Savings account interest rate comparison: SBI vs HDFC Bank vs ICICI Bank vs PNB Here is a brief comparison of the interest rates offered on savings accounts by SBI, HDFC Bank, ICICI Bank, and PNB
Recently, State Bank of India revised savings account interest rates for amounts above Rs 10 crore. Here is a quick comparison of savings account interest rates of SBI, HDFC Bank, ICICI Bank and PNB.State Bank of India savings account interest rates
State Bank of India (SBI) revised savings bank interest rates. SBI is now offering 2.7% per annum on amounts below Rs. 10 crore. SBI increased the interest rate on savings account balances of Rs. 10 crore and above to 3% per annum.
HDFC Bank savings account rates
HDFC Bank has revised the interest rate on savings accounts on April 6, 2022. HDFC Bank is offering a 3.00% interest rate on savings account balances under Rs 50 lakh, and a 3.50% interest rate on balances of Rs 50 lakh or more.
According to the HDFC Bank website, "Savings Bank interest will be calculated on the daily balances maintained in your account. Savings Bank interest will be paid at quarterly intervals"
ICICI Bank savings account interest rates
In accordance with instructions from the Reserve Bank of India, interest is computed daily on the daily closing balance in the savings bank account at the rate provided by ICICI Bank. The interest amount is calculated and rounded to the closest rupee, stated the ICICI Bank website. The interest rate on end-of-day balances below Rs 50 lakhs is 3%. On end-of-day balances over Rs. 50 lakh, it is 3.50 percent.
PNB savings account interest rates
For savings accounts with balances below Rs. 10 lakh, the interest rate is 2.7%; for above Rs 10 lakh you will receive 2.75%. These rates are effective from April 4, 2022.
Savings account
Savings accounts come in a variety of kinds, each of which serves a particular purpose depending on the type of account. For failing to keep an average monthly balance in their savings accounts, the majority of leading public sector banks and private sector lenders charge a fee to their clients.
This story originally appeared on: India Times - Author:Faqs of Insurances
