Punjab National Bank (PNB)
On February 16, 2022, PNB updated the interest rates for its savings accounts. Following the latest change, the bank now pays 2.75% per annum on savings fund account balances below Rs.10 lakh and 2.80% per annum on savings fund account balances of Rs. .10 lakh and above.
| Balance slabs | Interest rate |
|---|---|
| Savings fund account balance less than Rs.10 Lakh | 2.75% per year |
| Savings fund account balance of Rs.10 Lakh and above | 2.80% per year |
| Source: Bank website. (WEF February 16, 2022) |
HDFC Bank
On February 2, 2022, HDFC Bank updated its interest rates on National Savings Accounts, NRO and NRE. The bank currently grants an annual interest rate of 3.00% on savings account balances below Rs. 50 lakh, 3.50% on savings account balances between Rs 50 lakh and Rs 1000 crore , and 4.50% on savings account balances above Rs 1,000 crore.
| Savings balance (Rs) | Interest rate pa |
|---|---|
| Fewer rupees. 50,000,000 | 3.00% |
| From and above Rs 50 Lakh to less than Rs 1000 Cr | 3.50% |
| From and above Rs 1000 Cr | 4.50% |
| Source: Bank website. Effective February 2, 2022 |
DCB Bank
On February 7, 2022, DCB Bank updated the interest rates on resident, NRE and NRO savings bank accounts. Following the overhaul, the bank now grants a maximum interest rate of 6.75% on savings accounts with balances between 50 lakh and 2 Cr. This interest rate is significantly higher than the interest rates on fixed deposits offered by some of the largest banks in the country, including the SBI.
| Balance range (INR) | Interest rate pa WEF 7 February 2022 |
|---|---|
| On balances up to 1 lakh in the account | 2.50% |
| On balances over 1 lakh to less than 2 lakh in the account | 4.50% |
| On balances from 2 lakh to less than 10 lakh in the account | 5.00% |
| On balances from 10 lakh to less than 25 lakh in the account | 6.25% |
| On balances from 25 lakh to less than 50 lakh in the account | 6.50% |
| On balances from 50 lakh to less than 2 crore in the account | 6.75% |
| On balances of 2 crore to less than 50 crore in the account | 5.50% |
| On balances of 50 crore and above | 5.00% |
| Source: Bank website |
RBL Bank
On February 3, 2022, RBL Bank changed its interest rate on domestic savings deposits (including NRE/NRO savings). On daily balances up to Rs. 1 lakh, the bank currently grants an interest rate of 4.25%. RBL Bank currently grants an interest rate of 5.50% on balances over Rs. 1 lakh up to Rs. 10 lakh, 6.25% on balances over Rs. 10 lakh and up to Rs 3 Crore, and more Rs. 3 Crore up to Rs. 5 Crore on daily savings account balances of more than Rs. 10 lakh and up to Rs. 3 Crore.
| Daily balance | Interest rate (pa) as of February 3, 2022 |
|---|---|
| Up to Rs. 1,000,000 | 4.25% |
| Above Rs. 1 lakh up to Rs. 10,000,000 | 5.50% |
| Above Rs. 10 lakh and up to Rs. 3 crores | 6.25% |
| Above Rs. 3 Crore up to Rs. 5 Crore | 6.25% |
| Source: Bank website |
First IDFC Bank
On February 18, 2022, the bank updated the interest rates for its savings accounts. The bank is currently giving the following interest rates on National Savings Accounts, NRE and NRO as a result of the review.
| Balance (rupees) | Interest rate (% pa) (Progressive) |
|---|---|
| Less than or equal to Rs 1 Lac | 4.00% |
| Over Rs 1 lac up to Rs 10 lac | 4.50% |
| Over Rs 10 lac up to Rs 100 Cr | 5.00% |
| Over Rs 100 Cr up to Rs 200 Cr | 4.50% |
| More than Rs 200 Cr | 3.50% |
| Source: Bank website. (Effective from 18/02/2022) |
Yes Bank
On February 8, 2022, Yes Bank updated the interest rates for its savings accounts. In accordance with the revised version, the bank currently offers the interest rates shown below on domestic and non-resident savings accounts.
| Savings account daily balance (INR) | Interest rates applicable (pa) on February 8, 22 |
|---|---|
| Less than or equal to Rs 1 lakh | 4% |
| More than Rs 1 lac to Rs 10 lacs | 4.25% |
| Greater than or equal to Rs 10 lacs up to Rs 1 Cr | 4.75% |
| Greater than or equal to Rs 1 Cr up to Rs 25 Cr | 5.00% |
| Source: Bank website |
