Savings account rate up to 7.25%: SBI, HDFC Bank, ICICI Bank, PNB

Usually, the savings account interest rate is fixed and credited quarterly. The interest rate is determined based on the daily balance, which is the sum of all deposits less withdrawals made throughout the day. When compared to fixed deposits, a savings account typically does not have a maturity period, as this type of account is for regular savings and liquidity. You can deposit and withdraw funds at any time without incurring penalties or fees.

What are the factors affecting the savings account interest rate?
According to the ICICI Bank website, “There are various factors affecting the Savings Account interest rate, such as the monetary policy set by the Central Bank, inflation and prevailing market conditions. Other factors, such as the financial performance and business strategy of the Bank, may also play a role in determining the interest rate.

Kotak Mahindra Bank has reduced the interest rate on savings accounts holding less than Rs 5 lakh by 50 basis points. Now, we can examine the savings account interest rates offered by other major banks to their customers. Kotak Mahindra Bank cuts savings account interest rate by 50 bps: Check details


State Bank of India savings account interest rate
The interest rate for savings accounts with balances up to Rs 10 crore is 2.70%, and it is 3% for balances above Rs 10 crore. The rates are effective from October 15, 2022.

HDFC Bank savings account interest rate
The interest rate on savings accounts at HDFC Bank is 3% for balances less than Rs 50 lakh and 3.50% for balances greater than Rs 50 lakh. The rates are effective from April 6, 2022.

ICICI Bank savings account interest rate
On end-of-day balances less than Rs 50 lakh, the interest rate would be 3%. On end-of-day balances over Rs 50 lakh, the bank offers 3.5%.

PNB savings account interest rate
Punjab National Bank offers an interest rate of 2.70% on balances below Rs.10 Lakh and 2.75% on account balances of Rs 10 lakh to less than Rs 100 crore. PNB offers 3% interest on account balance of Rs.100 crore & above. The rates are effective from January 1, 2023.

Union Bank of India savings account interest rate
Union Bank of India offers interest rate of 2.75% on balances up to Rs 50 Lakh and 2.90% on balances above Rs 50 lakh Rs 100 crore. The bank offers 3.10% on balances above Rs.100 crore Rs.500 crore and 3.40% on balances above Rs.500 crore Rs.1000 crore. The highest interest rate of 4.20% is paid on balances above Rs.2000 crores. The rates are effective from June 21, 2024.

IDFC FIRST Bank savings account
IDFC First Bank offers 3% interest on below Rs 5 lakh, 7.25% for balances between Rs 5 lakh to less than Rs 100 crore. The bank offers 4.50% on balances between Rs 100 crore to Rs 200 crore lakh.