Saving account rate: Various banks provide different interest rates on the savings account depending upon the nature of the account as defined by the financial institutions. Do you know how much interest your bank provides on your savings account?
Saving account rate: Savings account is the most basic and crucial account used to store personal savings with a bank of choice. A savings account helps pool finances and generates some interest on the amount kept in it. Various banks provide interest on deposits at different rates. Do you know how much interest your bank provides on your savings account deposit?
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Let’s have a quick glance at the interest rates offered by some of the biggest lenders in the country:
SBI
State Bank of India — the country’s largest public sector bank — provides the general public with an interest rate of 2.1 per cent on the amount of money up to Rs 10 crore kept in its savings account, according to its website, sbi.co.in. It offers interest at the rate of three per cent on deposits of Rs 10 crore and above.
HDFC Bank
Private sector lender HDFC Bank — the country’s largest bank by market value — provides interest a the rate of 3 per cent on savings account deposits up to Rs 50 lakh and 3.5 per cent on those above Rs 50 lakh, according to its website, hdfcbank.com.
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ICICI Bank
ICICI Bank provides interest at the rate of three per cent on deposits less than Rs 50 lakh in its savings account, and 3.5 per cent on deposits of Rs 50 lakh and above, according to the lender’s website, icicibank.com.
