The State Bank of India (SBI), on March 7, slashed savings deposit rates by 25 basis points from 3 percent to 2.75 percent, keeping in view the liquidity in the system. The interest rates for balances up to Rs 1 lakh and above Rs 1 lakh will now accrue at 2.75 percent as against the earlier 3 percent.
This interest cut will be effective from April 15. This is the 11th consecutive time the SBI has cut rates.
The interest rates for savings accounts are calculated on a daily basis depending on the end of the day balance in the account. The interest will be credited on half-yearly intervals. The rate of interest offered on the balance in a savings account varies from bank to bank.
Check out which banks offers the highest savings deposit rate
RBL Bank is one of the fastest-expanding scheduled commercial banks. To meet the requirements of different individuals, the bank offers customised savings account schemes. With an account in RBL Bank, a customer can be benefitted by various schemes like higher interest rates, insurance cover and discounts on locker facilities.
Daily Balance
Interest Rate per annum
Above Rs.10 lakhs
5.5%
Above Rs.1 lakh
6.0%
Up to Rs.1 lakh
6.75%
YES Bank is the fifth-largest private sector bank. YES Bank offers a wide range of products like personal banking, business banking and corporate banking. To cater different needs of customers, YES Bank offers a variety of savings account options. YES Bank also has a customisable option that provides customers to get a savings account with various facilities.
Daily Balance
Interest Rate per annum
Above Rs.1 crore to 5 crore
6.25%
Above Rs.1 lakh to 1 crore
6.0%
Up to Rs.1 lakh
5%
Kotak Mahindra Bank offers a variety of options to its savings account customers. Kotak Mahindra Bank provides both basic and regular savings accounts and it can be opened by online as well as offline option. Bank also provides savings accounts for kids and old age people too.
Particulars
Rate of Interest
Saving Deposits Balance upto Rs. 1 lakh.
5% p.a
Saving Deposits Between Rs. 1 lakh and Rs. 1 crore.
6% p.a
Saving Deposits Between Rs. 1 crore and Rs. 5 crore.
5.5% p.a
To meet the requirements of different types of customers, IndusInd Bank offers various kinds of savings accounts. It offers net banking, phone banking, IVR support, etc., to their customers. By checking their eligibility by visiting any of the bank’s branches customers can easily open an IndusInd Bank savings account.
Daily Balance
Interest Rate per annum
Upto Rs.10 lakhs
4.0%
Above Rs.10 lakh to 1 crore
5.0%
Up to Rs.1 crore
6.0%
Minimum balance requirement
Rs.10,000 to Rs.25,000 based on the account type
HDFC Bank offers unique features and privileges with a wide range of savings account schemes and it can be available very fast and easily. With world class banking facilities and services the bank provides on savings accounts. According to customer needs, HDFC Bank offers the best suited saving account scheme.
