Banks offer an interest rate on savings account deposits generally ranging from 2 to 7 percent depending on the type of account and the balance maintained in the account. Following the repo-rate hikes by the Reserve Bank of India (RBI), several banks have hiked the interest rates on savings bank deposits in recent weeks. Many banks also recently hiked interest rates on fixed deposits.
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Here is a comparison of the savings account interest offered by different banks.
Bandhan Bank
Bandhan Bank has hiked its savings account interest rates following the RBI repo rate hike. According to the Bandhan Bank website, an interest rate of 3 percent per annum will be applied to amounts up to Rs 1 lakh, 6 percent will be applied on balance over and above Rs 1 lakh up to Rs 10 lakh, 6.25 percent on balance over and above Rs 10 lakh up to Rs 2 crore and 6 percent on balance over and above Rs 2 crore up to Rs 100 crore will be offered.
The new interest rates have taken effect from August 22.
Federal Bank
Federal Bank hiked savings account interest rates for customers with savings account balances less than Rs 5 crore to 2.40 percent per annum.
The new rates have taken effect from August 17, according to the bank’s website.
IndusInd Bank
IndusInd Bank has also revised the interest rates on its savings accounts. According to the bank's official website, the interest rate for the daily balance of up to Rs 10 lakh is 4 percent per annum and the same for a daily balance above Rs 10 lakh and up to Rs 1 crore is 5 percent per annum. The revised interest rates came into effect on August 10.
Indian Overseas bank
Indian Overseas Bank has increased the savings account interest rate to 2.75 for account balances up to Rs 25 lakh, and 2.75 percent for account balances above Rs 25 lakh and up to Rs 1 crore. According to the bank's website, the new rates have come into effect from August 10.
DCB Bank
DCB Bank has hiked interest rates on savings accounts up to 7 percent on savings account deposits. The revised interest rates are effective from August 22. The bank offers 2.25 percent interest on balances up to Rs 1 lakh, 4 percent interest on balances above 1 lakh to less than Rs 2 lakh, 5 percent on balances from Rs 2 lakh to less than Rs 5 lakh, 6 percent on balances from Rs 5 lakh to less than Rs 10 lakh, 6.75 percent on balances from Rs 10 lakh to less than Rs 25 lakh and 7 percent on balances from Rs 25 lakh to less than Rs 2 crore in the account.
(Edited by : Sudarsanan Mani)
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