Savings Account Interest Rate in India (20 Feb 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 20 Feb 2019)

Bank NameInterest Rates (p.a.)LimitInterest Rates (p.a.)LimitCalculate
Yes Bank5%Below Rs 1 Lakh6%Rs 1 Lakh to Rs 1 Crore
Kotak Mahindra Bank 5%Upto Rs 1 Lakh6%Above Rs 1 Lakh to Rs 1 Crore
Bandhan Bank 4%Below Rs 1 Lakh6%Rs 1 Lakh & above
Rbl Bank 6%Upto Rs 1 Lakh6%Above Rs 1 Lakh to Rs 10 Lakhs
Dcb Bank 4%Below Rs 1 Crore6%Above Rs 1 Crore to Rs 5 Crores
Laxmi Vilas Bank4%Upto Rs 1 Lakh5%Above Rs 1 Lakh to Rs 5 Lakhs
Indusind Bank4%Upto Rs 10 Lakhs5%Above Rs 10 Lakhs to Rs 1 Crore
Oriental Bank Of Commerce4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Vijaya Bank4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Central Bank Of India4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Karur Vysya Bank4%Upto Rs 1 Lakh4%Above Rs 1 Lakh
State Bank Of Travancore4%Upto Rs 1 Crore4%Above Rs 1 Crore
Allahabad Bank4%Less than Rs 40 Lakhs4%Rs 40 Lakhs & above
Federal Bank4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above upto Rs 10 Crores
Punjab National Bank4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Jammu And Kashmir Bank 4%Upto Rs 10 Lakhs4%Above Rs 10 Lakhs to Rs 1 Crore
Axis Bank4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
Corporation Bank4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
State Bank Of Bikaner And Jaipur4%Upto Rs 1 Crore4%Above Rs 1 Crore
Andhra Bank4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Hdfc Bank4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above but below Rs 500 Crores
Punjab And Sind Bank4%Upto Rs 20 Lakhs4%Above Rs 20 Lakhs
Dena Bank4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Syndicate Bank4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Bank Of Baroda4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Icici Bank 4%Below Rs 50 Lakhs4%Rs 50 Lakhs & above
State Bank Of India4%Upto Rs 1 Crore4%Above Rs 1 Crore
Catholic Syrian Bank 4%Upto Rs 1 Lakh4%Above Rs 1 Lakh to Rs 50 Lakhs
Idbi Bank4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Uco Bank4%Upto Rs 50 Lakhs4%Over Rs 50 Lakhs
Bank Of India4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
State Bank Of Mysore4%Upto Rs 1 Crore4%Above Rs 1 Crore
City Union Bank 4%Upto Rs 1 Lakh4%Above Rs 1 Lakh
Indian Bank4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
South Indian Bank4%Upto Rs 1 Lakh4%Above Rs 1 Lakh to below Rs 5 Crore
Union Bank Of India4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Bank Of Maharashtra4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Jammu And Kashmir Bank 4%For Any Amount4%Above Rs 10 Lakhs
State Bank Of Hyderabad4%Upto Rs 1 Crore4%Above Rs 1 Crore
Indian Overseas Bank4%Upto Rs 25 Lakhs4%Above Rs 25 Lakhs
Tamilnad Mercantile Bank 4%Upto Rs 1 Lakh4%Above Rs 1 Lakh
United Bank Of India4%Upto Rs 50 Lakhs4%More Than Rs 50 Lakhs
Canara Bank4%Upto Rs 50 Lakhs4%Above Rs 50 Lakhs
Karnataka Bank 3%Upto Rs 1 Lakh4%Above Rs 1 Lakh to Rs 50 Lakhs
State Bank Of Patiala4%Upto Rs 1 Crore4%Above Rs 1 Crore
Dhanalakshmi Bank4%Upto Rs 50 Lakhs4%More Than Rs 50 Lakhs
Disclaimer: The Saving Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites

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 February 23 is a bank holiday in Andaman And Nicobar Island due to 4th Saturday Bank Holiday.
2019 March 04 is a bank holiday in Andaman And Nicobar Island due to Maha Shivratri.
2019 March 04 is a bank holiday in Chandigarh due to Maha Shivaratri.
2019 March 09 is a bank holiday in Andaman And Nicobar Island due to 2nd Saturday Bank Holiday.
2019 March 20 is a bank holiday in Assam due to Dol Jatra.
2019 March 20 is a bank holiday in Jharkhand due to Holika Dahan.

Highest FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 12 Months8.75%
Utkarsh Small Finance Bank12 Months8.50%
Equitas Small Finance Bank 12 Months8.50%
North East Small Finance Bank 12 Months8.50%
Suryoday Small Finance Bank12 Months8.50%
Ujjivan Small Finance Bank 12 Months8.30%
Fincare Small Finance Bank Ltd12 Months8.00%
Rbl Bank 12 Months8.00%
Indusind Bank12 Months8.00%
The Nainital Bank 12 Months7.90%

Senior Citizen FD Interest Rates

Bank NameTenureInterest(p.a.)
Esaf Small Finance Bank 1 Year9.25%
Suryoday Small Finance Bank1 Year9.00%
Utkarsh Small Finance Bank1 Year9.00%
Equitas Small Finance Bank 1 Year9.25%
North East Small Finance Bank 1 Year9.00%
Ujjivan Small Finance Bank 1 Year8.80%
Indusind Bank1 Year8.50%
Fincare Small Finance Bank Ltd1 Year8.50%
Rbl Bank 1 Year8.50%
The Nainital Bank 1 Year8.40%

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