SBI To HDFC Bank — Savings Account Interest Rate Comparison
Most of the major banks, including the State Bank of India, HDFC Bank, ICICI Bank and Axis Bank, are offering annual interest rates up to 3.5% on savings accounts.
A savings account is one of the basic financial tools to conveniently manage one's money. Savings accounts are crucial for day-to-day financial transactions, receiving payments, and for making online transactions for several purposes.
The biggest advantage of a savings bank account is that it provides you liquidity and interest rate benefits for the period you keep your money in the account.
Most major banks, including State Bank of India, HDFC Bank Ltd., ICICI Bank Ltd. and Axis Bank Ltd., are offering annual interest rates up to 3.5% on savings accounts. On the other hand, a few other lenders like small finance banks are offering savings account interest rates up to 6% per annum.
Several factors such as the monetary policy set by the Reserve Bank of India, inflation and prevailing market conditions affect savings account interest rates. Other factors including the financial performance and business strategy of the bank can also play a role in interest rates.
Major banks generally revise interest rates periodically after the key lending rate decisions by the RBI. The RBI Monetary Policy Committee meeting is currently underway, and announcements on key lending rates are expected on Friday. A revision in interest rates offered by banks on savings accounts is likely.
Here are the savings account interest rates of five major public sector and private banks in India, including SBI, HDFC Bank, ICICI Bank, Axis Bank and Punjab National Bank.
SBI Savings Account Interest Rate
India’s largest lender, the State Bank of India, offers up to 3% interest rate on savings account deposits. Check the rates below:
For balance less than Rs 10 crore: 2.75% per annum.
For balance over Rs 10 crore: 3% per annum.
The rates were last updated in October 2022.
HDFC Bank Savings Account Interest Rates
India’s largest private sector lender HDFC Bank gives you a better savings account interest rate than SBI. Here are the interest rates offered by HDFC Bank:
For balance less than Rs 50 lakh: 3% per annum.
For balance of Rs 50 lakh and above: 3.50% per annum.
The rates were last revised in April 2022.
ICICI Bank Savings Account Interest Rates
ICICI Bank is another prominent private lender in India and gives attractive interest rates on savings account deposits. Here are the interest rates:
For end of day balance below Rs 50 lakh: 3% per annum.
For end of day balance of Rs 50 lakh and above: 3.50% per annum.
Axis Bank Savings Account Interest Rates
Axis Bank’s savings account interest rates also start at 3% per annum for its customers. Check them out:
For balance less than Rs 50 lakh: 3% per annum.
For balance of Rs 50 lakh and above: 3.5% per annum.
The rates were last updated in July 2023.
PNB Savings Account Interest Rates
Here are the rates offered by Punjab National Bank on savings bank accounts:
Saving account balance below Rs 10 lakh: 2.70% per annum.
Saving account balance of Rs 10 lakh to less than Rs 100 crore: 2.75% per annum.
Savings fund account balance of Rs 100 crore and above: 3% per annum.
The rates were last revised in January 2023.
