Indian Bank Makes Revision On Savings Account Interest Rates (W.e.f. 01.04.2022)

Indian Bank, a public sector lender, has announced an interest rate revision on savings bank deposits. The bank will provide a maximum interest rate of 2.90 percent beginning April 1, 2022. The above-mentioned interest would be calculated on a daily account balance basis and credited quarterly in the months of June, September, December, and March each year. Individuals - with single accounts, two or more individuals with joint accounts, physically challenged persons, Associations, Clubs, Trusts, HUFs, and Institutions/Agencies/ Societies/Government Departments specifically allowed by RBI can all establish a savings account at Indian Bank.

The account can be created with or without a check facility, and it is available in both rural and semi-urban areas with a minimum balance requirement with a cheque facility is Rs.1000/-, while the minimum balance needed without a cheque facility is Rs.500/. The minimum balance required in metro and urban regions is Rs.2500/- with a cheque facility and Rs.1000/- without a cheque facility. Savings account deposits have no upper limit, and Indian Bank grants 20 free cheque leaves every calendar year for Savings Bank accounts. In addition, the bank provides free Rupay ATM/Debit cards, 50 free withdrawals per half-year, ECS/RTGS/NEFT facilities, Demat, locker, and credit card facilities, and nomination services.

Indian Bank Savings Account Interest Rates

The following are the interest rates on savings bank deposits as of April 1, 2022.

Balance slabs	Existing	Revised
Up to Rs.10 lakh	2.90%	2.75%
More than Rs.10 lakh to less than Rs.200 Cr	2.90%	2.80%
Rs. 200 Cr and above	2.90%	2.90%
Source: Bank Website. W.e.f. 01.04.2022

Meanwhile, RBL Bank and IDFC First Bank have revealed their new savings account interest rates, which will take effect on April 1, 2022. IDFC First Bank now offers a maximum interest rate of 6% on savings account balances of more than Rs. 25 lakh but less than or equal to Rs. 1 crore, while RBL Bank now offers a maximum interest rate of 6% on savings account outstanding balances of more than Rs. 10 lakh but less than or equal to Rs. 5 crores.