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Home / Money / Personal Finance /  Savings bank accounts compared: SBI vs ICICI Bank vs Axis Bank vs HDFC Bank

A savings bank account is one of the basic financial products. All the major banks including State Bank of India (SBI), HDFC Bank, Axis Bank and ICICI Bank offer their customers several variations of savings accounts. These are just basic savings accounts where you can leave your money and earn an interest in the range of 2.75-4%, depending on the amount and the bank you choose. The interest amount then gets credited to the customer on a quarterly basis, according to Reserve Bank of India (RBI) rules.

Here are the savings account interest rates offered by SBI, Axis Bank, ICICI Bank and HDFC Bank:

SBI savings account interest rate

SBI has lowered the interest on savings deposits. SBI savings deposits will fetch a 25 basis points (bps) lower return at 2.75% interest, according to a statement released by the bank. Currently, the interest rate on SBI saving accounts is 3% for deposits up to 1 lakh, and deposits above 1 lakh. The new rate will come into effect from 15 April 2020. "In view of adequate liquidity in the system, SBI realigns its interest rates on Savings Bank Deposits, with effect from 15th April 2020. For balances upto 1 lakh: 25 basis points (bps) reduced from 3% to 2.75%. For balances above Rs. 1 lakh: 25 bps reduced from 3% to 2.75%." SBI said.

SB deposit accounts with balances upto 1 lakh - 2.75% p.a.

SB deposit accounts with balances above 1 lakh - 2.75%

HDFC Bank savings account interest rate

HDFC Bank is offering an interest rate of 3.50% per annum (p.a.) on savings deposit balance below 50 lakh. Above this amount, HDFC levies an interest rate of 4% p.a.

Below 50 lakh - 3.50%

50 lakh and above - 4%

ICICI Bank savings account interest rate

ICICI Bank gives its customers interest rates ranging from 3.25%-3.75%. For account balance below 50 lakh, the interest rate is 3.25% per annum. The interest rate of 3.75% for savings balance amount over 50 lakh and above. These interest rates on bank's savings account are effective from 9 April 2020.

Below 50 lakh- 3.25%

50 lakh and above - 3.75%

Axis Bank savings account interest rate

Axis Bank is offering an interest rate of 3.50% per annum (p.a.) on savings deposit balance below 50 lakh. Above this amount, the bank gives an interest rate of 4% p.a. These rates are with effect from 27 March 2020.

Less than 50 lakh - 3.50% p.a.

50 lakh and upto 10 crore - 4.00 % p.a.

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