List of “Top Banks” in India offering best saving account interest rates – Comparison table
What is a Saving Account:
A savings account is a type of bank account where you can deposit your money and earn interest with the facility of withdrawing your money anytime you want from these accounts.
Banks pay you compounding interest ( i.e. the interest you earn on interest) on the balance of these accounts.
How to open a savings bank account?
- Firstly you need to visit a bank or apply online if banks offer this facility.
- Then provide necessary details like your Aadhar, PAN, name, address, telephone number, etc, these documents come under the KYC requirements, most banks nowadays offer an E-KYC facility, which means you can complete your bank account verification from your home using the internet.
- Some institutions have a policy to make an initial minimum deposit at the time you open the account.
- Others will allow you to open the account first and deposit later.
Comparison between Top banks offering the best interest rates:
SBI (State Bank of India) | Below 10 crore, the rate is 2.7% | Upto and above 10 crores, the rate is 3% |
HDFC Bank | Below 50 lakh, the rate is 3.00% | Upto and above 50 lakh, the rate is 3.50% |
ICICI(Industrial Credit and Investment Corporation of India) Bank | Below 50 lakh, the rate is 3.00% | Upto and Above 50 lakh, the rate is 3.50% |
Axis Bank | Below 50 lakh, the rate is 3.00% | upto and above 50 lakh, the rate is 3.5% |
Kotak Bank | Upto 50 Lakh, the rate is 3.5% | Above 50 lakh, rate is 4% |
Investments are subject to market risk, apply your discretion before depositing or investing.
Author – Shreya Singh