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Last Updated : Sep 20, 2020 10:42 AM IST | Source: Moneycontrol.com

Savings account interest rate | Five public sector banks that offer best savings rates

Check out the public sector banks that offer the best savings account interest rate

Savings bank accounts generally carry lower interest rates compared to those on fixed deposits. As for most of us, our salaries are credited in our savings accounts. Investments are made and loans are serviced from the same account. It’s important to give some serious thought to know how much interest is paid by banks for leaving your funds in the savings account. As per data compiled by BankBazaar, public sector banks such as IDBI Bank and Punjab & Sind Bank offer interest rates of up to 3.6 percent and 3.5 percent, respectively on their savings account. Public sector banks offer much lower rates than what many new private and small finance banks do. Here are some of the public sector banks who are offering the best rates on savings accounts as per the data compiled by BankBazaar using the respective banks’ website data as on September 16, 2020.

Savings bank accounts generally carry lower interest rates compared to fixed deposits. But since for most of us, salaries are credited to our savings accounts and investments are made and loans are serviced from the account, it is important to keep track of savings account interest rates. Public sector banks offer relatively lower rates than many new private and small finance banks. But, here are some public sector banks that offer the best savings accounts interest rates, as per the data compiled by BankBazaar using the respective banks’ website data as on September 16, 2020.

No 1 | IDBI Bank | Interest rate (per annum): 3.1 percent – 3.6 percent | Minimum balance requirement: Rs 500 – Rs 5,000 | Balance type: Monthly average balance

No 1 | IDBI Bank | Interest rate (per annum): 3.1 percent – 3.6 percent | Minimum balance requirement: Rs 500 – Rs 5,000 | Balance type: Monthly average balance

No 2 | Punjab & Sind Bank | Interest rate (per annum): 3.1 percent – 3.5 percent | Minimum balance: Rs 500 – Rs 1,000 | Balance type: Minimum balance (Image: PTI)

No 2 | Punjab & Sind Bank | Interest rate (per annum): 3.1 percent – 3.5 percent | Minimum balance: Rs 500 – Rs 1,000 | Balance type: Minimum balance (Image: PTI)

No 3 | Indian Overseas Bank | Interest rate (per annum): 3.10 percent | Minimum balance: Rs 500 – Rs 1,000 | Balance type: Minimum balance (Image: PTI)

No 3 | Indian Overseas Bank | Interest rate (per annum): 3.10 percent | Minimum balance: Rs 500 – Rs 1,000 | Balance type: Minimum balance (Image: PTI)

No 4 | Bank of India | Interest rate (per annum): 3 percent | Minimum balance requirement: Rs 500 – Rs 1,000 | Balance type: Average Quarterly balance

No 4 | Bank of India | Interest rate (per annum): 3 percent | Minimum balance requirement: Rs 500 – Rs 1,000 | Balance type: Average Quarterly balance

No 5 | Union Bank | Interest rate (per annum): 3 percent | Minimum balance requirement: Rs 250 – Rs 1,000 | Balance type: Minimum balance

No 5 | Union Bank | Interest rate (per annum): 3 percent | Minimum balance requirement: Rs 250 – Rs 1,000 | Balance type: Minimum balance

First Published on Sep 20, 2020 10:40 am
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