Saving Account Interest Rates: Several banks in India have started offering competitive interest rates on savings accounts, with some even matching the rates offered by fixed deposits in other banks. However, senior citizens do not have access to higher interest options for savings accounts compared to fixed deposits.
Following an increase in the repo rate by the Reserve Bank of India, many banks have raised their interest rates on savings accounts. Here are some of the banks offering the best interest rates:
Read More: Taking A Short-Term Loan? Check Out The Risks Involved Here
State Bank of India (SBI) currently offers 2.70 per cent interest on deposits up to Rs. 10 crore and 3% on deposits above Rs. 10 crore in savings accounts.
HDFC Bank provides 3 per cent interest on deposits of less than Rs. 50 lakh in savings accounts and 3.50 per cent interest on deposits above this amount.
ICICI Bank offers 3 per cent interest on deposits less than Rs. 50 lakh and 3.50 per cent on deposits more than Rs. 50 lakh in savings accounts.
Punjab National Bank offers 2.70 per cent interest on deposits below Rs. 10 lakh and 2.75 per cent interest on deposits above Rs. 10 lakh in savings accounts. For deposits of 100 crores or more, the bank offers 3 per cent interest.
Read More: Is Senior Citizen Saving Scheme Better Than Fixed Deposits?
Canara Bank provides interest ranging from 2.90 per cent to 4 per cent on various amounts, with the highest interest of 4 per cent offered on deposits of 2000 crores or more.
Union Bank of India offers 2.75 per cent interest on deposits of Rs. 50 lakh and 2.90 per cent interest on deposits up to Rs. 50 lakh and Rs. 100 crore in savings accounts. For deposits of more than 100 crores, the bank offers 3.10 per cent interest, while deposits of more than 500 crores receive an annual interest of 3.40 per cent. The highest interest rate of 3.55 per cent is offered on deposits of 1000 crores.
