Savings Account Interest Rates: Check Offers from Leading Banks – Highest At 7.25%

Kotak Mahindra Bank recently reduced its savings account interest rates by 50 basis points for balances below Rs 5 lakh. With interest rates constantly changing, staying updated on the latest offerings from other banks is essential. Here’s a quick look at what some of India’s top banks are currently offering, according to a report by the Economic Times.

For savings accounts with balances less than Rs 50 lakh, the interest rate is 3 per cent. Balances over Rs 50 lakh earn a 3.50 per cent interest rate. These rates have been effective since April 2022.

SBI offers an interest rate of 2.70 per cent on balances up to Rs 10 crore, while balances above Rs 10 crore get 3 per cenr. These rates have been effective since October 2022.

ICICI Bank provides a 3 per cent interest rate for end-of-day balances under Rs 50 lakh and 3.50 per cent for balances above Rs 50 lakh.

or balances below Rs 10 lakh, PNB offers a 2.70 per cent interest rate. Balances between Rs 10 lakh and Rs 100 crore earn 2.75 per cent, while balances above Rs 100 crore earn 3 per cent.

Union Bank offers 2.75 per cent on balances up to Rs 50 lakh, 2.90 per cent for balances between Rs 50 lakh and Rs 100 crore, and up to 4.20 per cent for balances above Rs 2000 crore.

IDFC FIRST Bank stands out with a 7.25 per cent interest rate on balances between Rs 5 lakh and Rs 100 crore. Lower balances earn 3 per cent, and for balances above Rs 200 crore, the rate is 3.50 per cent.