Savings Account Interest Rates Many banks have recently revised their savings account interest rates. After the increase in interest on FD, some banks have also increased the interest rates of savings account.
A savings account is a basic account that allows you to deposit your money in a bank. Through this, you keep your money safe and can withdraw it whenever needed. Usually the interest available on savings account is very less, but now some banks have increased the interest on savings account after the RBI increased the repo rate in early August.
Let us tell you which banks have increased their interest rates.
Bandhan Bank
After the increase in the repo rate by the RBI, Bandhan Bank has increased the interest rates of its savings account. According to the Bandhan Bank website, the new interest rates have come into effect from August 22, 2022. Bandhan Bank has increased the rate of interest by 1 per cent to 6 per cent for deposits above Rs 1 lakh and up to Rs 10 lakh. Earlier the bank was giving 5 percent interest on this deposit. According to the bank’s website, an interest of 3 percent per annum will be given on deposits up to Rs 1 lakh. Interest will be given at 6 per cent on deposits above Rs 1 lakh up to Rs 10 lakh and 6.25 per cent on deposits above Rs 10 lakh and above Rs 2 crore.
Federal Bank Savings Account
Federal Bank has announced an increase in the interest rates for the savings account which is effective from August 17, 2022. According to the bank’s website, customers with savings accounts of less than Rs 5 crore will now get 2.40 percent interest.
Ujjivan Savings Account
Ujjivan Small Finance Bank has increased the interest rates on its savings account. According to the bank’s official website, the revised rates have become effective from August 9. The bank is currently offering an interest rate of 3.50 per cent on savings account balances up to Rs 1 lakh and 6.00 per cent on savings account balances above Rs 1 lakh up to Rs 5 lakh.
IndusInd bank savings account
Private sector bank IndusInd Bank has revised the interest rates on its savings accounts. According to the official website of the bank, the new rates have come into effect from August 10, 2022. The bank is offering an interest of 3.50 percent on the amount up to Rs 1 lakh, 3.50 percent on the amount above one lakh and less than 10 lakh, 4.5 percent on daily balance above Rs 10 lakh and up to Rs 1 crore.
Indian Overseas Bank Savings Account Interest Rates
Indian Overseas Bank has also revised the interest rates on its savings accounts. If you have an amount up to Rs 25 lakh in your account, then the bank will give 2.75 percent interest on it.
DCB Savings Account
The official website of DCB states that the new interest rates are effective from August 22, 2022. Savings account (DCB Savings account) holders can get up to 7 percent interest on the money deposited in this bank.
