Savings Accounts have been the best option for all beginner investors. Individuals who have a steady income are eligible candidates for a savings account. This type of account comes with various benefits which can help customers to develop their investment portfolio.
There are many public sector and private sector banks in India. And each bank has a different range of interest rate for savings accounts, the rates usually range from 2.50% p.a. to 6.50% p.a.
| Overall Range of Interest Rates | Highest rate for daily balance up to Rs.1 lakh | Highest rate for all types of savings accounts |
| 2.50% p.a. to 6.50% p.a. | RBL Bank at the rate of 4.75% p.a. | RBL Bank at the rate of 6.50% p.a. |
There is a wide range of banks in India which provide customers with the facility of opening Savings Accounts Some of the best banks are listed as follows.
Kotak Mahindra Bank Savings Account
Delivering services to varied customers, Kotak Mahindra provides Savings Accounts for different customers. For those who have a Domestic Savings Account, an interest rate ranging between 3.50% p.a. – 4.00% p.a. is applicable, while for all non-resident Savings Account holders, an interest rate of 3.50% per annum is applicable.
State Bank of India (SBI) Savings Account Interest Rate
SBI offers various types of Savings Accounts such as Basic Savings Account, Savings Plus Account, Yuva Savings Bank Account and which focuses on different levels of customers. SBI Savings Accounts has an interest rate of 2.70% per annum.
ICICI Bank Savings Account Interest rate
ICICI Bank provides multiple types of Saving Accounts according to its customer’s needs such as the Silver Savings Account, Advantage Woman Savings Account, Freedom Savings Account, Basic Savings Bank Account and many more. All of ICICI’s Savings Accounts have a uniform rate of interest ranges between 3.00% and 3.50% p.a. it is fixed at 4.00%.
Yes Bank Savings Account Interest Rate
Yes, Bank provides the most attractive interest rates in terms of Savings Accounts. The bank offers an interest rate of 4.00% p.a. for all Savings Accounts with a balance up to Rs.1 lakh, over Rs 3 lakh and an interest rate of 4.50% p.a. on Savings Accounts with a balance between Rs.1 lakh and Rs.10 lakh, and interest rate of 5.5% p.a. for an account with balance more than Rs.10 lakh and less than Rs.1 crore. below Rs 3 lakh.
Citibank Savings Account Interest Rate
Citibank is one of the most prominent international banks operating in India, Citibank provides different types of Savings Accounts such as the Citibank Savings Account, Citibank Suvidha Salary Account, Citibank Savings Account for Expatriates and more. The interest rate given by the bank is set at 2.5%.
Axis Bank Savings Account Interest Rate
Axis Bank provides a variety of choices in Saving Accounts that have been specifically designed to fulfil customer needs. Axis Bank has an interest rate from 3.00% p.a. onwards and 3.50% p.a. on all its Savings Accounts.
IndusInd Bank Savings Account Interest Rate
To accomplish the needs of customers, IndusInd Bank also provides a variety of Savings Accounts which developed to meet various financial needs. The bank provides 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 Savings Account Interest Rate
DCB Bank is one of the leading scheduled commercial banks which offers its 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 interest of 3.25% on their account.
RBL Bank Savings Account Interest Rate
RBL is the nation’s emerging scheduled commercial banks which provide its customers with the facility to customized savings account schemes. The bank provides ranging interest rates to savings account holders. Currently, the interest rates offered for an account with a daily balance of up to Rs.1 lakh is 4.75% p.a., 6% for an account with a daily balance between Rs.1 lakh and Rs.10 lakh. Accounts with a daily balance above Rs.10 lakh and up to Rs.3 crore and above is 6.5% p.a.; for accounts holding a daily balance of above Rs lakh, it is 6.1% and for accounts holding a daily balance of up to Rs 1 lakh, the interest rate offered is 5.1%.
HDFC Bank Savings Account Interest Rate
HDFC provides plenty of feature-rich options for their customers to choose s per their needs. Each account has its unique features and benefits to avail which make money management hassle-free and easier. HDFC provides an interest rate ranging between 3.00% p.a. and 3.50% p.a. on its savings accounts.
Final Words
Every bank offers unique feature as per the customer’s requirements. A person needs to list down their need then choose the best bank that would fulfil their savings account need.
FAQs
Which bank is best for a savings account?
A bank that can meet your requirement is best for you to choose for the savings account.
Which bank gives the highest interest rate on savings accounts in India?
RBL bank offers the highest interest rate up to 6.25% on the savings account.
Which is the largest private bank in India?
HDFC is the largest private bank in India
