| Bank | Interest Rate (Below ₹ 1 lakh) |
| DBS | 3.25% |
| Kotak Mahindra Bank | 3.5% |
| IDFC Bank | 4.0% |
| IndusInd Bank | 4.0% |
| Yes Bank | 4.0% |
| Axis Bank | 3.0% |
| ICICI Bank | 3.0% |
| SBI | 2.7% |
| HDFC Bank | 3.0% |
| PNB | 2.75% |
| Union Bank of India | 2.9% |
| Canara Bank | 2.9% |
| Indian Bank | 2.9% |
| Bank of India | 2.9% |
| Ujjivan Small Finance Bank | 4.0% |
| Bandhan Bank | 3.0% |
| RBL Bank | 4.25% |
| Standard Chartered Bank | 2.75% |
| Bank of Baroda | 2.75% |
| Central Bank of India | 2.9% |
* Last updated on 8th March 2022
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The interest rate on savings account was deregulated by the RBI in 2011. Shopping around for a good savings account can make a huge difference to the interest you get. Have a look at the table below:
| Bank | Account Name | Interest Rate |
| DBS | digiSavings | Up to ₹ 1 lakhs – 3.25% |
| ₹ 1 lakh – ₹ 2 lakhs – 3.5% | ||
| ₹ 2 lakhs – ₹ 5 lakhs – 4% | ||
| ₹ 5 lakhs – ₹ 5 crore – 3% | ||
| Above ₹ 5 crore – 3.75% |
| Bank | Account Name | Interest Rate |
| Kotak Mahindra Bank | 811 Limited KYC 811 Lite 811 Full KYC Account 811 EDGE | Up to ₹ 1 lakh – 3.5% |
| ₹ 1 lakh – ₹ 1 crore – 3.5% | ||
| Above ₹ 1 crore – 3.5% |
| Bank | Account Name | Interest Rate |
| IDFC Bank | Savings Account | Up to ₹ 1 lakh-4% |
| ₹ 1 lakh – ₹ 10 lakh-4.50% | ||
| ₹ 10 lakh – ₹ 100 crore- 5% | ||
| ₹ 100 crore – ₹ 200 crore – 4.50% | ||
| Above ₹ 200 crore – 3.50% |
| Bank | Account Name | Interest Rate |
| IndusInd Bank | Indus Exclusive Indus Select Indus Maxima Indus Privilege & more | Up to ₹ 10 lakhs – 4% |
| Above ₹ 10 lakhs – 5% |
| Bank | Account Name | Interest Rate |
| Yes Bank | Savings Value Smart Salary Platinum Smart Salary Exclusive Customizable Savings Account | Less than/equal to ₹ 1 lakh – 4% |
| ₹ 1 lakh – ₹ 10 lakh – 4.25% | ||
| ₹ 10 lakh – ₹ 1 crore – 4.75% | ||
| ₹ 1 crore – ₹ 25 crore – 5% |
| Bank | Account Name | Interest Rate |
| Axis Bank | ASAP Easy Access Priority and more | Less than ₹ 50 lakhs – 3% |
| ₹ 50 lakhs – ₹ 10 crores – 3.50% * |
*For deposits of Rs 10 crore & above, interest rates linked to RBI repo rate
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| Bank | Account Name | Interest Rate |
| ICICI Bank | Regular Titanium Privilege Advantage Woman and more | Below ₹ 50 lakhs – 3% |
| ₹ 50 lakhs and above – 3.50% |
| Bank | Account Name | Interest Rate |
| SBI | Insta Savings Savings Plus Digital Savings and more | Up to ₹ 1 lakh– 2.70% |
| Above ₹ 1 lakh– 2.70% |
| Bank | Account Name | Interest Rate |
| HDFC Bank | Regular SavingsMax Woman’s and more | Below ₹ 50 lakhs – 3% |
| ₹ 50 lakhs – less than ₹ 1000 crore – 3.50% | ||
| ₹ 1000 crore and above – 4.50% |
| Bank | Account Name | Interest Rate |
| PNB | Savings Deposit Premium Savings PNB Power Savings and more | Below ₹ 10 lakhs – 2.75% |
| ₹ 10 lakh and above– 2.80% |
| Bank | Account Name | Interest Rate |
| Union Bank of India | Regular Family Savings Flexi and more | Up to ₹ 25 lakhs – 2.90% |
| Above ₹ 25 lakhs – 2.90% |
| Bank | Account Name | Interest Rate |
| Canara Bank | Basic Savings Deposit Small Savings Jeevandhara and more | Up to ₹ 100 crore – 2.90% |
| ₹ 100 crore – ₹ 500 crore – 3.05% | ||
| ₹ 500 crore – ₹ 1000 crore – 3.05% | ||
| ₹ 1000 crore & above – 3.50% |
| Bank | Account Name | Interest Rate |
| Indian Bank | Savings Account Savings Bank Vikas Khata IB Smart Kid and more | 2.90% |
| Bank | Account Name | Interest Rate |
| Bank of India | BOI Savings Plus Account BOI Star Mahila BOI Star Yuva and more | Up to ₹ 1 lakh – 2.9% |
| Above ₹ 1 lakh – 2.9% |
| Bank | Account Name | Interest Rate |
| Ujjivan Small Finance Bank | Regular Senior Citizen BSBDA Minor Account & more | Up to ₹ 1 lakh – 4% |
| ₹ 1 lakh – ₹ 25 lakhs – 7% | ||
| ₹ 25 lakhs – ₹ 10 crores – 6% | ||
| Above ₹ 10 crores – 6.75% |
| Bank | Account Name | Interest Rate |
| Bandhan Bank | Premium Advantage Standard and more | Up to ₹ 1 lakh – 3% |
| ₹ 1 lakh – ₹ 10 lakh– 5% | ||
| ₹ 10 lakh -₹ 2 crore – 6% | ||
| ₹ 2 crore -₹ 10 crore – 5% |
| Bank | Account Name | Interest Rate |
| RBL Bank | Digital Prime Edge Advantage and more | Up to ₹ 1 lakh – 4.25% |
| ₹ 1 lakh – ₹ 10 lakhs – 5.5% | ||
| ₹ 10 lakhs – ₹ 5 crores – 6.25% |
| Bank | Account Name | Interest Rate |
| Standard Chartered Bank | SC Digital aXcessPlus SuperValue and more | Up to ₹ 50 lakhs – 2.75% |
| ₹ 50 lakhs- ₹ 40 crore – 3.25% | ||
| Above ₹ 40 crore – 0.5% |
| Bank | Account Name | Interest Rate |
| Bank of Baroda | Basic Savings Account Baroda Bachat Mitra Baroda Centenary SA and more | Up to ₹ 100 crore – 2.75% |
| ₹ 100 crore- ₹ 200 crore– 2.85% | ||
| ₹ 200 crore- ₹ 500 crore– 3.05% | ||
| ₹ 500 crore- ₹ 1000 crore– 3.25% | ||
| ₹ 1000 crore and above– 3.30% |
| Bank | Account Name | Interest Rate |
| Central Bank of India | Home Safe Cent Premium Cent Param and more | Up to ₹ 10 lakhs –2.9% |
| Above ₹ 10 lakhs – 2.75% |
Interest earned on a savings account above ₹ 10,000 is liable to be taxed as per the slab an account holder falls into. It has to be mentioned as “Income from Other Sources” at the time of filing the ITR. As per section 80 TTA of the Income Tax Act, 1961, interest earned from all savings accounts is exempt from being taxed if total interest amount is up to ₹ 10,000. However, only individuals and HUFs get the relief under this section. It is noteworthy that TDS is not deducted on savings bank account interest under Section 194A of the Income Tax Act.
Earlier, the interest rate was calculated on the lowest balance available between 10th and last day of the month at a rate of 4% p.a. However, at present, banks calculate interest on savings accounts on the daily closing balance. The interest is paid quarterly or half-yearly as indicated by the bank at the time of account opening.
