At 4.15%, Apple savings account offers more interest than these Indian banks
The interest rate offered by Apple annual percentage yield (APY) savings account will be 4.5% which is far more than those offered by the Indian banks
PremiumApple has launched a high-yield annual percentage yield (APY) savings account. The interest rate offered in this account will be 4.5% which is far more than those offered by the Indian banks including, the State Bank of India (SBI), HDFC, ICICI, and Punjab National Bank (PNB) among others.
Apple savings account
-The new account requires no minimum deposit or balance.
-Users can set up an account from the Wallet app on their iPhones.
-Once a savings account is set up, all future Daily Cash earned by the user will be automatically deposited into the account.
-The Daily Cash destination can also be changed at any time
-No limit on how much Daily Cash users can earn
Savings accounts
All banks offer various savings accounts. The interest rate on these accounts depends on the account balances and bank, and the interest is calculated based on the daily closing balance. The interest is credited to your account either monthly or quarterly.
Let's take a look at the interest rate on savings accounts offered by SBI, HDFC Bank, ICICI Bank and PNB
Interest rate on SBI savings account
For savings accounts with balances up to ₹10 crore the interest rate is 2.70% and 3% for balances above ₹10 crore.
Balances less than ₹10 Crore - 2.70% p.a
Balances ₹10 Crore & Above - 3.00% p.a.
Interest rate on HDFC Bank savings account
For savings accounts with balances less than ₹50 lakh, the interest rate is 3%, and 3.5% for balances above ₹50 lakh
Less than ₹50 Lakh- 3.00%
Of and above ₹50 Lakh-3.50%
Interest rate on ICICI Bank savings account
For savings accounts with balances less than ₹50 lakh, the interest rate is 3%, and 3.5% for balances above ₹50 lakh
Less than ₹50 Lakh-3.00%
Of and above ₹50 Lakh-3.50%
Interest rate on PNB savings account
PNB offers interest rate of 2.70% on balances below ₹10 Lakh and 2.75% on account balances of ₹10 lakh to less than ₹100 crore. PNB offers 3% interest on account balance of Rs100 crore & above.
Less than ₹10 Lakh-2.70%
Upto ₹10 Lakh to less than ₹100 crore-2.75%
Rs100 crore & above- 3%
Under section 80TTA of the Income Tax Act, interest earned on a savings bank account is tax-free up to ₹10,000. If the interest from these sources exceeds ₹10,000, the extra interest on the savings account will be taxable.
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