Skip to content
Yadnya Investment Academy

Yadnya Investment Academy

Financial Planning Made Simple

Popular Tags
  • Economic Concepts
  • daily news snippets
  • Daily News Snippets- 17 February 2022
  • daily news updates
  • Daily News Snippets- 18 February 202
  • Daily News Snippets- 21 February 2022
  • Daily News Snippets- 23 February 2022
Primary Menu
  • Products
    • Personalized Financial Planning
    • Stock Market Analysis Subscription
    • Simplest Income Tax Information Bank
    • Comprehensive Mutual Fund Reviews
    • Do-it-Yourself Financial Planning
  • E-BooksTax Planning
    • Financial Planning E-Books
    • Recently Added E-Books
    • Company/Stock Review E-Books
    • Mutual Fund Review E-Books
    • Income Tax E-Books
  • Financial Planning
    • Basic Concepts
    • Risk Profiling
    • Retirement Planning
    • Tax Saving Funds
    • Home Loans
    • Post Office Schemes
    • Bank Deposits – Fixed, Saving, Recurring
    • Children Education
    • Other Schemes
  • Stock Market
    • Stock Market Concepts
    • Sector Analysis
    • Stock Performance Analysis & Updates
    • IPOs
  • Mutual Funds
    • Mutual Fund Concepts
    • Tax Saving Funds
    • Balanced Funds
    • Debt Funds
  • About Us
  • Home
  • Financial Planning
  • Latest Savings Account Interest Rates of Major Banks
  • Bank Deposits - Fixed, Saving, Recurring
  • Financial Planning

Latest Savings Account Interest Rates of Major Banks

3 min read
4 weeks ago
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 January 2023

Introduction

In this article, you will find the Interest Rates of Savings Accounts provided by major banks in India. These interest rates are last updated by the bank’s respective websites.

Stock O Meter - A Complete Equity Research Tool by Invest Yadnya
Stock O Meter – A Complete Equity Research Tool by Invest Yadnya

Interest Rates of Savings Account of Major Banks January 2023

Effect of RBI’s Key Relief Announcements to address COVID-19 pandemic

  • On March 27 and May 22, 2020, the Reserve Bank of India (RBI), announced a set of relief measures to address the COVID-19 pandemic.
  • Since March 27, RBI cumulatively cut benchmark Repo Rate significantly by 115 bps from 5.15% to 4.00%, while Reverse Repo Rate is reduced by a massive 155 bps from 4.90% to 3.35%. RBI reduced Reverse Repo Rate notably in order to motivate banks to pass on the excess liquidity to the borrowers, thus supporting in boosting credit growth.
  • RBI infused fresh liquidity of almost Rs.3.74 Lakh Crore into the banking system. The decision to lower the cash reserve ratio (CRR) by 100 bps has alone unlocked liquidity of Rs.1.37 Lakh Crore.
  • Flush with liquidity and faced with limited lending opportunities, banks will be forced to slash deposit rates to protect profitability in a falling interest rate cycle.
  • State Bank of India (SBI), the nation’s largest lender, was the first to lower its deposit rates citing excess liquidity.
  • In the recent MPC meet by RBI held between December 2-4, 2020, RBI kept the Repo rate unchanged at 4.00% on account of higher inflation prints above RBI’s upper target of 6%.

2 Banks Offering Highest Interest Rates on Savings Account

1. IDFC First Bank
  • Recently, IDFC First Bank has lowered the interest rate on savings account balances up to Rs.1 Crore to 6% from 7%, effective from February 1, 2021. Mr. V. Vaidyanathan, MD & CEO of IDFC First Bank mentioned that the bank is getting deposits beyond the quarterly loan growth requirement and has excess liquidity as of today of Rs.17,000 Cr. Thus, the bank is reducing interest rates on savings accounts from 7% to 6% for deposits up to Rs.1 Cr.
  • The interest rate is 5% for the balance above Rs.1 Crore and up to Rs.5 Crore
  • While for the balance above Rs.5 Crore and up to Rs.10 Crore, it is 4%.
  • For the balance above Rs.10 Cr, the interest rate has been reduced to 3.50% from 6.50%.
2. DBS Bank

After IDFC First Bank, Digi bank by DBS (DBS Bank) offers the competitive higher interest rate on a savings account. The interest rates are as follows :-

(Balances up to 1 lakh will get 3.25% interest rates. Any balances over and above 1 lakh & up to 2 lakhs will get 3.50% on the incremental amount, 2 lakhs & up to 50 lakhs will get 3-4% on the incremental amount & 3-3.75% on the remaining balances). Bank has recently lowered its interest rates on Savings a/c after RBI’s significant cut in policy repo rate.

Model Portfolios by Invest Yadnya
Ready-made Model Portfolios by Invest Yadnya

Other Major Banks

The list of banks below offer the following interest rate :-

Some banks offer the following interest rates on their savingsa/c :-

Summary

  • 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 2.50% to 4%.
  • IDFC First Bank and DBS Bank provide the highest interest rates on the balance in your savings a/c. 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 a/c.
  • Bandhan Bank, IndusInd Bank as well as Kotak Mahindra Bank also provide high and competitive interest rates on their savings a/c. 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.

Share this with your friends and family!

  • Twitter
  • Facebook
  • LinkedIn
  • WhatsApp
  • Telegram
  • More
  • Tumblr
  • Pinterest
  • Email
  • Reddit
  • Pocket
  • Skype

Related

Tags: avings Account Interest Rates of Major Banks September 2020 bandhan bank Effect of Repo Rate Cut on Interest Rates Effect of Repo Rate cut on Savings Account interest rates hdfc bank Highest Interest Rate on Savings Account Highest Savings Account Interest Rate IDFC First Bank IDFC First Bank has raised the interest rate on savings account IDFC First Bank Savings Account Interest Rates IndusInd Bank IndusInd Bank savings account interest rates interest rates Interest Rates of Savings Account of Major Banks Aug 2021 Interest Rates of Savings Account of Major Banks August 2020 Interest Rates of Savings Account of Major Banks January 2022 Interest Rates of Savings Account of Major Banks July 2020 interest rates on savings account Kotak Mahindra Bank latest interest rates for savings account Latest Interest Rates of Savings Account Latest Interest Rates of Savings Account April 2020 Latest Interest Rates of Savings Account May 2020 RBI RBL Bank Ltd Relief Measures Announced by RBI Repo Rate Repo rate cut Rise in Savings Interest Rate of IDFC First Bank saving account interest rates of apr 2021 savings account savings account interest rates Savings Account Interest Rates January 2021 Savings Account Interest Rates June 2020 Savings Account Interest Rates of Major Banks Savings Account Interest Rates of Major Banks (April 2020) Savings Account Interest Rates of Major Banks (May 2020) Savings Account Interest Rates of Major Banks July 2020 Savings Account Interest Rates of Major Banks March 2021 savings bank account Savings Interest Rate June 2020 top banks interest rates yes bank

Continue Reading

Previous Interest Rates on Home Loan of Major Banks (December 2022)
Next Latest Recurring Deposit Interest Rates of Major Banks

Suggested Articles

4 min read
  • Financial Planning

What are the Key Financial Learnings of 2022? | Financial Planning

4 weeks ago
2 min read
  • Bank Deposits - Fixed, Saving, Recurring
  • Financial Planning

Latest Fixed Deposit Interest Rates of Major Banks

4 weeks ago
2 min read
  • Bank Deposits - Fixed, Saving, Recurring
  • Financial Planning

Latest Recurring Deposit Interest Rates of Major Banks

4 weeks ago

12 thoughts on “Latest Savings Account Interest Rates of Major Banks”

  1. Pingback: 6 Features of Savings Bank Account – Invest Yadnya Blog
  2. Pingback: 6 Features of Savings Bank Account - Yadnya Investment Academy
  3. Pingback: My Homepage
  4. Kazz says:
    September 3, 2019 at 12:16 am

    Sir the highest is idfc first bank.. it’s a pity you have not covered it !!

    Reply
    1. Swapneil says:
      November 13, 2019 at 1:33 pm

      The first bank to be covered in the blog itself is IDFC first . Unless the blog was edited after the comments 😂

      Reply
  5. Samor says:
    October 11, 2019 at 8:56 pm

    Idfc first is maximum at current situation .. Didn’t see any mention of it . Kindly confirm

    Reply
    1. Yadnya Investment Academy says:
      November 13, 2019 at 1:43 pm

      It is mentioned on top of article. Please check.

      Reply
  6. Pingback: Who Will Replace Aditya Puri at HDFC Bank? - Yadnya Investment Academy
  7. marrywalker says:
    October 16, 2020 at 3:34 pm

    I have a saving account on Punjab national bank and i was finding the current status of interest rates. I read this blog and i think this blog will be helpful to all for knowing latest interest rate of saving accounts.

    Reply
  8. Rakesh Kumar says:
    November 22, 2020 at 4:36 pm

    HIGHEST savings account interest rate of IndusInd bank is high compared to DBS. It should be in the list after IDFC

    Reply
  9. Pingback: Top 10 Best Savings Account for Teenagers in India
  10. niravkdesai says:
    May 29, 2021 at 10:24 am

    i think federal bank provide 1.50% below RBI’s Repo Rate , Present RBI Repo Rate is 4.0 %. so it will be 2.5%

    Reply

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Translate this blog to your Language

E-Books by Yadnya

Most Useful Ebooks on Mutual funds and Stocks Review

Top Posts

  • 3 Methods of GDP Calculation
    3 Methods of GDP Calculation
  • Comparison of Top 5 Cement Companies |UltraTech vs Shree vs Ambuja vs ACC vs Dalmia Bharat
    Comparison of Top 5 Cement Companies |UltraTech vs Shree vs Ambuja vs ACC vs Dalmia Bharat
  • Top 6 Natural Gas  Distribution Companies in the Indian Stock Market
    Top 6 Natural Gas Distribution Companies in the Indian Stock Market
  • Kajaria Ceramics vs Somany Ceramics vs Asian Granito
    Kajaria Ceramics vs Somany Ceramics vs Asian Granito
  • Comparison of Top 5 FMCG Companies
    Comparison of Top 5 FMCG Companies

Recent Posts

  • Is Cashless Indian Economy Possible | Will Cashless Mode replace Physical Currency?
  • What are New Rules for PMS Firms | How It Is Beneficial for Investors?
  • How FMCG Companies might perform in Q3? Q3FY23 Results Preview
  • Why Godrej Properties Stock is Falling? Is it the Right Opportunity to Invest?
  • Why is the Rising Debt a Concern in the Current Interest Rate Environment for the US?

Articles by Category

Create your FREE Financial Plan

Personalized Financial Planning Free Financial Plan

Follow Us

  • YouTube
  • Facebook
  • Instagram
  • Twitter
  • Pinterest
  • SoundCloud

Our Websites

  • Personalized Financial Planning
  • Stock Market Analysis Subscription
  • Simplest Income Tax Information Bank
  • Comprehensive Mutual Fund Reviews
  • Do-it-Yourself Financial Planning

Our Products

  • Personalized Financial Planning
  • Stock Market Analysis Subscription
  • Simplest Income Tax Information Bank
  • Comprehensive Mutual Fund Reviews
  • Do-it-Yourself Financial Planning

Our E-Books

  • Recently Added E-Books
  • Company/Stocks Review E-Books
  • Mutual Funds Review E-Books
  • Financial Planning E-Books

Useful Links

  • Become an Affiliate
  • Contact Us
  • Privacy Policy
  • FAQs
  • Disclaimer

Top Posts & Pages

  • 3 Methods of GDP Calculation
  • Comparison of Top 5 Cement Companies |UltraTech vs Shree vs Ambuja vs ACC vs Dalmia Bharat
  • Top 6 Natural Gas Distribution Companies in the Indian Stock Market
  • Kajaria Ceramics vs Somany Ceramics vs Asian Granito
  • Comparison of Top 5 FMCG Companies
  • 7 Causes of Current Account Deficit
  • TCS vs Infosys stock comparison | Q2FY21 Analysis
  • What are the Future Plans of Tata Motors | Is it a Growth Story to Watch?
  • Who Will Outperform in Renewable Energy Business: Adani Green or Tata Power
  • Consolidated vs Standalone Financials | Which One To Consider?

Follow Us

  • YouTube
  • Facebook
  • LinkedIn
  • Twitter
  • Instagram

Yadnya Academy Pvt Ltd

  • A-2, Purva Apartments,
    3rd Floor, Off ITI Road,
    Aundh, Pune,
    Maharashtra - 411007
  • Contact Us :
    +91 902 296 4118 (9 AM to 7 PM IST)

Quick Links

  • Contact Us
  • Privacy Policy
  • FAQs
  • Disclaimer

© 2020 All Rights Reserved. Joint Venture Between Yadnya and JAWK Softwares

 

Loading Comments...