Savings Account Interest Rate in India (18 Apr 2019)
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 rate on their savings accounts Interest rate 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 saving 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.
Savings Account Interest rates in 2019 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. You can use Savings Interest Rate Calculator to calculate your saving interest.
Below list will help you selecting the best savings account in 2019 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.
Saving Account Interest Rate List (as on 18 Apr 2019)
| Bank Name | Interest Rates (p.a.) | Limit | Interest Rates (p.a.) | Limit | Calculate |
|---|---|---|---|---|---|
| Rbl Bank | 6% | Upto Rs 1 Lakh | 6% | Above Rs 1 Lakh to Rs 10 Lakhs | |
| Dcb Bank | 4% | Below Rs 1 Crore | 6% | Above Rs 1 Crore to Rs 5 Crores | |
| Yes Bank | 5% | Below Rs 1 Lakh | 6% | Rs 1 Lakh to Rs 1 Crore | |
| Kotak Mahindra Bank | 5% | Upto Rs 1 Lakh | 6% | Above Rs 1 Lakh to Rs 1 Crore | |
| Bandhan Bank | 4% | Below Rs 1 Lakh | 6% | Rs 1 Lakh & above | |
| Laxmi Vilas Bank | 4% | Upto Rs 1 Lakh | 5% | Above Rs 1 Lakh to Rs 5 Lakhs | |
| Indusind Bank | 4% | Upto Rs 10 Lakhs | 5% | Above Rs 10 Lakhs to Rs 1 Crore | |
| Dena Bank | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Syndicate Bank | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Icici Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| Bank Of Baroda | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| State Bank Of India | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| Catholic Syrian Bank | 4% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh to Rs 50 Lakhs | |
| Idbi Bank | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Uco Bank | 4% | Upto Rs 50 Lakhs | 4% | Over Rs 50 Lakhs | |
| Bank Of India | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| State Bank Of Mysore | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| City Union Bank | 4% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh | |
| South Indian Bank | 4% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh to below Rs 5 Crore | |
| Indian Bank | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| Union Bank Of India | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Jammu And Kashmir Bank | 4% | For Any Amount | 4% | Above Rs 10 Lakhs | |
| Bank Of Maharashtra | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| State Bank Of Hyderabad | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| Tamilnad Mercantile Bank | 4% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh | |
| Indian Overseas Bank | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| United Bank Of India | 4% | Upto Rs 50 Lakhs | 4% | More Than Rs 50 Lakhs | |
| Karnataka Bank | 3% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh to Rs 50 Lakhs | |
| Canara Bank | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| State Bank Of Patiala | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| Dhanalakshmi Bank | 4% | Upto Rs 50 Lakhs | 4% | More Than Rs 50 Lakhs | |
| Oriental Bank Of Commerce | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Vijaya Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| Karur Vysya Bank | 4% | Upto Rs 1 Lakh | 4% | Above Rs 1 Lakh | |
| Central Bank Of India | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| State Bank Of Travancore | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| Federal Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above upto Rs 10 Crores | |
| Allahabad Bank | 4% | Less than Rs 40 Lakhs | 4% | Rs 40 Lakhs & above | |
| Jammu And Kashmir Bank | 4% | Upto Rs 10 Lakhs | 4% | Above Rs 10 Lakhs to Rs 1 Crore | |
| Punjab National Bank | 4% | Upto Rs 25 Lakhs | 4% | Above Rs 25 Lakhs | |
| Axis Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| Corporation Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above | |
| State Bank Of Bikaner And Jaipur | 4% | Upto Rs 1 Crore | 4% | Above Rs 1 Crore | |
| Hdfc Bank | 4% | Below Rs 50 Lakhs | 4% | Rs 50 Lakhs & above but below Rs 500 Crores | |
| Andhra Bank | 4% | Upto Rs 50 Lakhs | 4% | Above Rs 50 Lakhs | |
| Punjab And Sind Bank | 4% | Upto Rs 20 Lakhs | 4% | Above Rs 20 Lakhs |
Who can Open a Savings Bank Account?
- Savings Bank Account can be opened in the name of an individual or in the names of two or more individuals.
- If it is a Joint account, it can be operated jointly or either/ survivor or former/ survivor clause.
- Savings Bank Account can be opened in the name of minor but is required to be operated by natural guardian.
Features of Savings Bank Account
- No special rate is offered to senior citizen
- TDS is not applicable
- Nomination facility is available
- Loan against deposit is not permitted
- Interest rate is decided by the bank
Facilities Offered by Savings Account
- Unique/ Personalized Account Number
- ATM-cum-Debit Card
- Cheque Book
- Pass book/ Bank Statement
- Nomination
- Standing Instructions
- Cheque Collection
- Instant Credit of Outstation Cheque upto Rs.15,000/-
- Internet Banking
- Mobile Banking
- Fund Transfer using NEFT, RTGS & IMPS
- SMS Alerts
- e-Statement
- Several offers and discounts on Debit Card
Upcoming Bank Holidays
2019 April 19 is a bank holiday in Andaman And Nicobar Island due to Good Friday.
2019 April 21 is a bank holiday in Tripura due to Garia Puja.
2019 April 27 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 May 01 is a bank holiday in Andhra Pradesh due to May Day / Labour Day.
2019 May 01 is a bank holiday in Maharashtra due to Maharashtra Din.
2019 May 07 is a bank holiday in West Bengal due to Rabindranath Tagore Jayanti.
Highest FD Interest Rates
| Bank Name | Tenure | Interest(p.a.) |
|---|---|---|
| Esaf Small Finance Bank | 12 Months | 8.75% |
| Suryoday Small Finance Bank | 12 Months | 8.50% |
| Utkarsh Small Finance Bank | 12 Months | 8.50% |
| Equitas Small Finance Bank | 12 Months | 8.50% |
| North East Small Finance Bank | 12 Months | 8.50% |
| Ujjivan Small Finance Bank | 12 Months | 8.30% |
| Indusind Bank | 12 Months | 8.00% |
| Rbl Bank | 12 Months | 8.00% |
| Fincare Small Finance Bank Ltd | 12 Months | 8.00% |
| The Nainital Bank | 12 Months | 7.90% |
Senior Citizen FD Interest Rates
| Bank Name | Tenure | Interest(p.a.) |
|---|---|---|
| Esaf Small Finance Bank | 12 Months | 8.75% |
| Suryoday Small Finance Bank | 12 Months | 8.50% |
| Utkarsh Small Finance Bank | 12 Months | 8.50% |
| Equitas Small Finance Bank | 12 Months | 8.50% |
| North East Small Finance Bank | 12 Months | 8.50% |
| Ujjivan Small Finance Bank | 12 Months | 8.30% |
| Indusind Bank | 12 Months | 8.00% |
| Rbl Bank | 12 Months | 8.00% |
| Fincare Small Finance Bank Ltd | 12 Months | 8.00% |
| The Nainital Bank | 12 Months | 7.90% |
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