These Banks Pay Up To 7.25% Interest Rates On Savings Accounts
Leading banks of the country such as State Bank of India (SBI) are also among the most popular ones. However, small finance banks such as Suryoday, Fincare Small Finance Bank and AU Small Finance Bank offer banking services to the under-banked people of the society including farmers, small business men - essentially, the ones who may not have an easy access to formal lending, but still require the credit and banking services. Interestingly, interest rates offered on fixed deposits (FDs) of these banks are higher than those of large banks such as SBI, but the former are still not among the first choice of depositors.
Given below is a comparison among savings bank accounts of State Bank of India (SBI), Suryoday, AU Small Finance Bank and Fincare Small Finance Bank:
Savings bank accounts of State Bank of India (SBI)
SBI, the largest lender of the country, offers safe deposit lockers (as per availability), nomination facility and SMS alerts and e-statement facility to its savings bank account customers, according to its website, sbi.co.in. It also offers internet, mobile and missed call banking facilities to its customers.
Interest rates on savings bank accounts of SBI
| Sr No. | Particulars | Rate of Interest |
|---|---|---|
| 1 | Saving Deposits Balance upto Rs. 1 crore. | 3.50% p.a |
| 2 | Saving Deposits Balance above Rs. 1 crore. | 4.00% p.a |
| Daily Closing Balance Slabs (Domestic) | % rate per annum* |
|---|---|
| Up to and including Rs. 1 Lakh | 6.25% |
| Above Rs. 1 Lakh up to & including Rs. 10 Lakhs | 7.25% |
| Above Rs. 10 Lakhs | 7.00% |
| Savings Account Amount slab | Rate of Interest applicable (per annum) |
|---|---|
| Savings Account balances less than INR 1 Lac | 5.00% |
| Savings Account balances from INR 1 Lac to less than INR 10 Lacs | 6.50% |
| INR 10 Lacs & above Savings Account balances* | 6.75% |
| Slab | Interest Rates (% p.a) |
|---|---|
| Up to and including Rs 1 lakh | 6% |
| Above Rs 1 lakh | 7% |