Saving Account with Interest Rates in India 2018

Saving Account Interest Rate in India [Updated]

Have you ever had any difficulty in deciding in which bank to put your money in order to have higher interest, deposit and withdrawal, as well as easy bank procedures?- Saving Account Interest Rate.

It is a very important decision that you should give proper thought to, as each bank has different interest rates, personalized services, which are different from one another. In this case, I am going to talk to you about India and I will specifically talk about the best savings account  Interest Rates choices for Indian Citizens. 

saving account interest rate

Below Are Best Saving Account Interest Rate in India: 

DBS 

The bank I would like to suggest is the Development Bank of Singapore Limited, which is a bank that offers the high quality services. The Bank is growing rapidly in India and offers the maximum interest rates than other bank. It is a bank with a wide reputation and has branches in many countries such as Hong Kong, India, Taiwan, Indonesia.   

Daily BalanceRate of Interest
Daily Balance up to Rs. 1 Lac6%
Daily Balance of above Rs. 1 Lac and upto 2 lacs7%
Daily Balance of above Rs. 2 lacs and upto 5 lacs5%
Daily Balance of above Rs. 5 lacs4%

 

It means its very useful for all the students(As they can deposit less than 1 lakh and can get 6% interest rates), Mothers in house is known to saves the most money they will also earn good amount of money if they can deposit money below 2 lakh and can earn upto 7% interest rates, Even all the people who like to save money can make most out of their hard earn savings. 

The bank offers free:

  • 7% interest on amount below 1 lac
  • A Visa debit card which is free only for first year,unlimited ATM transactions at any Visa ATM
  • Zero Account Balance /No minimum balance requirement
  • Cash transfer to any bank

Kotak Bank

Another bank worth mentioning is the Kotak Bank, which is well known in India and has a very good reputation. The Bank has many services as well as many benefits as it covers the entire family's banking needs.

Daily BalanceRate of Interest
Daily Balance up to Rs. 1 Lac 5%
Daily Balance of above Rs. 1 Lac and upto 1 crore 6%
Daily Balance of above Rs1 crore 5.5%
  1. Earn up to 6% interest on your savings account balance.
  2. Free cash withdrawals at Kotak Bank ATMs.
  3. Free access to all domestic VISA ATMs, up to five transactions per month.
  4. Daily ATM cash withdrawal limit of Rs. 50,000.

YES Bank (Saving Account Interest Rate )

Daily BalanceRate of Interest
Daily Balance up to Rs. 1 Lac 5%
Daily Balance of above Rs. 1 Lac and upto 1 crore 6%
Daily Balance of above Rs1 crore 6.25%

YES Bank is a well-known bank in all of India and caters mostly to the retail segment. The Bank offers a Smart Salary Account which creates many favours for employers and employees. Some of the features of the works are:

  1. This bank offers you services for Free Personal Accident Death cover.
  2. The bank offers Plantium International Chip Debit.
  3. Higher return of up to 6% p.a. on saving account.
  4. saving account interest rate

HDFC Bank

Hdfc is one of the best banks in India. This bank offers you many opportunities for better services and this bank operates in 4787 other branches around the world. The Bank offers a 24-hour service on 7 days a week and is at the service of all India's customers. The Bank also provides the basic services which are mentioned above, such as Internet Banking and Telephone Services. 

Daily BalanceRate of Interest
Daily Balance below Rs. 50 lakh. 3.5%
Daily Balance of aboveRs. 50 lakh. 4%

ICICI bank

Another bank that I would like to recommend is ICICI bank, a very reputable bank which offers great customer service. It operates a 4850-branch network. This bank has many positive features because you have the right to choose the account number, benefit from discounts on hospitals or pharmacies and to fit the internet with a bank phone.

Daily BalanceRate of Interest
Daily Balance below Rs. 50 lakh. 3.5%
Daily Balance of aboveRs. 50 lakh. 4%

Axis Bank - (Saving Account Interest Rate)

The third bank is Axis Bank. You can use this bank to receive financial services for large businesses as well as small businesses. Axis bank is available at any time for its customers and has 3589 different branches.

Daily BalanceRate of Interest
Daily Balance below Rs. 50 lakh. 3.5%
Daily Balance of aboveRs. 50 lakh. 4%

State Bank of India

State Bank of India allows you to deposit in multiple options, you can transfer money without having to change your account number, as well as having Internet, Mobile and Kiosk Banking. SBI is a bank which offers many personal and international services. The Bank manages around 24,000 branches and also you can benefit from this bank: 

Daily BalanceRate of Interest
Daily Balance below Rs. 1 crore. 3.5%
Daily Balance of above Rs. 1 crore. 4%
  1. Paperless account opening (OTP based e-KYC)
  2. Free Rupay debit card
  3. With SBI Rewardz get exclusive offers & discounts on shopping, travel and much more

Punjab National Bank

Daily BalanceRate of Interest
Daily Balance below Rs. 50 lakh. 3.5%
Daily Balance of aboveRs. 50 lakh. 4%

Another popular bank is the Punjab National Bank which offers many services to provide finance, insurance, mortgage loans, private equity and asset management. This bank has over 5000 branches throughout India and offers many great services. This bank provides you: Zero Balance Account, Premium Savings Account, Total Salary Account and Savings Bank Deposits Account are the the features which makes PNB different from others.

 

Indians have always traditionally enjoyed some of the highest interest rates in the world, both on savings accounts as well as on Fixed Deposit accounts. Although Saving account interest rates have dropped in the past 3 years, they still beat the rate of interest in Western countries. Moreover, compared to their Asian peers, Indian banks, both in the public and private sector are relatively insulated from a global financial crisis, which means, that no matter how the world economy is doing, your money will continue to be in secure hands. You can decide which bank offers which you perceive to be the most beneficial.

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