Saving Account Interest Rates: If you keep money in a savings account, then the bank gives interest rate on that too. But, if you take care of the fixed amount, then the profit you get in the form of interest rate can increase.
The interest rate on savings accounts is calculated on the basis of daily closing balance. Depending on the bank rules, interest is credited to the account holder’s account monthly or quarterly. The interest rate depends on the amount in the savings account.
Interest rates on Savings Account Interest Rates differ from bank to bank. However, if you have a significant amount, then by investing it in FD, you can take advantage of a much higher interest rate than the savings interest. The interest rate is guaranteed along with the amount in FD.
State Bank of India ( SBI Saving Interest rates)
interest rate is 2.70 per cent for savings accounts with balance up to Rs 10 crore and 3 per cent for balance above Rs 10 crore.
HDFC Bank ( HDFC Saving Interest rates)
The interest rate on savings accounts in HDFC Bank is 3 per cent for balances below Rs 50 lakh and 3.50 per cent for balances above Rs 50 lakh.
ICICI Bank ( ICICI Bank Saving Rates)
at the end of the day the interest rate on the balance of less than Rs 50 lakh will be 3 percent. At the end of the day, the balance of more than Rs 50 lakh will have an interest rate of 3.5 percent.
PNB ( PNB Saving Interest Rates)
Punjab National Bank gives 2.70 per cent interest rate on the balance of less than Rs 10 lakh. Pays an interest rate of 2.75 per cent on account balances of less than Rs 10 lakh to Rs 100 crore. PNB gives 3% interest on account balance of Rs 100 crore and above.
Canara Bank Saving Rates
Canara Bank offers interest rates between 2.90 per cent to 4 per cent for various amounts. A maximum amount of 4% is paid on the balance amount of Rs.2000 crores.
How much tax is applicable on the interest amount received from savings account?
Under Section 80TTA of the Income Tax Act, interest earned on savings bank account is tax free up to Rs 10,000. If the interest received from these sources exceeds Rs 10,000, then the excess interest on the savings account will be taxable. For senior citizens, the amount received from savings accounts is limited to Rs 50,000, the amount above which will be taxable.
