Savings accounts are a popular financial product that allows you to save money while earning interest on your deposited amount. In this blog, we will discuss the latest saving account interest rate and fixed deposit rate (fd interest rate) in India.
“Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett
List of Contents
- What is a saving account interest rate?
- What are Fd interest rates?
- Latest saving account interest and fd rates in india
- Factors that affects interest rates on savings account
- Conclusion
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What is a saving account interest rate?
The savings account interest rate is the percentage of interest that a bank pays on your deposits in your savings account. This interest rate is generally lower than that of other investment products, but it is a good and safe option for short-term savings.
Savings accounts are an excellent option for people who are new to banking and investing. Banks are considered safe places to save your money for the future, and fixed deposits are viewed as safe investment options.
What are fixed deposit rate?
The Fd interest rate is the rate at which a bank offers a fixed interest rate on a fixed amount locked in your bank account for a period ranging from a few months to several years. In India, fixed deposits (FDs) are a popular investment choice, especially among risk-averse individuals.
Latest savings account and Fd interest rates in india
The savings account and Fd interest rates in India vary from bank to bank, and they change over a period of time. The average savings account interest rate in India is around 3.00% to 4.00%. However, some banks offer higher rates for their savings accounts.
Table below shows the savings account and FD rate of banks
| S. No. | Bank | Savings Account Interest Rate (Per Annum) | FD Rate for Regular citizens (Per Annum) | FD rate for senior citizens (Per Annum) |
|---|---|---|---|---|
| 1 | Allahabad Bank | 2.80% - 6.1% | - | - |
| 2 | Andhra Bank | 3.0% - 6.7 % | - | - |
| 3 | Au Finance | 3.5% - 7.25% | - | - |
| 4 | Axis Bank | 3.0% - 3.5% | 3.5%-7.% | 3.75% - 7.75% |
| 5 | Bank of Baroda | 2.75% - 3.35% | 3% - 7.05% | 3.5% - 7.55% |
| 6 | Bank of India | 2.75% - 2.9% | 3.0%-7.05% | 3.5%-7.55% |
| 7 | Bandhan Bank | 3% - 6.5% | 3%-7.5% | 3.75% -8% |
| 8 | Bank Of Maharashtra | 2.75% | 2.75% -6.3% | 2.75% -6.8% |
| 9 | Canara Bank | 2.9% - 4% | 3.25% - 7.19% | 3.25% -7.71% |
| 10 | Central Bank of India | 2.9% - 3.0% | 3.% - 6.92% | 3.5% - 7.45% |
| 11 | Citibank | 2.50% | - | - |
| 12 | Corporation Bank | 3.0% | - | - |
| 13 | Dena Bank | 2.75% | - | - |
| 14 | Dhanlaxmi Bank | 3% - 4 % | - | - |
| 15 | Federal bank | Up to 4 % | - | - |
| 16 | Hdfc Bank | 3% - 3.5% | 3%-7% | 3.5%-7.75% |
| 17 | Icici Bank | 3% - 3.5% | 4.5%-7.15% | 4.5%-7.15% |
| 18 | IDBI Bank | 3% - 3.4% | - | - |
| 19 | IDFC Bank | Up to 5% | - | - |
| 20 | Indian Overseas Bank | 3.05% | - | - |
| 21 | Indusind Bank | 4% - 6% | 3.5%-7.25% | 4.0%-7.85% |
| 22 | Jammu and Kashmir Bank | 2.90% | - | - |
| 23 | Jana Small Finance Bank | 3.0% - 4.0% | - | - |
| 24 | Karnataka Bank | 2.75% - 4.50% | - | - |
| 25 | Kotak Bank | 3.50% - 4.00% | 2.75%-7.19% | 3.25%-7.71% |
| 26 | Lakshmi Vilas Bank | 3.25% - 3.75% | - | - |
| 27 | Oriental Bank of commerce | 3.00% | - | - |
| 28 | Punjab National bank | 2.7% - 3.00% | 3.5%-7.25% | 4%-7.75% |
| 29 | Punjab & Sind Bank | 3.10% | - | - |
| 30 | RBL Bank | 4.50% - 6.25% | - | - |
| 31 | South Indian Bank | 2.35 – 4.50% | - | - |
| 32 | State Bank of India (SBI) | 2.70% | 3.00% - 7% | 3.50%-7.5% |
| 33 | Syndicate Bank | 2.90% - 3.20% | - | - |
| 34 | Uco Bank | 2.50% | - | - |
| 35 | Union Bank of India | 3.00%- 6.70% | - | - |
| 36 | United Bank of India | 3.00% | - | - |
| 37 | Vijaya Bank | 2.75% | - | - |
| 38 | Yes Bank | 4.00% - 6.00% | 3.25% - 7.19% | 3.75% - 7.98% |
Note:- These interests are subject to change; please check the official website for the most current information.
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Factors that affect interest rates on savings account:
It is affected by various factors, including:
- Reserve Bank of India (RBI): The RBI sets the benchmark interest rate, which affects the interest rates offered by banks.
- Bank Policies: Each bank has its own policies on interest rates, and they may change them based on their financial performance.
- Account Balance: Some banks offer higher interest rates for higher account balances.
- Fees: Some banks charge fees for their savings accounts, which may lower the effective interest rates.
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Conclusion:
Savings accounts are a great way to save money while earning interest on your deposited funds. Interest rates on FDs are usually higher than saving account interest rates because they are fixed and guaranteed for a fixed duration. saving account and FD interest rate offered by banks vary, and they change over time, so it is important to stay updated about the latest rates to maximize your earning.
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