Large banks usually do not pay much interest on the amount deposited in the Savings Account. Small finance banks offer higher interest rates as compared to large public and private banks. Similarly, on Fixed Deposit (Bank FD) also small banks pay more interest than big banks.
New Delhi. Nowadays almost all the people have a savings account in the bank. Any person can keep any amount of money in a savings account and banks also pay interest on it. Money kept in savings account can be withdrawn at any time. In a fixed deposit, money has to be deposited for a specified period. Generally, FD earns more interest than savings account.
Currently Jana Small Finance Bank is offering the highest interest rate on Savings Account. The bank is now giving up to 7 percent interest on the savings account. 7 percent interest is available on the bank’s DIGIGEN savings account. It is also offering interest on FD at the rate of 7.35 percent per annum.
Easy account opening
According to a report in Live Mint, opening a DIGIGEN savings account in Jana Bank is quite easy. The bank is giving 7 percent interest on depositing Rs 1 lakh to 50 lakh on this savings account. Similarly, the bank is offering 7.35 percent interest on fixed deposits of tenure ranging from 3 years to less than 5 years.
AU Small Finance Bank
AU Small Finance Bank 3.50 per cent on savings deposits below Rs 1 lakh, 5 per cent on Rs 1 to 10 lakh, 6 per cent on savings deposits of Rs 10 to 25 lakh and 7 per cent on deposits between Rs 1 crore and Rs 10 crore Paying interest. The bank is offering 7 percent interest on fixed deposits of less than Rs 2 crore maturing in 7 days to 120 months. Similarly, it is offering an interest of Rs 4.84 to 7.08 per cent on fixed deposits of 3 months to 120 months.
State Bank of India
State Bank of India is giving 2.70 percent interest on deposits of Rs 1 lakh and above in savings account. Similarly, on FDs of less than Rs 2 crore, the bank is giving interest ranging from 2.90 percent to 5.65 percent to the common customers. At the same time, senior citizens are paying interest ranging from 3.40 percent to 6.45 percent on FDs maturing in 7 days to 10 years.
HDFC Bank
HDFC Bank is paying 3% interest on savings account deposits below Rs 50 lakh and 3.50 per cent on deposits above Rs 50 lakh. Similarly, interest on fixed deposits of less than Rs 2 crore ranges from 2.75 per cent to 6.10 per cent.
Punjab National Bank
Punjab National Bank is paying 2.70 percent interest on keeping money up to Rs 10 lakh in savings account and 2.75 percent for keeping amount above Rs 10 lakh. Similarly, the bank is paying 3% to 5.75 percent interest on FDs of less than 2 crores to the common customer, and 3.50 percent to 6.45 percent annual interest to senior citizens.
ICICI Bank
ICICI Bank is paying interest at the rate of 3% per annum on deposits up to Rs 50 lakh in savings account. The bank is paying 3.25 percent to 6.60 percent interest on FDs maturing in 7 days to 10 years to senior citizens.
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