BackSavings account interest rates you must know: SBI vs HDFC Bank Vs ICICI Bank vs IDFC First
SBI vs HDFC Bank Vs ICICI Bank vs IDFC First: In view of several leading Indian banks renewing their savings account interest rates this year, it is a good time to keep an eye on the savings account interest rates
PremiumSBI vs HDFC Bank Vs ICICI Bank vs IDFC First: In view of several leading Indian commercial banks renewing their savings account interest rates this year, it is a good time to keep an eye on the savings account interest rates. It is interesting to note, per the new RBI mandate, interest on a savings account will be calculated on a daily basis based on the closing amount of the customer. The interest accumulated will be credited to the account on half-yearly basis or quarterly basis depending on the savings account type and the rule mandated by the respective bank. RBI has advised the banks to credit the interest on the savings bank account on a quarterly basis. Here are the details on savings account interest rates offered by SBI, HDFC Bank, ICICI Bank and IDFC First Bank.
SBI savings account interest rate
Currently, the State Bank of India (SBI) offers a 2.70% interest rate on deposits of up to ₹1 lakh and above and this is as per the revision of interest rates on its savings bank deposits which became effective from May 31, 2020. Additionally, the bank deposit accounts with balances of ₹1 lakh and above is also 2.70% per annum.
HDFC Bank savings interest rates
As per the revised rate, which became effective from February 2, 2022, HDFC Bank is offering a 3% annual interest rate on savings accounts with balances under ₹50 lakh. HDFC Bank is offering savings account balances of more than ₹50 lakh but less than ₹1,000 crore at an interest rate of 3.50% per annum, and savings account balances of more than ₹1,000 crore at an interest rate of 4.50% per annum. The HDFC Bank website further notified that the interest on savings account will be determined based on the daily amounts in the account and the interest on savings accounts will be paid at quarterly intervals.
Details on savings account interest rates
| Bank | Particulars | Interest Rate per annum |
| SBI | Balance up to ₹1 lakh | 2.70% |
| HDFC Bank | Balance up to ₹10 lakh | 4.50% |
| ICICI | Balance up to ₹50 lakh | 3% |
| IDFC | Balance up to ₹10 lakh | 4.50% |
ICICI Bank savings account interest rates
ICICI Bank savings account interest rates, which became effective from June 4, 2020, offers customers 3% savings account interest rate for balances of up to ₹50 lakh and 3.50% per annum for balances of ₹50 or above.
IDFC First Bank savings account interest rate
Private sector lender IDFC First Bank has revised interest rates on savings account deposits and new rates became effective from February 18, 2022. As per the bank's official website, the bank is currently offering a 4% interest rate on savings account balances up to ₹1 lakh. On savings account balances of more than ₹1 lakh and up to ₹10 lakh, the bank is offering 4.50% interest rate.
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