According to the bank market, IDBI Bank and Canara Bank are paying 3.5 and 3.2 percent interest respectively on savings accounts to their customers. At the same time, these public sector banks are offering more interest than leading private banks.
new Delhi. If you have a Savings Account in the bank, then your bank pays you interest on the deposit amount. Due to the stalled economy due to Corona virus, the rate of interest on savings account has been cut significantly in the recent times. In such an environment, some public banks such as Canara Bank are offering more interest to their customers on savings accounts.
IDBI and Canara Bank are paying more interestAccording to data compiled by Bank Bazaar, IDBI Bank and Canara Bank are paying 3.5 and 3.2 per cent interest on savings accounts to their customers respectively. At the same time, these public sector banks are offering more interest than leading private banks. Explain that private bank HDFC Bank is paying 3 to 3.5 percent interest on savings account to its customers.
On the other hand, two major state-owned banks SBI and Bank of Baroda are paying 2.70 and 2.75 per cent less interest on savings accounts to their customers respectively. At the same time, small finance banks like AU Small Bank and Ujjivan Small Finance Bank are giving interest of up to 7 percent and 6.5 percent respectively on savings accounts to their customers.
Bandhan Bank offers a variety of savings accounts with high interest rates. At present it has 4.00% for balance amount up to 1 lakh, 6.00% from Rs 1 lakh to Rs 10 crore, 6.55% from 10 to 50 crore and 6.55% interest rate above 50 crore.
IDFC First Bank – This bank gets 7 percent interest on the amount of more than Rs 1 lakh. The interest rate starts at 6 percent at IDFC First Bank. On this bank account you get facilities like cashback, unlimited cash withdrawal.
In IndusInd Bank , savings account offers up to Rs. 1 lakh up to Rs. 4.00% from Rs. 1 to Rs. This bank pays interest on a quarterly basis. That is, interest is received on 30 June, 30 September, 31 December and 31 March.
RBL BankUpto Rs 1 lakh on savings account, you get 4.75 percent interest. From 1 to 10 lakh rupees, you will get 6 percent interest. From 10 lakh rupees to 5 crores, you will get 6.75 percent interest.
HDFC Bank- The country’s leading private bank HDFC Bank is offering 3% on balances below Rs 5 lakh and 3.50% on Rs 50 lakh or more. Here the interest rate is calculated on the daily balance kept in the account.
Ujjivan Small Finance Bank 4.00% for balances up to Rs 1 lakh on domestic and non-resident accounts, 5.00% on balances ranging from Rs 1 to 5 lakh, 5.25% on deposits ranging from Rs 5 to 50 lakh and Rs 50 lakh to Rs 5 crore. 6.25% interest is available for up to Rs.
South Indian Bank-Competitive interest rates are offered on savings accounts (including NRO / NRE accounts) at this private sector bank headquartered in Kerala. Here you will get 2.35% on the balance up to Rs 2 lakh, 2.75% on the amount of Rs 2 lakh to Rs 5 crore, 4.60% interest on the balance between Rs 5 crore and Rs 100 crore or more.
Minimum Balance Limit- Please tell that the minimum balance limit in public sector banks is Rs 250. At the same time, this limit is suspended in SBI. In private banks, this limit is between Rs 2,500 to Rs 10,000 in Axis Bank and HDFC Bank. In another large private bank, this limit is from Rs 1,000 to Rs 10,000. Explain that banks with long term track record, which have good service, have many branches, as well as ATMs present at different places in the city, in such a bank, the interest on the savings account is as a bonus. It is worth noting that the interest rates on the savings accounts of the public sector and private banks listed on the BSE are considered as data collection only.