By and large, most large scale banks offer an interest rate similar to each other's rates
If you want to be able to access your bank savings anytime, and can't afford to dispense the savings for parking it in a fixed deposit (FD) account, the State Bank of India ((SBI) savings account or any other bank's savings account seems to be a good alternative. However, your existing bank may not be offering a good return on the savings account. In such a case, it's ideal to compare the interest rates of savings bank account of all major banks before you take a final call on the bank you choose. State Bank of India (SBI) offers interest rates which are 3.5 per cent for an amount less than Rs one crore. On the deposits above Rs one crore, the interest rate stands at 4 per cent. To make the most of the savings bank account, one can explore the option of opening an SBI savings plus account that enables the account holders to earn more interest on the unused account balance while offering the option to access the money as and when needed. In SBI savings plus account, the savings bank account is linked to the multi option deposit (MOD) account. The surplus fund above the threshold limit from the savings bank account is transferred to term deposits opened in multiples of 1,000.
State Bank of India (SBI)| Savings Account balance | Interest Rates |
|---|
| Saving Deposits Balance upto Rs. 1 crore. | 3.50% p.a |
| Saving Deposits Balance above Rs. 1 crore. | 4.00% p.a |
ICICI Bank| Savings Account balance | Interest Rates |
|---|
| Below Rs 50 lakh (end of day bal) | 3.5% |
| Above Rs 50 lakh | 4% |
HDFC Bank| Savings Account balance | Interest Rates |
|---|
| Rs. 50 lakh and above | 4% |
| Below Rs 50 lakh | 3.50% |
Bank of Baroda| Savings Account balance | Interest Rates |
|---|
| Balance upto Rs. 50 Lakh | 3.50% |
| Saving Deposits Balance above Rs. 50 Lakh | 4.00% |
Yes Bank| Savings Account balance | Interest Rates |
|---|
| Less than Rs 1 lakh | 5% |
| Between Rs one lakh and Rs one crore | 6% |
| Above Rs one crore | 6.25% |
SBI offers interest rates on its fixed deposits (FDs) at these ratesFD interest ratespost offices can be accessed heresmall finance banks are significantly higher and can go as high as 9 per cent
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