On April 7, 2020, the leading state-run lender State Bank of India (SBI) in view of the liquidity situation, reduced interest rate on savings bank account from 3% to 2.75%. With the cut, savings account balance with SBI up to Rs. 1 lakh and above Rs. 1 lakh will now fetch 2.75% rate as against the previous 3% per annum. The new revised rate shall come into effect from April 15.
Interest calculation in Savings Account
On savings account, interest is calculated on a daily basis based on the end of the day balance in the savings account. And it is generally credited at intervals of 6 months i.e. half-yearly or as per the bank's discretion may be quarterly in some cases.
1. RBL Bank:
The savings account at RBL comes with customized schemes that also offer additional benefits including discounts on availing locker facility, insurance cover etc.
Based on the account balance in your RBL savings account, you would get:
|Daily Balance||Interest rate per annum (w.e.f. October 1, 2019)|
|On balances above Rs. 3 crore up to Rs. 5 crore||6.75%|
|On balances above Rs. 10 lac and up to Rs. 3 crore||6.75%|
|On balances above Rs. 1 lac and up to Rs. 10 lac||6%|
|On balances up to Rs. 1 lac||5%|
|Initial Rs. 1 lakh balance||5%|
2. Yes Bank:
From among its array of services, the country's fifth largest bank also provides customizable savings bank account in 4 simple steps by selecting debit card, pricing options, account packages and YES Delights.
|Daily Balance||Interest rate per annum (w.e.f. September 1, 2017)|
|For balances of Rs. 1 Crore upto Rs. 100 Cr||6.25%|
|For balances of Rs 1 lakh upto Rs. 1 Crore||6%|
|For balances upto Rs. 1 lakh||5%|
3. Kotak Mahindra Bank:
The bank offers both Basic Savings Bank deposit account or small account. There is a savings account for senior citizens too at the bank.
|Daily Balance||Interest rate per annum (w.e.f. April 1, 2020)|
|On balances above Rs. 1 lakh||5%|
|Up to Rs. 1 lakh||4%|
On the NRE/NRO savings account, the bank offers 4% interest rate per annum.
4. IndusInd Bank:
To its privileged customers, the bank offers interest rate as follows:
|Daily Balance||Interest rate per annum|
|Daily balance Upto Rs. 1 Lakh||4%|
|Daily balance above Rs. 1 Lakh & upto (& including) Rs. 10 Lakhs||5%|
|Daily balance above Rs.10 Lakhs||6%|
5. HDFC Bank:
The country's leading private bank that even bagged the title of the best bank in the country offers exclusive services to its savings account customers.
|Savings Account Balance||Revised rate w.e.f. January 7, 2019|
|Rs. 500 Crore and above||RBI Repo rate + 2 basis points|
|Rs. 50 lakh and above but less than Rs. 500 Crore||4%|
|Below Rs 50 lakh||3.50%|