Canara Bank, Bank of India and IDFC FIRST Bank have revised their savings account interest rates, with returns varying according to the account balanc…
1/6Savings accounts remain a popular choice among individuals looking for a simple and secure way to manage their money while earning interest on their deposits. Several public and private sector banks, along with Small Finance Banks, offer different interest rates depending on the account balance and type of account. Before opening a savings account, customers should consider factors such as the interest rate offered, minimum balance requirements, account features and other banking services. Interest rates on savings accounts can vary significantly depending on the bank and the amount maintained in the account. Canara Bank, Bank of India, Union Bank and IDFC FIRST Bank have recently revised their savings account interest rates. Here is a look at the latest rates offered by these banks. (Image AI generated)
2/6IDFC FIRST Bank offers up to 7% interest | IDFC FIRST Bank has revised its savings account interest rates with effect from September 1. The bank offers an interest rate of 2.50% per annum on savings account balances of up to ₹3 lakh. For balances above ₹3 lakh and up to ₹25 lakh, customers can earn 7% per annum. The interest rate is 6.25% for balances above ₹25 lakh and up to ₹5 crore. For balances exceeding ₹5 crore, the bank offers an interest rate of 5% per annum. (Image CNBCTV18.com file)
3/6Canara Bank revises savings account rates | Canara Bank has revised the interest rates on its savings bank accounts for domestic, Non-Resident External (NRE) and Non-Resident Ordinary (NRO) customers. The rates vary depending on the balance maintained in the account. The bank offers an interest rate of 2.50% per annum on balances of up to ₹100 crore. Customers maintaining balances between ₹100 crore and less than ₹300 crore will earn 2.65%. For balances ranging from ₹300 crore to less than ₹500 crore, the interest rate is 3.10%, while balances between ₹500 crore and less than ₹1,000 crore will earn 3.40%. Customers with balances ranging from ₹1,000 crore to less than ₹2,000 crore will receive 3.55% interest. The highest rate of 4% per annum is offered on balances of ₹2,000 crore and above. (Image Shutterstock)
4/6Bank of India announces revised rates | Bank of India has also revised its savings deposit interest rates, effective from September 1. The bank offers 2.50% per annum on balances of up to ₹50 crore. The interest rate increases to 2.60% for balances above ₹50 crore and up to ₹250 crore, while balances above ₹250 crore and up to ₹500 crore will earn 2.75%. Customers maintaining balances above ₹500 crore and up to ₹1,000 crore will receive 3%, while those with balances between ₹1,000 crore and ₹1,500 crore will earn 3.15%. For balances above ₹1,500 crore and up to ₹2,000 crore, the interest rate is 3.30%. The rate rises to 4.75% for balances above ₹2,000 crore and up to ₹2,500 crore. Customers with balances above ₹2,500 crore and up to ₹3,000 crore will earn 5.70%, while the highest interest rate of 6.25% per annum is available for balances exceeding ₹3,000 crore. (Image CNBCTV18.com file)
5/6Union Bank of India’s savings account interest rates | Union Bank of India offers savings account interest rates ranging from 2.50% to 6.25% per annum, depending on the account balance. The bank offers 2.50% interest on balances of up to ₹50 lakh, while the rate increases gradually across higher balance slabs. Customers maintaining balances above ₹2,000 crore and up to ₹3,000 crore can earn 5.60%, while the highest interest rate of 6.25% per annum is offered on balances above ₹3,000 crore. The revised rates are effective from August 10. Interest is calculated on a daily product basis and credited quarterly in April, July, October and January. (Image Reuters)
6/6Customers should compare account features | Savings account interest rates are only one of the factors customers may consider while choosing a bank account. Account holders can also compare minimum balance requirements, banking facilities and other services offered by different banks before making a decision. (Image AI generated)
