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  • Category: Banking

    Which bank in India offers the highest rate of interest in a savings bank account?

    Tell me about the list of banks which offer the highest rate of interest in a savings bank account.

    There are many types of banks in India like PSU banks, cooperative bank, private bank and foreign banks. Which bank in India offers the highest rate of interest with respect to a savings bank account? Is the rate of interest offered by all the PSU banks equal?
  • #138353
    Some of the banks offer 6% interest on saving bank account for example kotak mahindrs bank. Rate of interest offered by all the PSU banks is not equal. they offer different rate of interest and the margin is very less.
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  • #138358
    As per the RBI guidelines no bank is allowed to give unrealistic interest rate. So almost every bank offers base 4% interest rate. And based on some conditions they may offer higher interest rate. For example, the Kotak Mahindra bank gives the 6% interest only on amount higher than 1 Lakh in the savings bank. Also that savings interest does invite the TDS too. So at the end you'd end up on the 3.5% yearly amount after the TDS deduction. Even the PSU banks offering similar scheme would be with same interest margin. Most of the banks however offer realistic 4% interest on amount upto 1 Lakh. And more than 4% on any amount higher than that. When it comes to TDS deduction and other fees, the PSU banks are better for savings rate because they have lesser infrastructure fees compared to the private banks such as ICICI, AXIS, and Kotak.

  • #138363
    - RBL bank offers 7.1% p.a. for daily balance of Rs:10 lakh and above.
    -Public sector banks are giving 4% interest rate. This is because they have huge customers base and branches throughout the country and lots of trust is build up among people for PSU banks.
    -Private banks at the same time are offering interest rate of 7-8% depending on the balance amount maintained to attract customers.
    -Yes, all public sector banks offer almost same interest rate whereas private banks vary highly when comes to offering interests.

  • #138472
    Kotak Mahindra bank gives 6% interest p.a. only if the deposited amount is higher than INR 1 lakh in the saving account. The Public sector banks give 4% p.a. interest on the deposits in saving accounts.
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  • #147157
    Hi Friend
    The rate of intrest given by banks on Savings account will change from bank to bank.As of now Ratnakar Bank will give you more intrest I.e., 7.1% P.A if customer maintains 10 lakhs and above in account.And same Ratnakar Bank gives 6.1% PA if you maintain more than 1 lakh rupees and 5.1% PA if you maintain upto 1 lakh rupees.
    And Kotak Mahindra bank gives 6%PA if you maintain balance between 1 lakh to 1 crore rupees and 5.5% PA if you maintain above 1 crore and 5% if you maintain upto 1 lakh rupees.
    And Lakshmi Vilas bank provides 5% intrest Per Annum if you maintain upto 5 lakhs in savings account and 6% PA if you maintain above 5 lakh rupees.
    And larger banks like SBI,HDFC BANK LTD,AXIS BANK provides 3.5% PA intrest on Savings bank account if you maintain a balance upto 50 lakhs and 4% PA if you maintain above 50 lakhs.

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