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  • Savings Account Interest Rates

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    Overview of Savings Account

    Savings Account is one of the basic financial products that everyone must have and use. A savings account will let you save money, transfer funds, withdraw money and also will give you interest on the funds that you have in your account. Not many investment products in the market give you the dual benefit of liquidity and interest. But, a savings account will not only help you save some money but will also let you withdraw cash whenever you need it.

    Depositing money in a savings account will help you realize your short term financial goals with ease. With banks offers different types of savings account such as specialized accounts for kids, savings account for women and pensioners savings account, you can choose a savings account that fits your lifestyle and usage.

    One of the key points to note about a savings account is its interest rate. Read on to find more about how savings account interest rate is calculated and savings account interest rates for major Indian banks.

    How is the savings account interest rates Calculated?

    As per the new RBI mandate, interest on savings account is calculated on a daily basis based on your closing amount. The interest accumulated will be credited to your account on half yearly basis or quarterly basis depending on the savings account type and the bank’s rule. However, recently, the Reserve Bank of India has advised the banks to credit the interest on Savings Bank account on quarterly basis as it will be more beneficial to the customers.

    Generally, the formula described below is used to calculate the monthly interest for a general savings account.

    Monthly Interest = Daily Balance * (Number of days) * Interest / (Days in the year)

    Assuming the daily balance is Rs. 3 lakhs and the interest on savings account is 4 per cent per annum, the calculation will work out as follows.

    Monthly Interest = 3 lakhs * 30 * (4/100) / 365 = Rs. 986

    Benefits of a Savings Account

    There are countless benefits that a savings account will offer you. Here are some of the major advantages of maintaining a savings account.

    • When you deposit money in a savings account, you can be sure that the money is secure. Whenever there is a financial emergency in future, the money can be acquired.
    • The money that is deposited in a savings account can be accessed at any point of time. In case of a sudden requirement, you can withdraw cash from your bank or from the debit card without any hassles.
    • A savings account will let you start investing with minimum cash. All you have to do is open a savings account with the minimum required deposit and start deposit funds whenever possible.
    • With a savings account, banks also give you the access to internet banking and phone banking which will open a whole new world of quick transactions. You can transfer funds using NEFT & IMPS, pay utility bills, check transactions and link credit card accounts to your savings account using Internet Banking facility without any hassles.
    • Select banks offer personal insurance benefits with savings account.

    Minimum Balance Requirements in Savings Account

    If you read the fine print for a savings account, you will come across “Minimum Average Balance Requirements”. Many banks use the terms minimum daily balance, minimum quarterly balance or just minimum balance. Average Balance means the amount that has to be maintained in your savings account over a certain period of time. Average Balance is calculated by summing up the everyday balance and dividing it by the number of days in the defined period.

    For example, if a savings bank account has an average quarterly balance of Rs. 3000, the average of the daily balance in your account for that quarter should have been Rs. 3000. Instead, you can also have Rs. 5, 40, 000 as the balance for one day of that quarter.

    If you do not maintain the specified balance requirements, you will have to pay a non - maintenance penalty.

    Almost all major Indian banks now offer Basic Savings Bank Deposit Account (BSBDA) which is a zero balance account. No penalty will be levied and you can use your BSBDA account as a normal savings account.

    TDS on Savings Account Interest

    The interest amount that you gain from a savings account is referred to as “Income from Other Sources”. This interest must be filed for Income Tax Returns. But, TDS is not applicable for a savings account as per section 194 A of IT Act . Savings Bank Account Interest amount exceeding Rs. 10, 000 will be taxed at marginal tax rate of the concerned account holder. It is also important to note that interest from a savings account is not an exemption but a deduction. The deduction is allowed for interest incomes up to Rs. 10, 000 only and for this purpose, the savings account must be held with a recognized public or private bank or with the Post Office.

    Saving Account Interest Rate Calculator

    A Savings Account Interest Rate Calculator will let you find out the interest that you will get from a savings account. In a Savings Account Interest Rate Calculator, you will be required to enter information like average balance and interest rate offered by the bank. You will also be required to select if the interest will be credit on a monthly, quarterly, half yearly or yearly basis. The calculator will output the interest that you will get for the daily balance and the savings account interest rate.

    Savings Account Interest Rates for all Major Banks in India

    Here is a list of savings account interest rate offered by all major Indian Banks.

    Bank / Product Interest Rate
    RBL Bank Savings Account Daily Balance Above Rs. 10 lakhs - 7. 1% per annum Daily Balance Above Rs. 1 lakh - 6. 1 % per annum Daily balance upto Rs.1 lakh - 5. 1 % per annum
    Kotak Mahindra Bank Savings Account 6% per annum
    Yes Bank Savings Account 6% per annum on Savings Account balances below Rs.1 crore
    Bandhan Bank Savings Account Daily balance upto Rs.1 lakh. Interest paid half yearly - 4. 25% per annum Daily balance above Rs.1 lakh. Interest paid half yearly - 5% per annum
    Axis Bank Savings Account 4% per annum
    Lakshmi Vilas Bank Savings Account Daily Balance Upto Rs.5 lakh - 5% per annum Above Rs.5 lakh - 6% per annum
    IndusInd Bank Savings Account Daily balance upto Rs.1 lakh - 4% per annum Daily balance above Rs.1 lakh but less than Rs.10 lakhs - 5% per annum Daily balance above Rs.10 lakhs - 6% per annum
    HDFC Bank Savings Account 4% per annum
    ICICI Bank Savings Account 4% per annum

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

    Savings Account
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    Savings Account By Top Banks
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    Savings Account Reviews

  • Page 1 of 34 1 2 3 4 5
    • Bank Bazaar Debit Card
      "Nice service for people "
      YES BANK
      0.5 4.5/5 "Excellent!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtunity, Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 1
      , cuttack
      Reviewed on Aug 12, 2018
    • Bank Bazaar Debit Card
      "sir ye card kab Aage "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very much pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks to allow to open my account.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 09, 2018
    • Bank Bazaar Debit Card
      "Wow excellent service"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Nice service for people who are getting helpful from yes bank in bankbazaar.com And I'm also made a account in bank bazaar.com at yes bank online . It's really good service here people gets good service, I am very much happy to create an account here.. .
      Was this review helpful? 4
      , patna
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I like your service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience & easy to submit the application and fast acceptance; these people also call you and assist you with the best possible way;thanks for allowing me to open bank saving account, And Bank bazaar is a good site for banking guidance. I really felt that bankbazaar was very much helpful.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 08, 2018
    • Bank Bazaar Debit Card
      "I love your service & customer care behaviour etc"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I got everything here, I am very much impressed with ur customer care behaviour and his / her helping nature so it enabled and also help me for account opening also they helped me to get the credit card Hope it is very much helpful and better than others.
      Was this review helpful? 9
      , new delhi
      Reviewed on Aug 04, 2018
    • Bank Bazaar Debit Card
      "nice "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Good experience Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 6
      , noida
      Reviewed on Aug 03, 2018
    • Bank Bazaar Debit Card
      "GREAT"
      INDUSIND BANK LTD
      0.5 3.5/5 "Pretty good"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 4
      , pune
      Reviewed on Aug 02, 2018
    • Bank Bazaar Debit Card
      "goods"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 14
      , jaipur
      Reviewed on Jul 24, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , kolkata
      Reviewed on Jul 22, 2018
    • Bank Bazaar Debit Card
      "Good experience "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Easy to submit and fast acceptance. I am very pleased with the bank procedure to open a saving account and I am interested to open an account earlier as possible in Delhi. I also recommend my friends to open account in Indus Ind bank. Thanks for to allow to open my account.
      Was this review helpful? 16
      , new delhi
      Reviewed on Jul 21, 2018
    • Bank Bazaar Debit Card
      "This is my home bankbazaar"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      Because we are so happy there is no need to visit any branch of Hyderabad. It is very much helpful thank you so much bankbazaar. Also, it is very easy to open a bank account. Its because of that, I like bankbazaar. Thank you once again Bankbazaar.
      Was this review helpful? 10
      , hyderabad
      Reviewed on Jul 20, 2018
    • Bank Bazaar Debit Card
      "Service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      This is my first time with BANK BAZAAR . The customer service and responses was good. The website is every user friendly and its easy navigate . The web portal's accuracy and speed is also good.My overall experience was good so its recommendable.,
      Was this review helpful? 14
      , gurgaon
      Reviewed on Jul 16, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 9
      , tirupati
      Reviewed on Jul 15, 2018
    • Bank Bazaar Debit Card
      "NICE BANK & NICE PERFORMANCE"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 12
      , jodhpur
      Reviewed on Jul 08, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Good website bank bazaar and very easly to apply any account and in any branch now apply for all customers And The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 16
      , mumbai
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 13
      , new delhi
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Its an amazing website so far with easy documentation, lets wait for the next step. i have applied for zero balance saving account, so far not much document required, and customer service is excellent and they provide a quick responsive its great.
      Was this review helpful? 18
      , guwahati
      Reviewed on Jul 03, 2018
    • Bank Bazaar Debit Card
      "I like bank bazar it is very good for car and insurance"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happy with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 16
      , patna
      Reviewed on Jun 27, 2018
    • Bank Bazaar Debit Card
      "Excellent "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happily with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 16
      , chennai
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "VERY GOOD "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 17
      , new delhi
      Reviewed on Jun 26, 2018
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