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Top 5 Public Sector Banks Offering Highest Interest Rates On Savings Account
When it comes to dealing with a financial crisis or an unexpected emergency, having a secure investment instrument in your portfolio with adequate liquidity is always significant, whether you are a salaried or self-employed individual. As a result, having a savings account not only helps you meet short-term goals or cover emergencies, but it also provides you with interest rates and ensures that your deposits up to Rs 5 lakhs are backed by DICGC. Because a savings account is a liquid investment, you can withdraw your funds whenever you want without incurring any charges.
In order to be financially responsible, opening a savings account should be your first step towards your personal finance and in order to earn interest rates by opening an account, you must go for the major banks of India like SBI, but let me remind you that the country's largest lender is now only offering an interest rate of 2.70 percent, so as a result, here we have picked top 5 public sector banks based on higher interest rates on savings bank deposits only and not market capitalization.
Canara Bank
This public sector bank has recently updated its interest rates on saving bank deposits; the new interest rates are effective as of 01.03.2022, and the bank is now giving a maximum interest rate of 3.50 percent on savings accounts with outstanding balances of Rs 1000 Cr and above. Check out the bank's most recent interest rates on savings accounts here.
| Slabs | ROI (%) p.a. |
|---|---|
| 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 |
Bank of Baroda
Bank of Baroda has updated its savings account interest rates, effective February 25, 2022. Following the modification, the bank is now giving a maximum interest rate of 3.30 percent on outstanding savings bank deposits of Rs 1,000 crores and above.
| SB deposits outstanding Balance | Revised Interest Rates w.e.f 25/02/2022 |
|---|---|
| Up to o/s Rs. 1.00 lakh | 2.75% |
| Above Rs 1.00 Lakh to less than Rs 100 Crores | 2.75% |
| Rs.100 Crore and above to less than Rs.200 Crores | 2.85% |
| Rs 200 crores and above to less than Rs 500 crores | 3.05% |
| Rs 500 crores and above to less than Rs 1,000 crores | 3.25% |
| Rs 1,000 crores and above | 3.30% |
| Source: Bank Website |
Punjab & Sind Bank
Punjab & Sind Bank has revised the interest rates on its savings accounts effective February 1, 2022. After the adjustment, the bank now pays a maximum interest rate of 3.20 percent on saving bank deposits of Rs 10 Crore and above.
| Saving Bank Deposit including NRE/NRO | Revised Rates w.e.f 01.02.2022 (% p.a) |
|---|---|
| Below 10 Core | 3.00% p.a. |
| 10 Core & above | 3.20% |
| Source: Bank Website |
Union Bank of India
Union Bank of India has changed saving bank deposit rates effective October 1, 2021. Following the modification, the bank now offers an interest rate of 2.90 percent on balances up to and including Rs. 25.00 lakhs and 2.90 percent on balances exceeding Rs. 25.00 lakhs.
| Balance slabs | Interest rate |
|---|---|
| On balance upto & including Rs. 25.00 lakhs | 2.9% per annum |
| On balance above Rs. 25.00 lakhs | 2.9% per annum |
| Source: Bank Website |
Bank of India
Bank of India (BoI) has changed the savings account interest rate, effective October 1, 2020. In accordance with the revised, the bank now offers an interest rate of 2.90 percent on savings account balances of up to and including Rs 1.00 lakh.
| Balance slabs | Rate of Interest w.e.f. 01.10.2020 |
|---|---|
| Upto Rs 1.00 lakhs | 2.9 |
| Above Rs 1.00 lakhs | 2.9 |
| Source: Bank Website |
