Bank Savings Account Interest Rate | Online Comparison

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How Much Returns Do Bank Accounts Give?

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2 Min Read    |    April 07, 2021

A savings account is known as one of the oldest and most common forms of account. The question is- why do people prefer savings accounts over others? The answer is simple. Savings accounts are more preferable because no matter how much interest you earn, the principal amount will always remain safe. 

However, you must know how much interest rates your bank account offers. With the best savings account interest rates, you can earn more on your savings and there’s no harm in it. In case you don’t know which bank offers the best and highest interest rate, then keep reading this blog. You will get to know the answer soon!

If you want to know more about how to open savings bank accounts, then do check out our blog. You can read it here.

Features and Savings Account Interest Rates of Different Banks in India

Below are the interest rate and features of various banks providing savings account in India:

State Bank of India (SBI)

State Bank of India

The State Bank of India offers a very minimal interest rate of 2.75% per annum. However, it provides a number of facilities to its customers that are as follows:

  • Auto sweep facility available

  • ATM cum Debit card

  • Nomination facility 

  • Special salary accounts

  • Personal accident and health insurance cover

  • You can opt for banking services through just a missed call

  • Internet banking and mobile facility are also available

  • Safe deposit lockers as per availability

  • E-statement and SMS alert facility

ICICI Bank

Icici bank

ICICI Bank offers an interest rate of 3.00% - 3.50% per annum which is slightly more than the SBI. Other features of ICICI Bank’s saving account are as follows:

  • 24*7 Banking service available

  • You can choose your own account number

  • You can also avail the facility of mobile banking and contactless mobile payments

  • Added advantages with ICICI EPF account can also be availed

HDFC Bank

HDFC Bank

The interest rates offered by HDFC bank range from 3.00% - 3.50% per annum. Other facilities provided by HDFC banks are as follows:

  • Safe deposit lockers provided

  • Customized banking service

  • Various offers and discounts on online shopping

  • For the first year, no annual maintenance charges

Union Bank of India

image-1623686656719.jpg

Union Bank of India offers a 3% interest rate per annum. However, it offers various exciting features with its saving account. 

  • Free ATM cum Debit card
  • Internet banking facility is absolutely free
  • A cheque book of 20 leaves free every year
  • Simplest deposit option present for the depositor
  • Rewardz points for spends on your debit card
  • Free accidental insurance cover by Debit Card usage
  • You can open an account from your office/home using the Tabulous banking facility

Axis Bank

The interest rates of Axis Bank range from 3.00% - 4.00% per annum. Apart from that, you can have various other advantages with the savings account in Axis Bank. They are:

  • Instant Account Number

  • Zero balance account

  • Free online debit card/optional physical debit card

  • For balances above ₹10,000, the auto FD feature is available

  • 2 months free subscription of Airtel Wynk, ₹ 1,000 cashback on Cleartrip App, ₹150 discount on BookMyShow

  • Preferential pricing on De-Mat and Lockers

  • The biggest features of Axis Bank savings account is that you can do unlimited ATM transactions at all Axis Bank and other bank’s ATM.

Bank of India (BOI)

Bank of India offers a minimal interest rate of 2.90% per annum. However, it does offer some quite interesting features on its savings account.

  • Unlimited ATM transactions but only at BOI ATMs

  • Internet Banking facility

  • Online ITR (Income Tax Return) filing facility

  • Free utility bills payment facility through Epay

  • Personalized cheque book issued on request

Canara Bank

The interest rate of Canara Bank varies from 2.90% - 3.20% per annum. Canara Bank offers the following facilities to its customers.

  • Passbook or pass sheet

  • Nomination

  • ATM-cum-debit card

  • Instant Credit of Outstation Cheque up to ₹15,000

  • Standing instructions 

  • Mobile & Internet banking, more.

Central Bank of India

Central Bank of India offers an interest rate of 2.75% - 3.00% per annum. Although it’s quite minimal, it does offer some interesting features to its savings account holders. They are as follows:

  • Minimum balance of ₹50

  • An initial deposit of just ₹50 is required to open an account

  • 50 withdrawals per year free of charge

  • One cheque book per year of charge

  • Balance in the account should not exceed ₹50,000 in all accounts taken together

  • Total credits in a year should not exceed ₹1,00,000

Apart from the aforementioned banks, there are a plethora of other banks in India that let you open savings accounts with good interest rates. Some of them include AU Finance Bank with an interest rate of 4.00% - 7.00% per annum, Bandhan Bank offers an interest rate of 3.00% - 7.15% per annum, and more. 

In case you wish to know more about the interest rates of banks other than those mentioned above, then leave a comment below. We will get back to you soon!


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