SBI vs ICICI vs HDFC Bank vs PNB vs Axis Bank: Comparison of savings account interest rates

HDFC bank offers an interest rate on savings accounts for balances less than Rs 50 lakh is 3 percent, and above Rs 50 lakh is 3.50 percent.

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A Savings Account balance produces interest, increasing an individual’s income. Savings account interest is tax-free up to Rs. 10,000 each financial year.The interest rate on end-of-day balances less Rs 50 lakhs would be 3%. It offers 3.50 percent for balances of Rs 50 lakhs and above. These rates are applicable from May 10, 2022.According to the bank website, “The interest is calculated basis incremental balance slabs. For rates on amount of Rs. 2500 Crs and above, please contact the branch official.”

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Interest is calculated daily on the daily closing balance in the Savings Bank Account at the rate given by ICICI Bank in compliance with Reserve Bank of India directives. The calculated interest amount is rounded to the nearest rupee.The interest rate on end-of-day balances less Rs 50 lakhs would be 3%. IT offers 3.50 percent on end-of-day balances of Rs 50 lakhs and above.

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Saving account balance below Rs 10 lakh will fetch 2.70 percent for balance above Rs 10 lakh will attract 2.75 percent. These rates are applicable from April 4, 2022.

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SB Deposit accounts with balances up to Rs. 1 lakh and even for those above attract an interest rate of 2.70% percent per annum.

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