Savings Accounts have been the go-to investment option for all beginner investors. Individuals who have a steady income by way of a salary or any other source are the ideal candidates for a savings account. This type of account comes with a great many benefits which can help one start off on the road to savings and gradually build their investment portfolio. In India, most banks offer the facility of different types of Savings Accounts which are designed to suit the needs of a diverse customer base.
There are a large number of banks in India which offer customers the facility of opening Savings Accounts some of the major banks to do so are listed as follows:
Savings Bank Account Interest Rates of Banks
|Name of Bank||Rates of Interest (p.a.)|
|Kotak Mahindra Bank Savings Account||4.00%|
|State Bank of India (SBI) Savings Account||2.70% p.a.|
|ICICI Bank Savings Account||3.00% p.a. to 3.50% p.a.|
|Yes Bank Savings Account||4.00% p.a. to 5.25% p.a.|
|Citibank Savings Account||2.50% p.a.|
|Axis Bank Savings Account||3.00% p.a. to 3.50% p.a.|
|IndusInd Bank Savings Account||4.00% p.a. to 6.00% p.a.|
|DCB Bank Savings Account||3.25% p.a.|
|RBL Bank Savings Account||6.25%|
|HDFC Bank Savings Account||3.50%|
- Kotak Mahindra Bank Savings Account Interest Rate
- State Bank of India (SBI) Savings Account Interest Rate
- ICICI Bank Savings Account Interest rate
- Yes Bank Savings Account Interest Rate
- Citibank Savings Account Interest Rate
- Axis Bank Savings Account Interest Rate
- IndusInd Bank Savings Account Interest Rate
- DCB Bank Savings Account Interest Rate
- RBL Bank Savings Account Interest Rate
- HDFC Bank Savings Account Interest Rate
Catering to a varied customer base, Kotak Mahindra offers Savings Accounts for different customers based on their residence status. For Domestic Savings Account holders, an interest rate of 4.00% p.a. is applicable, while for all non-resident Savings Account holders, an interest rate of 3.50% per annum is applicable.
SBI offers multiple types of Savings Accounts like Basic Savings Account, Savings Plus Account, Yuva Savings Bank Account and more which target different levels of customers. SBI Savings Accounts carry an interest rate of 2.70% per annum.
ICICI Bank is one of the leading banks in India to offer multiple types of Saving Accounts to its customers like the Silver Savings Account, Advantage Woman Savings Account, Freedom Savings Account, Basic Savings Bank Account and more. All of ICICI’s Savings Accounts carry a uniform rate of interest ranges between 3.00% and 3.50% p.a. which is fixed at 4.00%.
Yes Bank offers one of the most attractive interest rates when it comes to Savings Accounts. Having revised their interest rates, the bank will now offer an interest rates of 4.00% p.a. for all Savings Accounts with a balance up to Rs.1 lakh. The interest rates are between 4.00% p.a. to 5.25% p.a.
As one of the most prominent international banks operating in India, Citibank offers different types of Savings Accounts to customers like the Citibank Savings Account, Citibank Suvidha Salary Account, Citibank Savings Account for Expatriates and more. The interest rate offered by the bank on these savings accounts is set at 2.5%, which is earned on the daily balance maintained and credited on a half-yearly basis.
One of the premier banking institutions of India, Axis Bank offers a varied choice of Saving Accounts which have been specifically designed to meet specific sets of customer needs. Axis Bank offers an interest rate of from 3.00% p.a. onwards and 3.50% p.a. on all its Savings Accounts.
To cater to the needs of a diverse customer base, IndusInd Bank offers a variety of Savings Accounts which have been designed to meet different financial needs. The bank offers an interest rate of 4% on savings accounts maintaining a daily balance of up to Rs 1 lakh; 5% for savings accounts maintaining a daily balance of above Rs 1 lakh but below Rs 10 lakh and finally an interest rate of 6% for savings accounts which maintain a daily balance exceeding Rs 10 lakh.
DCB Bank is one of the leading scheduled commercial banks which offers it’s customers the facility of opening different types of Savings Accounts. The bank offers very competitive interest rates on these accounts which can help the account holders extract the maximum benefit from their savings. Currently, DCB Shubh-Labh Savings Account holders can enjoy an interest of 3.25% on their account.
RBL is one of the nation’s emerging scheduled commercial banks which offers its customers the facility of customized savings account schemes. The bank offers ranging interest rates to savings account holders which is credited on a half-yearly basis and varies depending on the daily balance maintained in the account. Currently, the highest interest rates offered is for Rs.10 lakh and up to Rs.3 crore- 6.25%
For those looking to open a Savings Account, HDFC offers plenty of feature-rich options. For customers to choose from. Each account comes with some unique features and privileges which make money management much easier. HDFC offers an interest rate of 3.50%.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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