In India, what do you think how much saving accounts are available? A Billions….
These accounts are the spinal cord of the banking sector. The Interest rates on Saving Bank Accounts vary across banks, with some institutions offering higher rates to attract customers. If you will get higher interest rate like a fix deposit on your saving bank accounts that would be the great word for the people. High-interest savings accounts provide an excellent opportunity for individuals to grow their savings while maintaining liquidity and security.
Here are the listed major government bank Interest rates on Saving Bank Accounts and also required amount to be maintained in accounts.
(01) State bank of India
Since the January 2025, the interest rate of SBI Savings Bank account is 2.70% per year for deposits less than Rs 10 crore. This rate is applicable for all the SBI saving Bank Accounts like SBI Savings Bank Account, SBI Basic Savings Bank Deposit Small Account, SBI Savings Plus Account, and SBI Savings Account for Minors.
(02) Bank of Baroda
In BOB the rate is depend upon the balances.
Up to Rs.1 lakh to 50 crores, the interest rate is 2.75% per year.
For the balances above Rs.50 crores and up to Rs. 100 crores, the interest rate is 3.00%.
(03) Bank Of India
BOI gives the 2.75 % up to Rs.1 lakh and above Rs.1 lakh to Rs.500 crores 2.90% per year.
But if you have Rs 1000 crores rate will be 3.00%.
(04) Canara Bank
As of February 2025, Canara Bank’s interest rates for savings accounts are as follows:
Less than Rs. 50 lakh: 2.90% per annum.
Rs. 50 lakh to Rs. 5 crore: 2.90% per annum.
Rs. 5 crore to Rs. 10 crore: 2.95% per annum.
Rs. 10 crore to Rs. 100 crore: 3.05% per annum.
(05) Central Bank of India
In this bank the interest rate is 2.70% if your balance up to Rs.10 lakh(fixed) and above 10 lakh rate is 2.90% per year.
(06) Union Bank of India
Union Bank of India is introduced different Interest rates as per different holding amounts in Saving Bank Accounts.
Interest Rate Up to Rs.50 lakhs is 2.75% per year.
Rs.50 lakhs to Rs.100 Crores the rate is 2.90%.
Rs.100 Crores to Rs.500 Crores it would be 3.10%.
Rs.500 Crores to Rs.1000 Crores 3.40% & Above Rs.1000 Crores 3.55%.
(07) Bank Of Maharashtra
BOM is given 3.50% rates on saving Bank accounts for the balance of Rs.25 lakh.
And above Rs 25 lakhs rates would be 4.00% per year.
(08) Uco Bank
Uco bank is offered 2.60% per year interest rate on Saving Bank Accounts up to balance of Rs 10 lakh.
And above Rs.10 lakh rate is little bit higher for the point of 0.75%.
(09) Indian Overseas Bank
IOB is offer 2.75% per year interest rate on Saving Bank Accounts up to balance of Rs 1 crore.
More than Rs.1 crore rate is 2.90% per year.
Government savings bank accounts serve as a cornerstone of safe and secure financial planning, especially for individuals seeking stability and guaranteed returns. The interest rates on these accounts are generally influenced by factors such as monetary policy, inflation rates, and government fiscal strategies. While they may not offer the highest returns compared to investment options like stocks or mutual funds, they provide a risk-free avenue for saving with benefits such as liquidity, tax advantages (in some cases), and sovereign-backed security.
really helpful