The latest savings account interest rates from top Indian banks like SBI, HDFC, ICICI, and IDFC First Bank. Compare rates, features, and benefits to choose the best account for your financial goals. Maximize your savings with high-interest accounts and smart banking solutions!
Savings account is more than just a safe place to park your money—it’s a tool to grow your wealth steadily. With banks in India offering competitive interest rates, choosing the right savings account can make a significant difference in achieving your financial goals, whether it’s saving for a dream vacation, a new home, or retirement. This blog post dives into the latest savings account interest rates from India’s top banks, including State Bank of India, HDFC Bank, ICICI Bank, and more, while providing actionable insights to help you make an informed decision. This guide is your one-stop resource for maximizing your savings.
Why Savings Account Interest Rates Matter
A savings account offers liquidity, safety, and the opportunity to earn interest on your deposits. Unlike fixed deposits (FDs), savings accounts allow easy access to funds while providing returns through interest credited monthly or quarterly. With inflation impacting purchasing power, choosing a bank with a high interest rate is crucial to ensure your savings grow faster than inflation. Banks like IDFC First Bank, AU Small Finance Bank, and Bandhan Bank are leading the race with attractive rates, while public sector giants like SBI and Bank of Baroda offer reliability and widespread accessibility.
This comprehensive guide covers the latest savings account interest rates for 21 top banks in India, including public sector, private sector, and small finance banks. We’ll also explore features, benefits, and tips to choose the best savings account for your needs.
Latest Savings Account Interest Rates
Below is a detailed list of savings account interest rates from top banks in India, based on the latest available data. Note that interest rates may vary depending on the account balance, and some banks offer tiered rates for higher deposits. Always check the bank’s official website for the most up-to-date information.
1. State Bank of India (SBI)
Interest Rate: 2.5% p.a. Across all account Balances.
Key Features: SBI, India’s largest public sector bank, offers a vast branch and ATM network, ideal for rural and urban customers. Zero-balance accounts are available, making it accessible for all. SBI’s digital banking platform ensures seamless online transactions.
Best For: Customers seeking reliability, widespread accessibility, and zero-balance options.
2. HDFC Bank
Interest Rate: 2.50% p.a. Across all account Balances.
Key Features: Known for excellent customer service and digital banking, HDFC offers accounts like the Women’s Savings Account and Senior Citizen Account with added benefits like cashback and discounts.
Best For: Tech-savvy users and those prioritizing premium banking services.
3. ICICI Bank
Interest Rate: 2.50% Across all account Balances.
Key Features: ICICI Bank provides a range of savings accounts, including the Advantage Woman Aura Savings Account and Insta Save Account. Interest is credited quarterly, and the bank’s mobile app supports UPI, IMPS, and NEFT transactions.
Best For: Professionals and women looking for tailored accounts with digital convenience.
4. Bank of Baroda
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 1.00 Lakh
2.50 %
Saving Fund Account Balance of Rs 1.00 Lakh to less than Rs. 50 Lakh
2.50 %
Saving Fund Account Balance of Rs. 50 Lakh and less than Rs. 10 Crores
2.50 %
Saving Fund Account Balance of Rs. 10 Crores and less than Rs. 50 Crores
2.50 %
Saving Fund Account Balance of Rs. 50 Crores and less than Rs. 100 Crores
2.75 %
Saving Fund Account Balance of Rs. 100 Crores and less than Rs. 200 Crores
2.75 %
Saving Fund Account Balance of Rs. 200 Crores and less than Rs. 500 Crores
2.75 %
Saving Fund Account Balance of Rs. 500 Crores and less than Rs. 1,000 Crores
3.50 %
Saving Fund Account Balance of Rs. 1,000 Crores and less than Rs. 2,000 Crores
4.00 %
Saving Fund Account Balance of Rs. 2,000 Crores and above
4.25 %
Key Features: Offers zero-balance accounts and a strong presence in rural areas. The Baroda Advantage Savings Account includes free debit card transactions and digital banking services.
Best For: Customers in semi-urban and rural areas seeking accessibility.
5. Punjab National Bank (PNB)
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs.10 Lakh
2.50 %
Saving Fund Account Balance of Rs.10 Lakh to less than Rs.100 Crore
2.50 %
Saving Fund Account Balance of Rs.100 Crore & above
2.70 %
Key Features: PNB provides robust phone banking and digital services, including bill payments and fund transfers. It’s a trusted choice for government employees and retirees.
Best For: Customers prioritizing stability and traditional banking services.
6. Canara Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 50 Lakh
2.55%
Saving Fund Account Balance of Rs. 50 Lakh to less than Rs 5 Cr
2.55%
Saving Fund Account Balance of Rs. 5 Cr to less than Rs 10 Cr
2.55%
Saving Fund Account Balance of Rs. 10 Cr to less than Rs 100 Cr
2.55%
Saving Fund Account Balance of Rs. 100 Cr to less than Rs 200 Cr
2.65%
Saving Fund Account Balance of Rs. 200 Cr to less than Rs 300 Cr
2.65%
Saving Fund Account Balance of Rs. 300 Cr to less than Rs 500 Cr
3.10%
Saving Fund Account Balance of Rs. 500 Cr to less than Rs 1000 Cr
3.40%
Saving Fund Account Balance of Rs. 1000 Cr & less than Rs. 2000 Cr
3.55%
Saving Fund Account Balance of Rs. 2000 Cr & above
4.00%
Key Features: Offers a variety of savings accounts with high interest rates and digital banking tools. Canara Bank is known for its extensive branch network and customer-centric services.
Best For: Those seeking higher interest rates among public sector banks.
7. Central Bank of India
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance of less than Rs 10 Cr
2.70%
Saving Fund Account Balance of Rs. 10 Cr to less than Rs 100 Cr
3.00%
Saving Fund Account Balance of Rs. 100 Cr to less than Rs 250 Cr
3.10%
Saving Fund Account Balance of Rs. 250 Cr to less than Rs 500 Cr
3.25%
Saving Fund Account Balance of Rs. 500 Cr to less than Rs 1000 Cr
3.75%
Saving Fund Account Balance of Rs. 1000 Cr & above
4.50%
Key Features: Provides basic savings accounts with low minimum balance requirements and digital banking options.
Best For: Budget-conscious customers looking for low-fee accounts.
8. Axis Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance of less than Rs 2000 Cr
2.50 %
Saving Fund Account Balance of Rs. 2000 Cr & above
Overnight MIBOR+0.70%
Key Features: Axis Bank offers flexible savings accounts with digital banking, high transaction limits, and attractive debit card offers. It’s a leader in fintech partnerships.
Best For: Urban customers seeking modern banking solutions.
9. Union Bank of India
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs.50 Lakh
2.50 %
Saving Fund Account Balance of Rs.50 Lakh to less than Rs.100 Crore
3.00%
Saving Fund Account Balance of Rs.100 Crore to less than Rs.2000 Crore
3.40%
Saving Fund Account Balance of Rs.2000 Crore & above
3.40%
Key Features: Offers zero-balance accounts and digital banking services. Known for its focus on financial inclusion.
Best For: Customers in tier-2 and tier-3 cities.
10. IDFC First Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs.5 Lakh
3.00 %
Saving Fund Account Balance of Rs.5 Lakh to less than Rs.10 Crore
7.00%
Saving Fund Account Balance of Rs.10 Crore to less than Rs.25 Crore
6.50%
Saving Fund Account Balance of Rs.25 Crore to less than Rs.50 Crore
6.00%
Saving Fund Account Balance of Rs.50 Crore to less than Rs.100 Crore
6.00%
Saving Fund Account Balance of Rs.100 Crore to less than Rs.200 Crore
4.50%
Saving Fund Account Balance of Rs.200 Crore & above
3.50%
Key Features: IDFC First Bank stands out with high interest rates, zero fees on 28 essential services (e.g., ATM withdrawals, IMPS), and monthly interest credits. Its mobile app offers expense tracking and cashflow analysis.
Best For: High-net-worth individuals and tech-savvy savers.
11. Kotak Mahindra Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs.750 Crore
2.75 %
Saving Fund Account Balance of Rs.750 Crores to less than Rs.1000 Crore
MIBOR + 5.2 bps p.a.
Saving Fund Account Balance of Rs.1000 Crore & above
MIBOR +70 bps p.a.
Key Features: Offers over 10 savings account variants, including the Sanman Savings Account with a low minimum balance of ₹2,000. Known for its digital-first approach and wealth management services.
Best For: HNIs and customers seeking digital banking excellence.
12. Indian Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs.10 lakh
2.50 %
Saving Fund Account Balance of Rs.10 Lakh to less than Rs.200 Crore
2.60 %
Saving Fund Account Balance of Rs.200 Crore & above
2.65 %
Key Features: Provides high returns on savings and fixed deposits, with a focus on financial inclusion and digital banking.
Best For: Customers seeking a balance of traditional and digital banking.
13. Bank of India
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 1.00 Lakh
2.50 %
Saving Fund Account Balance of Rs 1.00 Lakh to less than Rs. 500 Crores
2.75 %
Saving Fund Account Balance of Rs. 500 Crores and less than Rs. 1000 Crores
3.00 %
Saving Fund Account Balance of Rs. 1000 Crores and less than Rs. 1500 Crores
3.15 %
Saving Fund Account Balance of Rs. 1500 Crores and less than Rs. 2000 Crores
3.30 %
Saving Fund Account Balance of Rs. 2000 Crores and less than Rs. 2500 Crores
3.50 %
Saving Fund Account Balance of Rs.2500 Crore & above
3.65 %
Key Features: Offers a century-long legacy, extensive branch network, and digital banking tools. Ideal for retail and business banking.
Best For: Customers valuing trust and accessibility.
14. IndusInd Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 10 Lakh
3.00 %
Saving Fund Account Balance of Rs 10 Lakh to less than Rs.25 lakh
3.50 %
Saving Fund Account Balance of Rs. 25 lakh and less than Rs. 1.00 Crores
4.00 %
Saving Fund Account Balance of Rs. 1.00 Crores and less than Rs.5.00 Crores
5.00 %
Saving Fund Account Balance of Rs.5.00 Crores and less than Rs. 100 Crores
5.00* %
* Flat Rate applicable on entire balance.
Key Features: Provides a 3-in-1 account with discount brokerage, internet banking, and high interest rates. Offers premium services for HNIs.
Best For: Investors and professionals seeking integrated banking solutions.
15. Yes Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 10 Lakh
3.00 %
Saving Fund Account Balance of Rs. 10 Lakh to less than Rs.25 lakh
3.50 %
Saving Fund Account Balance of Rs. 25 lakh and less than Rs. 50 lakh
4.00 %
Saving Fund Account Balance of Rs. 50 lakh and less than Rs.100 Crores
5.00 %
For amount of Rs.100 Crores and above, please contact the branch or your designated Relationship Manager
Key Features: Offers high interest rates and innovative digital platforms. Known for customer-centric services and debit card offers.
Best For: Young professionals seeking high returns.
16. Federal Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 1.00 Lakh
2.50 %
Saving Fund Account Balance of Rs 1.00 Lakh to less than Rs.5.00 Crores
2.50 %
Saving Fund Account Balance of Rs. 5.00 Crores and less than Rs. 50 Crores
4.75 %
Saving Fund Account Balance of Rs. 50 Crores and less than Rs. 150 Crores
6.25 %
Saving Fund Account Balance of Rs.150 Crore & above
2.50 %
Key Features: Provides digital banking, unlimited ATM withdrawals, and attractive debit card offers. Strong presence in South India.
Best For: Customers in South India seeking reliable services.
17. Bandhan Bank
Interest Rate:
For End-of-Day Balance up to ₹250 crore
For End-of-Day Balance above ₹250 crore up to ₹500 crore
For End-of-Day Balance above ₹500 crore
Balance Bucket
Interest Rate (p.a.)
Balance Bucket
Interest Rate (p.a.)
Balance Bucket
Interest Rate (p.a.)
Balance up to ₹1 lakh
3.00%
Balance up to ₹1 lakh
3.00%
Balance up to ₹1 lakh
3.00%
Balance above ₹1 lakh to ₹5 lakh
3.00%
Entire balance above ₹1 lakh
7.05%
Entire balance above ₹1 lakh
7.00%
Balance above ₹5 lakh to ₹10 lakh
5.00%
Balance above ₹10 lakh to ₹50 lakh
6.00%
Balance above ₹50 lakh to ₹1 crore
6.00%
Balance above ₹1 crore to ₹5 crore
6.00%
Balance above ₹5 crore to ₹50 crore
6.25%
Balance above ₹50 crore to ₹250 crore
6.25%
Notes:
Interest will be calculated daily based on end of day clear balance in the account.
Interest rates are subject to periodic change without any prior notice.
Key Features: Offers high interest rates and a focus on financial inclusion, especially in eastern India. Digital banking services are robust.
Best For: Customers in eastern India seeking competitive rates.
18. IDBI Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 1.00 Lakh
2.60 %
Saving Fund Account Balance of Rs 1.00 Lakh to less than Rs.5 lakh
2.65 %
Saving Fund Account Balance of Rs.5 lakh and less than Rs. 5.00 Crores
2.70 %
Saving Fund Account Balance of Rs. 5 Crores and less than Rs. 100 Crores
3.10 %
Saving Fund Account Balance of Rs. 100 Crores and less than Rs. 1000 Crores
3.10 %
Saving Fund Account Balance of Rs.1000 Crores and less than Rs. 1500 Crores
MIBOR +10bps p.a.
Saving Fund Account Balance of Rs.1500 Crores and less than Rs.2000 Crores
MIBOR +40bps p.a
Saving Fund Account Balance of Rs. 2000 Crores and less than Rs. 5000 Crores
MIBOR +75bps p.a.
Saving Fund Account Balance of Rs.5000 Crore & above
MIBOR +65bps p.a.
Key Features: Provides digital banking and low minimum balance accounts. Known for customer-friendly policies.
Best For: Budget-conscious savers.
19. AU Small Finance Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 3.00 Lakh
2.75 %
Saving Fund Account Balance of Rs 3.00 Lakh to less than Rs.5 lakh
3.00 %
Saving Fund Account Balance of Rs.5 lakh and less than Rs.10 lakh
4.00 %
Saving Fund Account Balance of Rs.10 lakh and less than Rs.25 lakh
6.50 %
Saving Fund Account Balance of Rs.25 lakh and less than Rs. 10 Crores
6.75 %
Saving Fund Account Balance of Rs.10 Crores and less than Rs.25 Crores
6.50 %
**For Savings Account Interest Rates on incremental balances of INR 25 Crores & above, please contact your Branch or Relationship Manager.
Key Features: Offers monthly interest payouts and digital banking. Known for innovative savings account options.
Best For: Savers seeking high interest rates and flexibility.
20. Bank of Maharashtra
Interest Rate: 2.75% p.a. (Across all account Balances.)
Key Features: Offers low-cost banking with digital services and a focus on rural banking.
Best For: Customers in rural areas seeking affordability.
21. UCO Bank
Interest Rate:
Present SB Interest Rate Slab on O/s Balance
Interest Rates
Saving Fund Account Balance below Rs. 10 Lakh
2.60 %
Saving Fund Account Balance of Rs.10 lakh & above
2.75 %
Key Features: Provides basic savings accounts with digital banking and low minimum balance requirements.
Best For: Traditional banking customers.
Key Factors to Consider When Choosing a Savings Account
Selecting the best savings account involves more than just comparing interest rates. Here are key factors to consider:
Interest Rates: Banks like IDFC First Bank, Kotak Mahindra, and AU Small Finance Bank offer up to 7% p.a. for high balances, while public sector banks like SBI and PNB offer 2.5–2.75% p.a. Choose based on your average balance.
Minimum Balance Requirements: Zero-balance accounts from SBI, Union Bank, and Bank of Baroda are ideal for those who maintain low balances.
Digital Banking: Banks like HDFC, ICICI, and Kotak Mahindra excel in mobile apps, UPI, and online banking for seamless transactions.
Fees and Charges: IDFC First Bank offers zero fees on 28 services, while others may charge for ATM withdrawals or low balances.
Branch and ATM Network: SBI and Bank of Baroda have extensive networks, ideal for in-person banking.
Additional Benefits: Look for debit card cashbacks, discounts, and loyalty programs, as offered by IDFC First Bank and Axis Bank.
Tax Implications on Savings Account Interest
Interest earned on savings accounts is taxable under “Income from Other Sources.” However, under Section 80TTA, individuals can claim a deduction of up to ₹10,000 on interest earned, while senior citizens can claim up to ₹50,000 under Section 80TTB. Ensure you declare interest while filing income tax returns to avoid penalties.
How to Maximize Your Savings
Choose High-Interest Accounts: Opt for banks like IDFC First Bank or AU Small Finance Bank for rates up to 7% p.a.
Maintain Optimal Balances: Higher balances often attract better rates, as seen with Kotak Mahindra and HDFC Bank.
Leverage Digital Tools: Use expense tracking and budgeting tools offered by IDFC First Bank and Axis Bank to manage finances.
Avoid FDs for Liquidity Needs: Savings accounts provide better liquidity than FDs, which have lock-in periods.
Explore Auto-Sweep Accounts: Banks like Kotak and IndusInd offer auto-sweep facilities, converting excess savings into FDs for higher returns.
Why IDFC First Bank Stands Out
IDFC First Bank leads with up to 7% p.a. interest, zero fees on essential services, and monthly interest credits, making it a top choice. Its rewarding loyalty program and mobile app with expense tracking tools add significant value for modern savers.
Final Thought
Choosing the right savings account can significantly boost your financial growth. Banks like IDFC First Bank, Kotak Mahindra, and AU Small Finance Bank offer high interest rates, while SBI, HDFC, and ICICI provide reliability and digital excellence. Compare interest rates, fees, and features to find the account that aligns with your financial goals. For the latest rates, visit the banks’ official websites or contact their customer service. Start saving smarter today and watch your wealth grow!
Disclaimer: Interest rates are subject to change. Verify with the respective bank before opening an account.
