How much interest is your bank giving on your savings accounts? Compare rates of top lenders here

Saving account rate: Savings account is the most basic and crucial account used to keep money. It is a liquid instrument as individuals can withdraw money anytime at their convenience without any restrictions. 

To find the best savings account it is necessary to compare the interest rates and features such as the low minimum balance requirement and the flexibility to make deposits and withdrawals. 

One should also look into additional benefits such as the availability of bank branches in their city of residence, mobile and internet banking, the convenience of ATM withdrawals, and instant assistance. Also, investors should choose the type of saving account that will benefit them the most. 

If these criteria are fulfilled, individuals can choose any bank account based on their convenience. 

Various banks provide different interest rates on the savings account depending upon the nature of the account as defined by the financial institutions. Do you know how much interest your bank provides on your savings account? Let’s have a quick glance at the savings interest rate: 

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SBI

State Bank of India — the country’s largest public sector bank — provides the general public with an interest rate of 2.1 per cent on the amount of money up to Rs 10 crore kept in its savings account, according to its website, sbi.co.in. It offers interest at the rate of three per cent on deposits of Rs 10 crore and above.

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HDFC Bank

Private sector lender HDFC Bank — the country's largest bank by market value — provides interest a the rate of 3 per cent on savings account deposits up to Rs 50 lakh and 3.5 per cent on those above Rs 50 lakh, according to its website, hdfcbank.com.

ICICI Bank

ICICI Bank provides interest at the rate of three per cent on deposits less than Rs 50 lakh in its savings account, and 3.5 per cent on deposits of Rs 50 lakh and above, according to the lender's website, icicibank.com.

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