Individuals new to banking and investing prefer savings accounts as these are an ideal option to invest in short or long term savings. is the best option for people who have a regular source of income or are salaried individuals. A lot of public and private sector banks in India offer individuals different kinds of savings account as per their needs and requirements. All banks set interest rates on their savings accounts that usually vary from 2.50% per annum to 7.00% per annum depending on the amount of savings.
Before one opens a savings account in a bank, one must be familiar with the interest rates offered by the bank and the type of savings account an individual is being offered with other facilities. Let us discuss in detail about interest rates offered by the banks: