In India, there are both public and private sector banks. Although each bank has its own set of interest rates for savings accounts, they typically range from 2.70 percent to 6.25 percent every year. When it comes to low-interest rates, account security, and the ability to deposit or withdraw funds for immediate needs, a savings account, also known as a salary account, is a must-have. The ability to earn interest is one of the most significant benefits of having a savings account, so you’re clearly getting a fantastic offer. The article will give you details about the Highest Interest Rate on Fixed Deposit and Savings Account.
|Overall Range of Interest Rates||2.70% p.a. to 6.25% p.a.|
|Highest rate for all types of savings accounts||RBL Bank at the rate of 6.25% p.a.|
Although it is common knowledge that savings accounts pay lower interest rates than fixed deposits, some banks are currently offering higher interest rates on savings accounts than FD (fixed deposits) from leading banks such as SBI, HDFC, Axis, and others, as well as DICGC deposit insurance coverage of Rs 5 lakhs.
For all beginner investors, savings accounts have been the go-to investment option. Individuals with a regular source of money, such as a salary or another source of income, are the best candidates for a savings account. This type of account comes with a slew of advantages that can help you get started saving and progressively develop your investing portfolio. In India, most banks provide a variety of Savings Accounts to meet the needs of a diversified customer base.
In India, a wide number of banks provide customers with the option of creating Savings Accounts. The following are some of the big banks that have done so:
Savings Bank Account with Interest Rates of Banks
|Name of Bank||Rates of Interest (p.a.)|
|Kotak Mahindra Bank Savings Account||4.00%|
|State Bank of India (SBI) Savings Account||2.70% p.a.|
|ICICI Bank Savings Account||3.00% p.a. to 3.50% p.a.|
|Yes Bank Savings Account||4.00% p.a. to 5.25% p.a.|
|Citibank Savings Account||2.50% p.a.|
|Axis Bank Savings Account||3.00% p.a. to 3.50% p.a.|
|IndusInd Bank Savings Account||4.00% p.a. to 6.00% p.a.|
|DCB Bank Savings Account||3.25% p.a.|
|RBL Bank Savings Account||6.25%|
|HDFC Bank Savings Account||3.50%|
- Kotak Mahindra Bank Savings Account Interest Rate
Kotak Mahindra offers Savings Accounts for different consumers based on their residency status, catering to a diverse customer base. Domestic Savings Account holders will receive a 4.00 percent annual interest rate, while non-resident Savings Account holders will receive a 3.50 percent annual interest rate.
- State Bank of India (SBI) Savings Account Interest Rate
SBI offers a variety of savings accounts, including Basic Savings Accounts, Savings Plus Accounts, Yuva Savings Bank Accounts, and others, to cater to a variety of customer needs. The interest rate on SBI Savings Accounts is 2.70 percent per year.
- ICICI Bank Savings Account Interest rate
ICICI Bank is one of India’s largest banks, offering a variety of savings accounts such as the Silver Savings Account, Advantage Woman Savings Account, Freedom Savings Account, Basic Savings Bank Account, and others. The interest rate on all ICICI Savings Accounts is fixed at 4.00 percent and ranges from 3.00 percent to 3.50 percent per annum.
- Yes Bank Savings Account Interest Rate
When it comes to Savings Accounts, Yes Bank has one of the most competitive interest rates. The bank has updated its interest rates and will now give 4.00 percent p.a. interest on all Savings Accounts with balances up to Rs.1 lakh. The interest rates range from 4.00 percent to 5.25 percent per annum.
- Citibank Savings Account Interest Rate
Citibank, as one of India’s most well-known international banks, offers a variety of savings accounts to consumers, including the Citibank Savings Account, Citibank Suvidha Salary Account, Citibank Savings Account for Expatriates, and others. The bank offers a 2.5 percent interest rate on these savings accounts, which is earned on the daily sum maintained and credited every six months.
- Axis Bank Savings Account Interest Rate
Axis Bank, one of India’s major banking institutions, offers a wide range of Saving Accounts, each of which is tailored to satisfy specific customer demands. On all of Axis Bank’s Savings Accounts, interest rates start at 3.00 percent per annum and go up to 3.50 percent per annum.
- IndusInd Bank Savings Account Interest Rate
IndusInd Bank offers a variety of Savings Accounts to satisfy the demands of a diversified customer base. These accounts are designed to meet various financial needs. The bank offers a 4% interest rate on savings accounts with a daily value of up to Rs 1 lakh, a 5% interest rate on savings accounts with a daily balance of more than Rs 1 lakh but less than Rs 10 lakh, and a 6% interest rate on savings accounts with a daily balance of more than Rs 10 lakh.
- DCB Bank Savings Account Interest Rate
DCB Bank is one of the most well-known scheduled commercial banks in the country, and it provides its customers with the option of creating a variety of savings accounts. On these accounts, the bank offers exceptionally competitive interest rates, allowing account holders to get the most out of their funds. DCB Shubh-Labh Savings Account participants can currently earn 3.25 percent interest on their accounts.
- RBL Bank Savings Account Interest Rate
RBL is one of the country’s newest scheduled commercial banks, offering tailored savings account schemes to its customers. Savings account holders can earn a variety of interest rates, which are credited every half year and vary depending on the daily balance in the account. Currently, the highest interest rates available are 6.25 percent for amounts up to Rs.10 lakh and up to Rs.3 crore.
- HDFC Bank Savings Account Interest Rate
If you’re wanting to start a savings account, HDFC has a variety of alternatives to choose from. Customers can choose from a variety of options. Each account has its own set of features and benefits that make money management a breeze. HDFC offers a 3.50 percent interest rate.
PNB’s interest rate on identical FDs is 2.90 to 5.25 percent, while SBI’s interest rate on FDs for general citizens ranges from 2.90 to 5.40 percent. Private banks, like as ICICI Bank, give yields of 2.50 to 5.50 percent on FDs, while HDFC Bank offers 2.50 to 5.50 percent on FDs.
Depending on your needs, you can receive interest on a monthly, quarterly, half-yearly, or annual basis. A cumulative option is also available, in which case the principal and interest will be paid on the maturity date.
Short-term and medium-term FDs provide the best interest rates.
Fixed Deposit Interest Rates by Different Types of Banks
|Bank||Tenure||Interest Rates for General Citizens (per annum)|
|SBI||7 days to 10 years||2.90% to 5.40%|
|ICICI||7 days to 10 years||2.50% to 5.50%|
|Punjab National Bank||7 days to 10 years||2.90% to 5.25%|
|HDFC Bank||7 days to 10 years||2.50% to 5.50%|
|Axis Bank||7 days to 10 years||2.50% to 5.75%|
|Union Bank of India||7 days to 10 years||3.00% to 5.50%|
|Canara Bank FD||7 days to 10 years||2.90% to 5.25%|
- SBI Fixed Deposit Interest Rates
SBI is one of the country’s largest public sector banks. It is a bank that provides Highest Interest Rate on Fixed Deposit. SBI FD Rates will be updated in accordance with the Reserve Bank of India’s monetary policy announcement.
With effect from today, the following interest rates apply to normal fixed deposits:
|Period||Interest Rate (Per Annum)|
|7 days to 45 days||2.90%|
|46 days to 179 days||3.90%|
|180 days to 210 days||4.40%|
|211 days to <1 year||4.40%|
|1 year to <2 years||5.00%|
|2 years to <3 years||5.10%|
|3 years to <5 years||5.30%|
|5 years and up to 10 years||5.40%|
For older adults, SBI offers a 0.5 percent higher rate of interest than normal deposits.
Staff and pensioners will receive a greater rate of interest from SBI. The interest rate will be one percent higher than the general public’s interest rate. A staff interest rate of an additional 1% plus senior citizen interest rate of an additional 0.5 percent will be available to SBI senior citizen resident Indian pensioners.
The interest rates will apply to new deposits as well as ones that are about to mature.
- ICICI Bank Fixed Deposit Interest Rates
|Period||Interest Rate (Per annum)|
|7 days to 14 days||2.50%|
|15 days to 29 days||2.50%|
|30 days to 45 days||3.00%|
|46 days to 60 days||3.00%|
|61 days to 90 days||3.00%|
|91 days to 120 days||3.50%|
|121 days to 150 days||3.50%|
|151 days to 184 days||3.50%|
|185 days to 210 days||4.40%|
|211 days to 270 days||4.40%|
|271 days to 289 days||4.40%|
|290 days to <1 year||4.40%|
|1 year to 389 days||4.90%|
|390 days to <18 months||4.90%|
|18 months to 2 years||5.00%|
|2 years 1 day to 3 years||5.15%|
|3 years 1 day to 5 years||5.35%|
|5 years 1 day to 10 years||5.50%|
For senior citizen fixed deposit receipts, ICICI Bank gives an extra 0.5 percent interest rate. Domestic, NRO, and NRE deposits have distinct interest rates. The interest rate will also vary depending on the amount borrowed.
Fixed deposits with and without withdrawal possibilities are available from ICICI Bank. Fixed deposits with no withdrawal option will pay a slightly higher interest rate.
The minimum and maximum tenures for NRE deposits are one year and ten years, respectively.
- Axis Bank Fixed Deposits
Axis Bank has a fixed deposit option available both online and offline. The interest rates are determined by the length of time and the amount borrowed. Senior residents receive a greater rate of interest from the bank, which is 0.65% higher than standard deposits.
|7 days to 14 days||2.50%|
|15 days to 29 days||2.50%|
|30 days to 45 days||3.00%|
|46 days to 60 days||3.00%|
|61 days < 3 months||3.00%|
|3 months < 4 months||3.50%|
|4 months < 5 months||3.50%|
|5 months < 6 months||3.50%|
|6 months < 7 months||4.40%|
|7 months < 8 months||4.40%|
|8 months < 9 months||4.40%|
|9 months < 10 months||4.40%|
|10 months < 11 months||4.40%|
|11 months < 11 months 25 days||4.40%|
|11 months 25 days < 1 year||4.40%|
|1 year < 1 year 5 days||5.10%|
|1 year 5 days < 1 year 11 days||5.15%|
|1 year 11 days < 1 year 25 days||5.10%|
|1 year 25 days < 13 months||5.10%|
|13 months < 14 months||5.10%|
|14 months < 15 months||5.10%|
|15 months < 16 months||5.10%|
|16 months < 17 months||5.10%|
|17 month < 18 months||5.10%|
|18 months < 2 years||5.25%|
|2 years < 30 months||5.40%|
|30 months < 3 years||5.40%|
|3 years < 5 years||5.40%|
|5 years to 10 years||5.75%|
For senior persons, the FD Interest Rates are very high. For deposits of more than 1 crore and less than 5 crores, the bank offers a variety of interest rates. Interest rates will be adjusted on a regular basis in accordance with the RBI’s monetary policy.