Due to the economy stalled by the Corona crisis, savings account interest rates have been slashed significantly in recent days. Some private banks offer better interest rates on savings accounts than public sector banks. Let’s see which bank is paying so much interest ….
According to the banking market, IDBI Bank is paying 3.5 per cent interest on savings accounts and Canara Bank is paying 3.2 per cent interest to its customers. HDFC Bank, meanwhile, is paying 3 to 3.5 percent interest to its customers’ savings account. State-owned banks SBI and Bank of Baroda are paying 2.70 per cent and 2.75 per cent interest to their savings accounts respectively. AU Small Bank and Ujjivan Small Finance Bank are paying 7 and 6.5% interest on their customers savings accounts respectively.
Another private bank, Bandhan Bank, currently has 4.00% of the outstanding balance of Rs 1 lakh, 6.00% of the Rs 1 lakh to Rs 10 crore, 6.55% of the Rs 10 to 50 crore and interest of over Rs 50 crore. At the same time, IDFC First Bank is getting 7 per cent interest on more than one lakh rupees. IDFC First Bank’s interest rate starts at 6%.
IndusInd Bank Savings Account is up 4.00% to Rs 1 lakh and above Rs 1 lakh and up to Rs 5 lakh. The bank is paying 6 per cent interest on deposits above Rs 10 lakh. This bank pays interest on a quarterly basis, that is, on June 30, September 30, December 31 and March 31. At the same time, in a RBL bank, you get a savings account of Rs 1 lakh, 4.75 per cent, 6 per cent interest from Rs 1 lakh to Rs 10 lakh. But, you get 6.75 per cent interest from Rs 10 lakh to Rs 5 crore.
HDFC is offering 3% less than Rs 5 lakh and 3.50% of Rs 50 lakh or more. Here the interest rate is calculated on the daily balance of the account. Ujjivan Small Finance Bank has 4.00% interest on domestic and non-resident accounts at Rs 1 lakh and Rs 1 to 5 lakh respectively. At the same time, it is paying 5.25% interest on Rs 5 lakh to Rs 50 lakh and 6.25% interest on Rs 50 lakh to Rs 5 crore.
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