The amount of money you earn on a savings account is determined by the interest rate and your closing balance each day. Depending on the discretion of the relevant bank, either monthly or quarterly credits of the interest are made to your account. Here is a quick comparison of the interest rates on savings accounts at SBI, ICICI Bank, HDFC Bank, PNB, Canara Bank and Federal Bank. (Latest savings account interest rates as per bank websites)
SBI savings account interest
SB Deposit accounts with balances up to Rs. 1 lakh and even for those above attract an interest rate of 2.70% percent per annum.
HDFC Bank savings account interest rate
HDFC bank offers an interest rate on savings accounts for balances less than Rs 50 lakh is 3 percent, and above Rs 50 lakh is 3.50 percent.
ICICI Bank savings account interest rate
In accordance with instructions from the Reserve Bank of India, interest is computed daily on the daily closing balance in the savings bank account at the rate provided by ICICI Bank. On end-of-day balances less than Rs 50 lakhs, the interest rate would be 3%. On end-of-day balances over Rs. 50 lakh, IT gives 3.50 percent.
PNB savings interest rate
Savings account balances at Punjab National Bank earn 2.70 percent for balances under Rs. 10 lakh and 2.75 percent for balances over Rs. 10 lakh.
Canara Bank savings account interest rate
Canara Bank, a public sector bank, has revised its savings account interest rates. The bank will now provide a maximum interest rate of 4%. According to the bank’s website, the higher rates will go into effect on December 21, 2022.
Latest Canara Bank savings account interest rates
Federal Bank savings account
Federal Bank has revised savings account interest rates with effect from December 8, 2022. After the revision, interest rate varies from 3% to 3.2% depending on the balance.
Federal Bank revises savings account interest rates