If you also keep your deposits in the bank, then the bank gives you interest on them. In this way, you also keep your savings safe, and you also make profits. Today we will tell you about the interest rates of savings accounts of some major banks in the country. These banks are State Bank of India (SBI), Bank of Baroda (BoB), Kotak Mahindra Bank, HDFC, and ICICI Bank.
State Bank of India
The country’s largest government bank, the State Bank of India, gives 3.50% interest to its customers on savings deposits up to ₹ 1 crore. This interest rate is 4% per annum on an amount above ₹ 1 crore.
Kotak Mahindra Bank
Private sector lender Kotak Mahindra Bank has reduced the interest rate to 4.5% on deposits up to ₹ 1 lakh in a savings account. The interest rate on amounts above ₹1 lakh and up to ₹1 crore remains unchanged at 6%. Similarly, the interest rate on savings account balances above ₹1 crore has remained unchanged at 5.5%.
Bank of Baroda
Talking about Bank of Baroda (BoB), it provides interest of 3.50% to 4.00% on savings accounts.
HDFC Bank
HDFC Bank is offering an interest rate of 3.50% per annum on savings deposits of less than ₹50 lakh. HDFC Bank offers an interest rate of 4% per annum on anything higher than this amount.
ICICI Bank
ICICI Bank also offers the same interest rate to its customers as HDFC. The interest rate for account balances below ₹50 lakh is 3.5% per annum. The interest rate for savings balances above ₹50 lakh is 4%. Let us tell you that according to the rules of the Reserve Bank of India (RBI), the interest amount is deposited to the customer on a quarterly basis.