Saving Bank Interest Rate Comparison Between Indian Banks 2023 -2024

Pramod Mohanty/September 29, 2023/0 comments

Choosing a savings account involves considering numerous factors, and interest rates offered by banks stand as a significant consideration. In India, where a plethora of banks compete for customers, understanding and comparing saving bank interest rates for 2023-2024 across various institutions becomes essential for informed financial decisions.

Significance of Saving Bank Interest Rates

The interest rates on savings accounts determine the earnings on deposited funds. Even marginal differences in rates can culminate in substantial disparities over time. This comprehensive comparison aims to empower individuals with insights into interest rates among Indian banks, aiding in making prudent choices for their savings.

Comparison Table: Saving Bank Interest Rates (2023-2024)

State Bank of India (SBI)Balances less than Rs. 10 CroreBalances Rs. 10 Crore & Above
Interest Rate2.70% p.a.3.00% p.a.
HDFC BankLess than Rs. 50 LakhOf and above Rs 50 Lakh
Interest Rate3% p.a.3.50% p.a.
ICICI BankFor end of day balance below ₹ 50 LakhsFor end of day balance of ₹ 50 lakhs and above
Interest Rate3% p.a.3.50% p.a.
Kotak Mahindra BankLess than Rs. 50 LakhOf and above Rs 50 Lakh
Interest Rate3.5% p.a.4% p.a.
Axis BankLess than Rs. 50 LakhOf and above Rs 50 Lakh
Interest Rate3% p.a.3.5% p.a.
RBL Bank< 1 lakh1 lakh >10lakh10 lakh >25lakh25 lakh >
2 Crore		2 Cr > 3 Cr3 Cr > 7.5 Cr7.5 Cr > 25 Cr
Interest Rate4.25% p.a.5.50% p.a.6% p.a.7.5% p.a.7% p.a.6.5% p.a
IDFC First Bank<=1 Lac> 1lac <= 5lac> 5 Lac <= 25Cr> 25 Cr <= 50 Cr> 50 Cr <= 100 Cr> 100 Cr <= 200 Cr
Interest Rate3% p.a.4.00% p.a.7.00% p.a.6.75% p.a.5% p.a.4.50% p.a.

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