SBI vs ICICI Bank vs HDFC Bank vs AXIS Bank: Which Bank Offers Best Savings Account Interest Rates
Check the latest savings bank account interest rates offered by SBI, ICICI Bank, HDFC Bank and Axis Bank.
Most of us, especially those who are new to banking and investing, prefer keeping our money in savings accounts as they are ideal for both short-term and long-term savings. Many public sector and private sector banks in India offer different types of savings accounts based on your requirements. The banks fix the interest rates for these savings accounts which generally ranges between 2.50% per annum to 7% per annum.
Before you open a savings account in a bank, you must be aware of the savings account interest rates offered by different banks. Let us take a look at the savings account interest rates offered by some of the top banks in India like State Bank of India (SBI), ICICI Bank, HDFC Bank and Axis Bank.
SBI Savings Bank Account Interest Rate
The State Bank of India offers different types of savings accounts based on various customer levels. These include Basic Savings Account, Savings Plus Account, Yuva Savings Bank Account, etc. For any of these accounts, the SBI savings account interest rate is 2.70% per annum for balances of less than ₹10 Crore. For balances above ₹10 Crore, the SBI savings account interest rate is 3% per annum.
ICICI Bank Savings Bank Account Interest Rate
ICICI bank offers various types of savings bank accounts as per your unique needs. Based on your location, you may be asked to maintain an average monthly balance in your ICICI Bank savings account. As per the bank’s official website, ICICI Bank offers savings bank account interest at the rate of 3% per annum for end-of-day balances below ₹50 Lakh. For end-of-day balances of ₹50 Lakh and above, the ICICI Bank savings account interest rate will be 3.50% per annum.
HDFC Bank Savings Bank Account Interest Rate
Savings accounts offered by HDFC Bank come with unique features and advantages based on the type of savings account and your needs. These special benefits make it easier for you to manage your money. As per the bank’s official website, the HDFC Bank savings account interest rate for balances less than ₹50 Lakh is 3% per annum. For balances of ₹50 Lakh and above, the HDFC Bank savings account interest rate is 3.50% per annum. The bank will credit the savings bank account interest on a quarterly basis.
Axis Bank Savings Bank Account Interest Rate
The Axis Bank savings account interest rate is 3% for balances below ₹50 Lakh. For savings bank account balances of ₹50 Lakh and below ₹800 Crore, Axis Bank offers an interest rate of 3.50%. Axis Bank calculates the savings bank account interest on a daily basis and credits the interest account on the first day of every quarter.
Disclaimer: The information mentioned above was sourced from the concerned bank's official website at the time of publishing. BQ Prime is not liable for any changes. Kindly research before investing.
Suggested Read: Which Bank Offers Highest FD Rates?