Latest Interest Rates of Savings Account March 2020
In this article you will find the Interest Rates of Savings Account provided by major banks in India. These interest rates are as on last updated by the banks respective websites.
Interest Rates of Savings Account of Major Banks March 2020
2 Banks Offering Highest Interest Rates on Savings Account
1. IDFC First Bank
IDFC First Bank provides the highest interest rate on savings account as shown in above table. For the balance up to Rs.1 Lac interest rate is 6%. While it is 7% for the balance above Rs.1 Lac and up to Rs.1 Crore.
2. DBS Bank
After IDFC First Bank, Digi bank by DBS (DBS Bank) offers the competitive higher interest rate on savings account. The interest rates are as follows :-
(Balances up to 1 lakh will get 4% interest rates. Any balances over and above 1 lakh & up to 2 lakhs will get 7% on the incremental amount, 2 lakhs & up to 5 lakhs will get 5% on the incremental amount & 4% on the remaining balances.)
Other Major Banks
The list of banks below offer the following interest rate :-
Some banks offer the following interest rates on their savings account :-
- We can see that most of the major banks in India offer almost same interest rates. The most basic interest rates offered by the maximum bank ranges around 4%.
- IDFC First Bank and DBS Bank provide the highest interest rates on the balance in your savings account. But, these banks have very limited reach. They are only based in metropolitan cities and some other few cities. It is only beneficial to choose IDFC First Bank or DBS Bank if you have a branch near you. Otherwise, opting for another bank would be better as getting services and other advantages from IDFC First Bank or DBS Bank will be an issue.
- After the above mentioned 2 Banks, RBL Bank (formerly known as The Ratnakar Bank limited) and Yes bank offer higher interest rates on your balance in savings account.
- Kotak Mahindra Bank as well as Bandhan Bank also provide high and competitive interest rates on their savings account. In comparison with top banks in India, Kotak Mahindra Bank has the widest reach across India. Their branches and ATM’s are spread all over India. It has quite high reachability.
- State Bank of India (SBI) on March 11 has cut the interest rate on all savings bank accounts to a flat 3%. The bank also waived off the requirement of maintaining an average monthly minimum balance in its savings accounts.