Savings account prompts you to save your funds and offers interest on the money deposited. People can use these accounts to save money and earn interest on it. Withdrawing money from these accounts is quite easy with the help of ATMs, cheque and withdrawal slips. Account holders can transfer money through ATMs, net banking, mobile banking, IMPS and through cheque. Shopping can also be easily done with debit as well as credit cards.
Top Bank Savings Account Interest Rates
Rate of interest payable ranges from 3.5% to 7% p.a. and entirely depends on the bank and the type of savings account you are depositing your money in. There is no limit on the amount of money you can deposit in a savings account and you can even have multiple savings accounts in a bank linked to a single net banking access.
Any Indian citizen above the age of 18 years whether salaried, self-employed or unemployed can have a savings account. Banks also offer savings account for minors to make them understand more about savings in the initial stage.
DBS Bank Savings Account Interest Rate –
DBS Bank offers 7% interest rate on the digibank savings accounts with balances above Rs 1 lakhs and up to Rs 2 lakhs. For accounts having balance up to Rs 1 lakhs, the bank offers 6% interest. 5% is offered on those savings accounts that maintain a daily balance over and above Rs 2 lakhs and up to Rs 5 lakhs and 4% on balances over and above Rs 5 lakhs.
Kotak Mahindra Bank Savings Account Interest Rate –
Kotak 811 is a zero balance savings account that offers 6% p.a. interest on savings account balance over Rs 1 lakhs and up to Rs 1 crore. Earn 5% p.a. interest on savings account balance up to Rs 1 lakhs and 5.5% p.a. interest on savings account balance above Rs 1 crore.
IDFC Bank Savings Account Interest Rate –
IDFC Zero Balance Savings Account provides 4% p.a. interest rate. Customers can enjoy fuel surcharge waiver and free ATM withdrawals with zero balance savings account.
IndusInd Bank Savings Account Interest Rate –
IndusInd Bank offers a range of savings account options for its customers. Some of these are mentioned below- Indus Exclusive Savings Account, Indus Select Savings Account, Indus Maxima Savings Account, Indus Privilege Savings Account, Indus Privilege Max Savings Account, Indus Privilege Active, Indus Diva Savings Account, Indus Senior Savings Account, Indus 3 in 1 Savings Bank Account, Indus Young Saver, Indus Classic Savings Account, Indus Easy Savings Account and Indus Small Account. The rate of interest offered by IndusInd bank for daily balance up to Rs 10 lakhs is 4% p.a. IndusInd offers 5% p.a. interest on daily balance above Rs 10 lakhs and up to Rs 1 crore and 5.5% p.a. on daily balance above Rs 1 crore and up to Rs 10 crore. For Daily balance above Rs 10 crore, IndusInd Bank offers 6% p.a. interest.
Yes Bank Savings Account Interest Rate –
Yes Bank offers 6% interest rates on its savings accounts. The account holder gets the facility to make unlimited transactions from all ATMs throughout India. A range of savings account options are available with Yes Bank. Some of them are as follows- Savings Exclusive, Savings Select, Savings Advantage, Savings Value, Smart Salary Platinum, Smart Salary Exclusive and Smart Salary Advantage.
AXIS Bank Savings Account Interest Rate –
Axis Bank offers 3.5% p.a. interest on daily balance less than Rs 50 lakhs. You can also earn 4% p.a. interest on daily balance of more than Rs 50 lakhs and less than Rs 100 crores and 4% p.a. saving account balance of Rs 100 crores and above 6% p.a.
ICICI Bank Savings Account Interest Rate –
ICICI bank offers a convenient, safe and rewarding experience with its savings account. In addition to pocket wallets and right to choose your account number, you get discounts on healthcare services as well (depending on the type of account). ICICI Bank provides interest of 3.5% p.a. on daily account balance below Rs 50 lakhs and 4% p.a. on daily account balance of Rs 50 lakhs and above.
SBI Savings Account Interest Rate –
The State Bank of India has various types of savings accounts like Premium Savings account, Saving Plus Account, Yuva Savings Bank Account, Small account, Savings Bank accounts for minors.
SBI Savings Account Interest Rate (ROI) is 3.5% p.a. on daily account balance up to Rs 1 crore and 4% p.a. on daily account balance above Rs 1 crore.