and Charges: Familiarize yourself with the fees and charges associated with your saving account, such as ATM fees, transaction charges, or service fees.
- Interest Rates: Compare interest rates offered by different banks to ensure you’re getting the best return on your deposits.
- Fine Print: Always read the terms and conditions carefully, paying attention to any clauses regarding interest calculation, account closure, or promotional offers.
Saving Bank Account Interest Rates:
Kindly keep in mind below data is prepared while taking all precautions but you can also research if you desire.
Private Sector Banks
| S. No. | Bank Name | Lowest Saving Interest Rate | Highest Saving Interest Rate | Limit for Higher Saving Interest Rates |
| 1 | Axis bank | 3.00% | 3.50% | 50 Lacs and up to less than Rs. 2000 Crs |
| 2 | Bandhan bank | 3.00% | 6.50% | Balance above Rs. 10 Crore to Rs. 50 Crore |
| 3 | City Union Bank | 3.00% | 5.00% | Rs.50 Lakh and above |
| 4 | CSB Bank | 2.10% | 3.50% | More than Rs.50 lakh |
| 5 | DBS Bank | 3.00% | 7.00% | Above Rs.4 Lakhs and Upto Rs.5 Lakhs |
| 6 | DCB Bank | 1.75% | 8.00% | Balance above Rs. 10 Lakh to Less than Rs. 2 Crore |
| 7 | Federal Bank | 3.05% | 7.81% | ₹500 Crores and above |
| 8 | HDFC Bank | 3.00% | 3.50% | Of and Above Rs. 50 Lakh |
| 9 | ICICI Bank | 3.00% | 3.50% | balance of Rs. 50 lakh and above |
| 10 | IDFC First Bank | 3.00% | 7.00% | <=1 Lac |
| 11 | Indusind Bank | 3.50% | 6.75% | balance above Rs. 50 Crs Upto Rs. 100 Crs |
| 12 | Jammu&Kashmir Bank | 2.70% | 7.60% | |
| 13 | Karur Vysya Bank | 2.25% | 3.25% | Balance Rs.1Crore up to less than Rs.100 Crore |
| 14 | Kotak Mahindra Bank | 3.50% | 4.00% | Above Rs. 50 lakh and up to Rs 50 crore |
| 15 | Nainital Bank | 6.75% | ||
| 16 | RBL Bank | 4.25% | 7.50% | Above INR 25 lakh and upto INR 2 Crore |
| 17 | SBM Bank india | 3.50% | 5.00% | Balance above INR. 5 Lakh upto 5 Crs |
| 18 | South Indian Bank | 2.50% | 6.00% | Rs. 25.00 crore and above |
| 19 | Tamilnad Mercantile Bank | 3.00% | 3.25% | Balance above Rs. 10 lakh |
| 20 | Yes Bank | 3.00% | 7.00% | Rs.10 lacs and above to less than Rs.100 Crores |
Public Sector Banks:
| S. No. | Bank Name | Lowest Saving Interest Rate | Highest Saving Interest Rate | Limit for Higher Saving Interest Rates |
| 1 | Bank of Baroda | 2.75% | 3.35% | Rs.1,000 Crore and above |
| 2 | Bank of India | 2.75% | 2.90% | Above Rs. 1 lakh |
| 3 | Bank of maharashtra | 3.50% | 4.00% | More than Rs. 25 lakhs |
| 4 | Canara Bank | 2.90% | 4.00% | Balance of Rs. 2000 Cr & above |
| 5 | Central Bank of India | 2.90% | 3.30% | Above Rs. 1000 Crore |
| 6 | Indian Bank | 2.75% | 2.90% | Rs. 200 Cr and above |
| 7 | Indian Overseas Bank | 2.75% | 2.90% | Balance Above Rs. 25 Lacs upto Rs. 1 Crore |
| 8 | Punjab National Bank | 2.70% | 3.00 % | Balance of Rs.100 Crore & above |
| 9 | punjab and Sind Bank | 2.70% | 5.00% | Above 500 Crore |
| 10 | State Bank of India | 2.70% | 3.00% | Balances Rs. 10 Crore & Above |
| 11 | Union bank of India | 2.75% | 4.00% | Above RS 1000 crores |
Foreign Banks
| S. No. | Bank Name | Lowest Saving Interest Rate | Highest Saving Interest Rate | Limit for Higher Saving Interest Rates |
| 1 | Citi Bank | 2.50% | ||
| 2 | HSBC India Limited | 2.00% | 2.50% | balances up to INR10 Cr |
| 3 | The Deutsche Bank | 2.70% | 7.60% | |
| 4 | DBS Financial | 3.25% | 7.00% | Above Rs.4 Lakhs and Upto Rs.5 Lakhs |
| 5 | Standerd Chartered Bank | 2.75% | 4.00% | Above Rs. 40 Cr |
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