Getty ImagesIndian Overseas Bank (IOB) has revised interest rates on savings accounts with effect from March 10, 2022.
According to the bank’s website, savings account holders would now get a maximum annual interest rate of 2.90 percent for balances above Rs 1 crore, and for balances below up to Rs 1 crore interest rate has been set at 2.75 percent.
Indian Overseas Bank savings interest rate
The Indian Overseas Bank has also raised its longer-term deposit rates by 25 basis points, according to the bank’s website. The new interest rate will be effective from March 10, 2022. The rates given on term deposits longer than three years will now be 5.45 percent, up from 5.20 percent previously. The interest rates of other FD tenor rates have not been changed by IOB.
Other banks savings account interest rate
State Bank of India is offering a 2.75 percent interest rate on savings account for any amount. While Axis Bank savings account offers 3.00 percent for less than Rs 50 lakhs, 3.50 percent for an amount between Rs 50 lakh to 10 crores. IDFC First offers an interest rate of 4 percent for amounts below Rs 1 lakh and for amount between Rs 1 lakh to 100Cr it offers between 4.50-5 percent.
The interest rate is calculated on a daily basis on the balance in the Savings Account, however it is credited to the account quarterly on the first day of the next quarter with the exception of the fourth quarter where the interest amount is paid on the last day of the quarter.
According to the bank’s website, savings account holders would now get a maximum annual interest rate of 2.90 percent for balances above Rs 1 crore, and for balances below up to Rs 1 crore interest rate has been set at 2.75 percent.
Indian Overseas Bank savings interest rate
The Indian Overseas Bank has also raised its longer-term deposit rates by 25 basis points, according to the bank’s website. The new interest rate will be effective from March 10, 2022. The rates given on term deposits longer than three years will now be 5.45 percent, up from 5.20 percent previously. The interest rates of other FD tenor rates have not been changed by IOB.
Other banks savings account interest rate
State Bank of India is offering a 2.75 percent interest rate on savings account for any amount. While Axis Bank savings account offers 3.00 percent for less than Rs 50 lakhs, 3.50 percent for an amount between Rs 50 lakh to 10 crores. IDFC First offers an interest rate of 4 percent for amounts below Rs 1 lakh and for amount between Rs 1 lakh to 100Cr it offers between 4.50-5 percent.
The interest rate is calculated on a daily basis on the balance in the Savings Account, however it is credited to the account quarterly on the first day of the next quarter with the exception of the fourth quarter where the interest amount is paid on the last day of the quarter.
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