PNB vs HDFC vs DCB vs RBL vs IDFC First vs Yes Bank: Savings Account Interest Rate Compared

Opening a savings account is strongly recommended for all sorts of investors, whether salaried or self-employed when it comes to short-term investments with adequate liquidity, especially while starting your first voyage into personal finance. A savings bank offers interest, unlike a current account, and the balance maintained along with interest income in a savings account helps you satisfy your emergency demands. A savings account not only allows you to earn interest on the balance you have in the account but also secures your funds with DICGC insurance. Under section 80TTA of the Income Tax Act, interest earned on a savings bank account is tax-free up to Rs 10,000, which is an important aspect to remember. Apart from these well-known perks, let's check the interest rates of some banks, which were recently updated in the month of February 2022.

Punjab National Bank (PNB)

On February 16, 2022, PNB updated its savings account interest rates. Following the latest change, the bank now pays 2.75 percent p.a. on savings fund account balances of less than Rs.10 lakh and 2.80 percent p.a. on savings fund account balances of Rs.10 lakh and above.

Balance slabs	Rate Of Interest
Saving Fund Account Balance below Rs.10 Lakh	2.75% p.a.
Saving Fund Account Balance of Rs.10 Lakh & above	2.80% p.a.
Source: Bank Website. (W.E.F. 16th February 2022)

HDFC Bank

On February 2, 2022, HDFC Bank updated its interest rates on domestic, NRO, and NRE savings accounts. The bank is currently giving an annual interest rate of 3.00 percent on savings account balances less than Rs. 50 lakh, 3.50 percent on savings account balances between Rs 50 lakh and Rs 1000 crore, and 4.50 percent on savings account balances above Rs 1000 crore.

Savings Balance (Rs)	Interest Rate p.a
Less than Rs. 50 Lakh	3.00%
Of and above Rs 50 Lakh to less than Rs 1000 Cr	3.50%
Of and above Rs 1000 Cr	4.50%
Source: Bank Website. Effective 2nd Feb 2022

DCB Bank

On February 07, 2022, DCB Bank updated interest rates on resident, NRE, and NRO Savings Bank Accounts. Following the revision, the bank is now giving a maximum interest rate of 6.75 percent on savings accounts with balances between 50 lakh and 2 Cr. This interest rate is significantly higher than the fixed deposit interest rates offered by some of the country's largest banks, notably SBI.

Balance Range (INR)	Rate of Interest p.a. W.E.F February 7, 2022
On balances up to 1 lakh in the account	2.50%
On balances above 1 lakh to less than 2 lakh in the account	4.50%
On balances from 2 lakh to less than 10 lakh in the account	5.00%
On balances from 10 lakh to less than 25 lakh in the account	6.25%
On balances from 25 lakh to less than 50 lakh in the account	6.50%
On balances from 50 lakh to less than 2 crore in the account	6.75%
On balances from 2 crore to less than 50 crore in the account	5.50%
On balances from 50 crore and above	5.00%
Source: Bank Website

RBL Bank

On February 3, 2022, RBL Bank changed its interest rate on domestic savings deposits (including NRE/NRO savings). On daily balances up to Rs. 1 lakh, the bank is currently giving a 4.25 percent interest rate. RBL Bank is currently giving a 5.50 percent interest rate on balances of above Rs. 1 lakh up to Rs. 10 lakh, 6.25 percent on balances of over Rs. 10 lakh and up to Rs. 3 Crore, and above Rs. 3 Crore up to Rs. 5 Crore on daily savings account balances of over Rs. 10 lakh and up to Rs. 3 Crore.

Daily balance	Rate of Interest (p.a.) w.e.f. February 03, 2022
Upto Rs. 1 lakh	4.25%
Above Rs. 1 lakh upto Rs. 10 lakh	5.50%
Above Rs. 10 lakh and upto Rs. 3 Crore	6.25%
Above Rs. 3 Crore upto Rs. 5 Crore	6.25%
Source: Bank Website

IDFC First Bank

On February 18, 2022, the bank updated its savings account interest rates. The bank is currently giving the following interest rates on domestic, NRE, and NRO savings accounts as a result of the revision.

Balance (Rupees)	Rate of Interest (% p.a.) (Progressive)
Less than or equal to Rs 1 Lac	4.00%
More than Rs 1 lac up to Rs 10 lac	4.50%
More than Rs 10 lac up to Rs 100 Cr	5.00%
More than Rs 100 Cr up to Rs 200 Cr	4.50%
More than Rs 200 Cr	3.50%
Source: Bank Website. (Effective from 18/02/2022)

Yes Bank

On February 8, 2022, Yes Bank updated its savings account interest rates. In accordance with the revised, the bank currently offers the interest rates indicated below on domestic and Non-resident savings accounts.

Daily Balance in the Savings Account (INR)	Applicable Interest Rates (p.a.) w.e.f. 8th February'22
Less than or equal to Rs 1 lakh	4%
More than Rs 1 lac to Rs 10 lacs	4.25%
More than or equal to Rs 10 lacs up to Rs 1 Cr	4.75%
More than or equal to Rs 1 Cr up to Rs 25 Cr	5.00%
Source: Bank Website