Saving Interest Rates of All Banks

Banks offer a range of financial products to their customers to meet their needs. These products also include Savings Account. People park their money with Savings Account for a variety of reasons. The most attractive features offered by a Savings Account are liquidity of funds, provides ATM/Debit card, paying utility bills through standing instructions, platform for net banking, online shopping, viewing statements online and facility of mobile banking.

Earlier banks used to offer same interest rate on their savings accounts i.e. 4% per annum and you used to get the same returns with any bank. But during the year 2012, Reserve Bank of India (RBI) has de-regulated interest on savings account and banks are now free to decide on the interest rate that they want to offer on savings account which directly benefits the customers. Due to stiff competition, banks have started paying higher interest rates like 6% to 7% in order to attract more and more people to open the account with them and enhance their customer base.

Interest on Savings Account is calculated on daily basis for the closing day balance which will get accumulated and will be paid to the customers on quarterly or half yearly basis.

Below list will help you selecting the best savings account for parking your money in terms of higher interest rate and other features. It also facilitates you to calculate the interest amount on your deposit.