Bank Interest: These government banks give highest interest on Saving Accounts

Most of us do not pay attention to how much interest the government and private banks pay on your savings account. According to BankBazaar data, government banks like IDBI Bank and Canara Bank pay 3.5% and 3.2% interest on savings accounts. Whereas two big private banks of the country HDFC Bank and ICICI Bank pay 3% and 3.5% interest on savings accounts.

New Delhi: Generally, Salaried class has more than one Saving Accounts. Salary comes in a savings account and is used for investments. The second account is used to pay EMI, pay credit card bills and manage the month’s expenses. Emergency funds are also kept in savings accounts.

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How much interest on savings accounts

Savings bank accounts generally pay less interest than fixed deposits. In this also, the government pays less interest on banks saving accounts than new private banks and some small finance banks. Therefore, it becomes important to know how much interest banks are paying on the money kept in your savings account.

IDBI, Canara Bank pay highest interest

According to BankBazaar data, government banks like IDBI Bank and Canara Bank pay 3.5% and 3.2% interest on savings accounts. Whereas two big private banks of the country HDFC Bank and ICICI Bank pay 3% and 3.5% interest on savings accounts.

In such a situation, this competition about interest rates becomes quite interesting. However, most government banks pay far less interest on savings accounts. For example, State Bank of India (SBI) and Bank of Baroda (BOB) pay only 2.70% and 2.75%.

Small finance banks pay more interest

Small finance banks offer more interest than public banks. Like AU Small Finance Bank 7% and Ujjivan Small Finance Bank gives 6.5% interest to savings account holders.

Minimum balance terms

Government banks are better in terms of minimum balance in savings accounts. A maximum balance of 250 rupees is a condition in public sector banks, the minimum balance in SBI is zero. Government banks get the protection of the government, so minimum balance is equal, government banks extend their services to the poor sections of the society.

As far as private banks are concerned, the terms of their minimum balance are more stringent. For example, the minimum balance in Axis Bank is Rs 2500, in HDFC Bank it is Rs 10,000 and in ICICI Bank it ranges from Rs 1000 to Rs 10,000.

 

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