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.
Major Contents in the Post: (Jump to the Section)
- Savings Interest rate of below Govt. banks :
- 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.
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/N||Bank after Merger||Merged Banks|
|1||SBI (State Bank of India)||SBI 6 Associates Banks + BMB (Bharatiya Mahila Bank)|
|2||PNB (Punjab National Bank)||United Bank of India + (OBC) Oriental Bank of Commerce|
|3||UBI (Union bank of India)||Andhra Bank + Corporation Bank|
|4||Canara Bank||Syndicate Bank|
|5||Indian Bank||Allahabad Bank|
|6||BOB (Bank of Baroda)||Dena Bank + Vijaya Bank|
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: Moneycontrol.com)
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 Name||Date w.e.f||Savings interest Rate (%)||Savings interest Rate (%)|
|State Bank of India (SBI)||15.10.2022||2.70% p.a. (<10 Cr)||3.00% p.a. (>10 Cr)|
|Punjab National Bank (PNB)||01.01.2023||2.70 % p.a. (<10 L)||2.75 % p.a. (10 L-100 Cr)|
|Bank of Baroda (BOB)||14.11.2022||2.75 % p.a. (<50 Cr)||3.00% p.a. (50 Cr-200Cr)|
|Canara Bank||21.12.2022||2.90 % p.a. (<5 Cr)||2.95 % p.a. (5 Cr-10 Cr)|
|Union Bank||16.06.2022||2.75 % p.a. (<= 50 L)||2.90 % p.a. (50 L-100Cr)|
|Indian Bank||01.04.2022||2.75 % p.a. (<= 10 L)||2.80 % p.a. (10 L-200 Cr)|
|Indian Overseas Bank (IOB)||10.08.2022||2.75 % p.a. (<= 1 Cr)||2.90 % p.a. (>1 Cr)|
|UCO Bank||10.04.2022||2.60 % p.a. (<= 10 L)||2.75 % p.a. (>10 L)|
|Bank of Maharashtra (BoM)||08.06.2020||2.75 % p.a.||2.75 % p.a.|
|Punjab and Sind Bank (PSB)||01.11.2022||2.80 % p.a. (<= 1 Cr)||2.90 % p.a. (1 Cr-100 Cr)|
|Bank of India (BOI)||01.05.2022||2.75 % p.a. (<= 1 L)||2.90 % p.a. (> 1 L)|
|Central Bank of India (CBI)||15.11.2022||2.90 % p.a. (<= 10 Cr)||3.00 % p.a. (> 10 Cr)|
|ICICI Bank||04.06.2020||3.00 % p.a. (< 50 L)||3.50 % p.a. (=> 50 L)|
|HDFC Bank||06.04.2022||3.00 % p.a. (< 50 L)||3.50 % p.a. (=> 50 L)|
|Axis Bank||01.06.2022||3.00 % p.a. (< 50 L)||3.50 % p.a. (=>50 L)|
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.
Disclaimer: Kindly refer respective bank’s website or branch before investing.