Savings account interest rates’ comparison of SBI, ICICI, PNB, HDFC, BoB, Axis and other banks

Saving interests in Indian banks are on the increasing trend and after latest RBI’s decision, most of the public sector banks and private banks have reduced the savings interest drastically. Here we are comparing savings account interest of all govt. banks and 3 largest private banks ICICI, Axis and HDFC.

SBI bank savings interest rate from 15.10.2022

Major Contents in the Post: (Jump to the Section)

  1. Savings Interest rate of below Govt. banks :
  2. Savings Interest rate of below Private banks :

In India there are so many banks, Public sector banks, partial government controlled bank, Private banks, Co-operative banks and other NBFCs, Non-banking financial company acting like a bank. So, compare all the Govt. & large Private banks savings interest comparison here at single glance.

Also Read : Fixed deposit (FD) interest rate of ICICI, HDFC, Axis banks comparison

After 1st April, 2020 with merger of 10 nationalised banks, now there are only 12 nationalized banks left. These banks have been merged to make a large-scale bank to compete with the global banks.

Merged banks list:

S/NBank after MergerMerged Banks
1SBI (State Bank of India)SBI 6 Associates Banks + BMB (Bharatiya Mahila Bank)
2PNB (Punjab National Bank)United Bank of India + (OBC) Oriental Bank of Commerce
3UBI (Union bank of India)Andhra Bank + Corporation Bank
4Canara BankSyndicate Bank
5Indian BankAllahabad Bank
6BOB (Bank of Baroda)Dena Bank + Vijaya Bank
Status of public sector banks after merger

After merging, the no. of branches and no. of ATMs, no. of staffs all these will be rationalized as per customer requirements. Also, this will give muscle to fight with big Private banks in India or globally. (Source:

Savings Interest rate of all major Banks (12 Nationalized + 3 Private) (updated on 02.01.2023):

Savings interest rates are those interest which is given on the money kept idle in your account. This money is neither fixed nor engaged / blocked. This money earns ‘one of the lowest’ interest rate among all the saving options.

SBI savings interest is one of the lowest among these large banks. Some of the banks have already effected this interest rate, while some banks will start shortly. These savings interest rates are in p.a. means per annum / yearly. These rates can be checked at their ‘official website’ by clicking on the date

Bank NameDate w.e.fSavings interest Rate (%)Savings interest Rate (%)
State Bank of India (SBI)15.10.20222.70% p.a. (<10 Cr) 3.00% p.a. (>10 Cr)
Punjab National Bank (PNB)01.01.20232.70 % p.a. (<10 L)2.75 % p.a. (10 L-100 Cr)
Bank of Baroda (BOB)14.11.20222.75 % p.a. (<50 Cr)3.00% p.a. (50 Cr-200Cr)
Canara Bank21.12.20222.90 % p.a. (<5 Cr)2.95 % p.a. (5 Cr-10 Cr)
Union Bank16.06.20222.75 % p.a. (<= 50 L)2.90 % p.a. (50 L-100Cr)
Indian Bank01.04.20222.75 % p.a. (<= 10 L)2.80 % p.a. (10 L-200 Cr)
Indian Overseas Bank (IOB)10.08.20222.75 % p.a. (<= 1 Cr)2.90 % p.a. (>1 Cr)
UCO Bank10.04.20222.60 % p.a. (<= 10 L)2.75 % p.a. (>10 L)
Bank of Maharashtra (BoM)08.06.20202.75 % p.a. 2.75 % p.a.
Punjab and Sind Bank (PSB)01.11.20222.80 % p.a. (<= 1 Cr)2.90 % p.a. (1 Cr-100 Cr)
Bank of India (BOI)01.05.20222.75 % p.a. (<= 1 L)2.90 % p.a. (> 1 L)
Central Bank of India (CBI)15.11.20222.90 % p.a. (<= 10 Cr)3.00 % p.a. (> 10 Cr)
ICICI Bank04.06.20203.00 % p.a. (< 50 L)3.50 % p.a. (=> 50 L)
HDFC Bank06.04.20223.00 % p.a. (< 50 L)3.50 % p.a. (=> 50 L)
Axis Bank01.06.20223.00 % p.a. (< 50 L)3.50 % p.a. (=>50 L)
Table showing all public sector banks and 3 Private banks’ Savings interest rate

Also Read: Fixed deposit (FD) interest rate of all 12 Government banks comparison.

These banks’ saving interest rates are updated latest and subject to change as per RBI’s directives and by bank itself according to their customer’s requirements.

Here, you can find SBI saving interest rates, ICICI saving interest rates, HDFC saving interest rates, Axis bank saving interest rates, PNB saving interest rates, BOB saving interest rates, UBI saving interest rates, UCO bank saving interest rates, Canara saving interest rates, Indian bank saving interest rates, IOB saving interest rates, BOM saving interest rates, BOI saving interest rates, CBI saving interest rates, Punjab and sind bank saving interest rates etc. in single space and decide accordingly where to put your money. Govt. & Private banks savings interest comparison is done for this purpose only.

Also Read: Recent IDA change for CPSE employees.

Disclaimer: Kindly refer respective bank’s website or branch before investing.

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