With Kotak Mahindra Bank reducing interest rates by 50 basis points on savings accounts with lesser than ₹5 lakh, te following are the interest rates offered by various other banks, according to an Economic Times report.
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Savings account interest rates for various banks
HDFC Bank
For savings accounts with balances less than ₹50 lakh, the interest rate is 3%. For balances over ₹50 lakh, the interest rates are 3.50%. These rates are effective from April 6, 2022.
State Bank of India
For savings accounts with balances up to ₹10 crore, the interest rate is 2.70%. Meanwhile, it is 3% for balances above ₹10 crore. These rates are effective from October 15, 2022.
ICICI Bank
Interest rate is 3% for end-of-day balances lesser than ₹50 lakh and it is 3.50% for end-of-day balances over ₹50 lakh.
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Punjab National Bank
Account balances below Rs.10 Lakh get a 2.70% interest rate while balances of ₹10 lakh to less than ₹100 crore get 2.75% and account balances of ₹100 crore & above get 3% interest rates, all of which are effective from January 1, 2023.
Union Bank of India
2.75% is the interest rate on balances up to ₹50 Lakh, 2.90% on balances between ₹50 lakh and ₹100 crore, 3.10% on balances between ₹100 crore and ₹500 crore, 3.40% on balances between ₹500 crore and ₹1000 crore, and 4.20% on balances above ₹2000 crores, all effective from June 21, 2024.
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IDFC FIRST Bank
For balances below ₹5 lakh, the interest rate is 3%, for balances between ₹5 lakh to less than ₹100 crore, the interest rate is 7.25%, for balances between ₹100 crore to ₹200 crore, the interest rate is 4.50%, and for balances over ₹200 crore, the interest rate is 3.50%.
Savings account interest rates are usually fixed and credited quarterly, based on the daily balance or the sum of all deposits less withdrawals made throughout the day.
When it comes to factors affecting the savings account interest rates, the ICICI Bank website reads, “there are various factors affecting the Savings Account interest rate, such as the monetary policy set by the Central Bank, inflation and prevailing market conditions. Other factors, such as the financial performance and business strategy of the Bank, may also play a role in determining the interest rate.
