A Look On Banks Made Interest Rate Revision On Savings Account In March

When it comes to liquidity and crises in tumultuous times, having a savings account where you can save a portion of your income and earn interest while still being able to make easy withdrawals in the event of a financial emergency can be valuable for your personal finance. Starting a savings account is the best bet for short-term goals, but before we leap into the new financial year on April 1st, 2022, let's have a look at the banks that changed their savings account interest rates in March 2022.

Canara Bank

On March 1, 2022, this public sector lender changed the interest rate on savings accounts. Canara Bank is offering the below-listed interest rates on domestic, NRO, and NRE savings bank accounts as a result of the modification.

Slabs	ROI(%)
For outstanding Balance of less than Rs. 50 Lakh	2.90%
For outstanding Balance of Rs. 50 Lakh to less than Rs 100 Cr	2.90%
For outstanding Balance of Rs. 100 Cr to less than Rs 300 Cr	3.05%
For outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr	3.05%
For outstanding Balance of Rs 500 Cr to less than Rs 1000 Cr	3.35%
For outstanding Balance of Rs 1000 Cr & above	3.50%
Source: Bank Website

Indian Overseas Bank

On the 10th of March 2022, Indian Overseas Bank changed the interest rate on Savings Bank Deposits. The following are the savings bank interest rates as of March 10, 2022.

Savings Bank A/c.	Balance Upto Rs. 25 Lacs	Balance Above Rs. 25 Lacs upto Rs. 1 Crore	Balance Above Rs. 1 Crore
With cheque book facility	2.75	2.75	2.9
Without cheque book facility	2.75	2.75	2.9
No Frills Account	2.75	2.75	2.9
Non Resident	2.75	2.75	2.9
NRO	2.75	2.75	2.9
NRE	2.75	2.75	2.9
Source: Bank Website

Equitas Small Finance Bank

Equitas Small Finance Bank changed the interest rate on savings accounts on March 21, 2022. The bank now provides a maximum interest rate of 7.00 percent as a result of the revision. The below-listed interest rates will be calculated based on the account's daily closing balance and paid quarterly by the bank.

Daily Closing Balance	Rate Slab
Up to ₹ 1 lakh	3.50%
Above ₹ 1 lakh and upto ₹ 5 lakhs	6.00%
Above ₹ 5 lakhs and upto ₹ 2 crores	7.00%
Above ₹ 2 crores	5.50%
Source: Bank Website

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank modified the interest rate on saving bank accounts on March 1, 2022. The following are the interest rates on domestic savings accounts.

Balance in Rs	Rate of Interest
Balance Upto 1 Lakh	3.75% p.a.
Incremental balance above 1 Lakh upto 25 Lakhs	6.50% p.a.
Incremental Balance above 25 Lakhs	7.00% p.a.
Source: Bank Website