Banks offer a range of financial products to their customers to meet their needs. These products also include Savings Account. People park their money with Savings Account for a variety of reasons. The most attractive features offered by a Savings Account are liquidity of funds, provides ATM/Debit card, paying utility bills through standing instructions, platform for net banking, online shopping, viewing statements online and facility of mobile banking.
Earlier banks used to offer same rate on their savings accounts Interest rate i.e. 4% per annum and you used to get the same returns with any bank. But during the year 2012, Reserve Bank of India (RBI) has de-regulated interest on savings account and banks are now free to decide on the interest rate that they want to offer on savings account which directly benefits the customers. Due to stiff competition, banks have started paying higher saving interest rates like 6% to 7% in order to attract more and more people to open the account with them and enhance their customer base.
Savings Account Interest rates in 2021 is calculated on daily basis for the closing day balance which will get accumulated and will be paid to the customers on quarterly or half yearly basis. You can use Savings Interest Rate Calculator to calculate your saving interest.
Citizens Charter of Union bank of India Right to Information Act Vigilance & Systemic Improvements Banking Ombudsman Unclaimed Accounts Unclaimed Dividends. Salary Account Demat Account Saving Account Fix. You are here: General General Interest Rate Interest Rates. Interest Rates - Deposit: More. Interest Rates - Loans and Advances. As per data compiled by BankBazaar, new private banks such as Bandhan Bank and IDFC First Bank offer interest rates of up to 7.15 per cent and 7 per cent, respectively on their savings account.
Below list will help you selecting the best savings account in 2021 for parking your money in terms of higher interest rate and other features. It also facilitates you to calculate the interest amount on your deposit.
Bank Name | Rates (p.a.) | Limit | Calculate |
---|---|---|---|
Rbl Bank | 6% 6% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 10 Lakhs | |
Dcb Bank | 4% 6% | Below Rs 1 Crore Above Rs 1 Crore to Rs 5 Crores | |
Yes Bank | 5% 6% | Below Rs 1 Lakh Rs 1 Lakh to Rs 1 Crore | |
Kotak Mahindra Bank | 5% 6% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 1 Crore | |
Bandhan Bank | 4% 6% | Below Rs 1 Lakh Rs 1 Lakh & above | |
Indusind Bank | 4% 5% | Upto Rs 10 Lakhs Above Rs 10 Lakhs to Rs 1 Crore | |
Laxmi Vilas Bank | 4% 5% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 5 Lakhs | |
Idbi Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Uco Bank | 4% 4% | Upto Rs 50 Lakhs Over Rs 50 Lakhs | |
Bank Of India | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Mysore | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
City Union Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh | |
Indian Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
South Indian Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh to below Rs 5 Crore | |
Union Bank Of India | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Jammu And Kashmir Bank | 4% 4% | For Any Amount Above Rs 10 Lakhs | |
Bank Of Maharashtra | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
State Bank Of Hyderabad | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Indian Overseas Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Tamilnad Mercantile Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh | |
United Bank Of India | 4% 4% | Upto Rs 50 Lakhs More Than Rs 50 Lakhs | |
Karnataka Bank | 3% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 50 Lakhs | |
Canara Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Patiala | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Dhanalakshmi Bank | 4% 4% | Upto Rs 50 Lakhs More Than Rs 50 Lakhs | |
Oriental Bank Of Commerce | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Vijaya Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Karur Vysya Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh | |
Central Bank Of India | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of Travancore | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Federal Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above upto Rs 10 Crores | |
Allahabad Bank | 4% 4% | Less than Rs 40 Lakhs Rs 40 Lakhs & above | |
Punjab National Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Jammu And Kashmir Bank | 4% 4% | Upto Rs 10 Lakhs Above Rs 10 Lakhs to Rs 1 Crore | |
Axis Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Corporation Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
State Bank Of Bikaner And Jaipur | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Hdfc Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above but below Rs 500 Crores | |
Andhra Bank | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
Punjab And Sind Bank | 4% 4% | Upto Rs 20 Lakhs Above Rs 20 Lakhs | |
Dena Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Syndicate Bank | 4% 4% | Upto Rs 25 Lakhs Above Rs 25 Lakhs | |
Icici Bank | 4% 4% | Below Rs 50 Lakhs Rs 50 Lakhs & above | |
Bank Of Baroda | 4% 4% | Upto Rs 50 Lakhs Above Rs 50 Lakhs | |
State Bank Of India | 4% 4% | Upto Rs 1 Crore Above Rs 1 Crore | |
Catholic Syrian Bank | 4% 4% | Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 50 Lakhs |