Up to 7.25% savings account interest rate: SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank

The interest rate on savings accounts at HDFC Bank is 3% for balances less than Rs 50 lakh and 3.50% for balances greater than Rs 50 lakh. The rates are effective from April 6, 2022.

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On end-of-day balances less than Rs 50 lakh, the interest rate would be 3%. On end-of-day balances over Rs 50 lakh, the bank offers 3.5%.

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Punjab National Bank offers an interest rate of 2.70% on balances below Rs.10 Lakh and 2.75% on account balances of Rs 10 lakh to less than Rs 100 crore. PNB offers 3% interest on account balance of Rs.100 crore & above. The rates are effective from January 1, 2023.

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Union Bank of India offers interest rate of 2.75% on balances up to Rs 50 Lakh and 2.90% on balances above Rs 50 lakh Rs 100 crore. The bank offers 3.10% on balances above Rs.100 crore Rs.500 crore and 3.40% on balances above Rs.500 crore Rs.1000 crore. The highest interest rate of 4.20% is paid on balances above Rs.2000 crores. The rates are effective from June 21, 2024.

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IDFC First Bank offers 3% interest on below Rs 5 lakh, 7.25% for balances between Rs 5 lakh to less than Rs 100 crore. The bank offers 4.50% on balances between Rs 100 crore to Rs 200 crore lakh.

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Kotak Mahindra Bank has announced a reduction in the interest rate on savings accounts with balances under Rs 5 lakh. The bank has introduced a new bracket and reduced the rate on savings accounts for sums less than Rs 5 lakh by 50 basis points, bringing the rate from 3.5% to 3%.

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