Most common people in India use savings accounts. Let's find out the interest rates offered by leading banks on these accounts
Savings Account Interest Rate: Most common people prefer to keep their money in a bank's savings account. Banks also pay interest on the money kept in such accounts. Accordingly, let's know the interest rates offered by some major banks on the amount kept in the savings account. Even today, despite having several investment options, most customers still trust banks the most. This is the reason why people make fixed deposits in banks. At the same time, some people like to keep money in savings accounts. Customers also get interest for keeping money in savings accounts. Today we are telling you about the interest rates of savings accounts of some major banks of the country. These banks are State Bank of India (SBI), Bank of Baroda (BOB), Kotak Mahindra Bank, HDFC and ICICI Bank
SBI: The country's largest public sector bank, State Bank of India, offers 3.50% interest to its customers on savings deposits up to Rs 1 crore. For amounts above Rs 1 crore, this interest rate is 4% per annum
Kotak Mahindra Bank: Private sector Kotak Mahindra Bank has fixed the interest rate for savings account deposits up to Rs 1 lakh at 4.5%. The interest rate for amounts above Rs 1 lakh and up to Rs 1 crore remains unchanged at 6%. Similarly, the interest rate for savings account balances above Rs 1 crore is fixed at 5.5%
Bank of Baroda: Talking about Bank of Baroda (BOB), it offers interest ranging from 3.50% to 4.00% on savings accounts
HDFC Bank: HDFC Bank offers an interest rate of 3.50% per annum on savings deposits of less than Rs.50 lakh. HDFC Bank offers an interest rate of 4% per annum over this amount
ICICI Bank: ICICI Bank also offers the same interest rate to customers like HDFC. The interest rate for an account balance of less than Rs 50 lakh is 3.5% per annum. The interest rate for savings balance above Rs 50 lakh is 4%. As per the rules of the Reserve Bank of India (RBI), the interest amount will be credited to the customer on a quarterly basis
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