Bank Interest Rate: IDBI, Canara Bank highest returns; State Bank of India SBI list not in top 10 list

Bank Interest Rate: After the COVID-19 pandemic outbreak, Bank interest rate on saving accounts has been going down. While bank depositors are busy using the bank interest rate calculator and find out the bank giving highest returns, they will be shocked to know that State Bank of India (SBI) is out of top 10 list. Its IDBI and Canara Bank hold top 2nd rank in the top 10 list.

IDBI Bank Interest Rate on Saving Account

IDBI Bank is giving 3 per cent to 3.5 per cent return on the saving account, which is highest among the public sector banks operating in India. According to the IDBI's official website — idbibank.in, "As per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest decided by the Bank from time to time."

The IDBI website says that IDBI Bank interest rate on saving account (with effect from 21st September 2020), saving balance up to Rs 25 lakh will fetch 3 per cent bank interest rate, saving balance above rs 25 lakh below Rs 50 lakh will getch 3 per cent interest while saving balance of Rs 50 lakh and above will fetch 3.5 per cent bank interest rate.

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Canara Bank Interest Rates on Savings

As per the official website of Canara Bank — canara.businesstowork.com — a saving account holder will get bank interest rate from 2.9 per cent to 3.2 per cent. The Canara Bank website says that for outstanding Balance of less than Rs 50 Lakh and for outstanding Balance of Rs. 50 Lakh to less than Rs 100 Cr, Canara Bank interest rate is 2.90 per cent. For outstanding Balance of Rs. 100 Cr to less than Rs 300 Cr, Canara Bank interest rate is 3.0 per cent, for outstanding Balance of Rs. 300 Cr to less than Rs 500 Cr, interest rate given is 3.05 per cent while for outstanding Balance of Rs 500 Cr & above, Canara Bank interest rate will be 3.20 per cent.

Other PSBs, that are in the list of top Indian Public Sector banks in terms of bank interest rate on saving account includes Punjab & Sind Bank (3.1%), Indian Overseas Bank (3.05%), Union Bank (3%), Punjab National Bank or PNB (3%), Central Bank of India (2.75 to 3.00 per cent), Bank of India (2.90%), Indian Bank (2.90%) and Bank of Baroda (2.75%).

Bank Interest Rates SBI

Ironically, India's largest commercial bank State Bank of India (SBI) is not in the top 10 list. SBI is giving 2.7 per cent on all saving accounts irrespective of the deposits available in the account. As per the SBI's official website — sbi.co.in — the SBI bank interest rate on saving accounts were last revised last year and with effect from 31st May 2020, SBI decreased interest rate on saving accounts from 2.75 per cent to 2.70 per cent.