Post Office Savings Account offers 4% interest rate for July-September 2024 quarter. At the same time, other banks like SBI, HDFC Bank, ICICI Bank, PNB, Union Bank and IDFC First Bank are offering different interest rates. Let us know here which bank gives the best interest rate on savings accounts.
Post Office Saving Scheme: Post Office Savings Account works just like any other bank savings account. A minimum of Rs 500 has to be deposited in it. Even a small amount of Rs 50 can be withdrawn from here. There is no maximum limit of investment. Interest up to Rs 10,000 is not taxable. The interest rate on post office savings account for the July-September 2024 quarter is 4%. Let us see here how much interest other banks are giving on savings accounts in comparison to this.
State Bank of India (SBI)
State Bank of India (SBI) savings accounts get 2.70% interest on deposits up to Rs 10 crore and 3% interest on deposits above Rs 10 crore.
HDFC Bank
HDFC Bank offers 3% interest on savings account balances below Rs 50 lakh and 3.50% on amounts above Rs 50 lakh.
ICICI Bank
ICICI Bank also offers 3% interest on daily balances below Rs 50 lakh and 3.5% on end-of-day balances above Rs 50 lakh.
Punjab National Bank (PNB)
Punjab National Bank (PNB) offers 2.70% interest on balances below Rs 10 lakh and 2.75% on balances between Rs 10 lakh and Rs 100 crore. PNB offers 3% interest on balances of Rs 100 crore and above.
Union Bank of India
Union Bank of India offers 2.75% interest on balances up to Rs 50 lakh and 2.90% on balances above Rs 50 lakh and Rs 100 crore. The bank offers 3.10% interest on balances between Rs 100 crore and Rs 500 crore and 3.40% on balances between Rs 500 crore and Rs 1000 crore. The highest interest rate of 4.20% is paid on balances above Rs 2000 crore.
IDFC First Bank
IDFC First Bank offers 3% interest on balances below Rs 1 lakh and 3.50% on balances between Rs 1 lakh and Rs 3 lakh. The bank offers 4% interest on balances between Rs 3 lakh and Rs 5 lakh. 7% interest is paid on balances between Rs 5 lakh and Rs 10 lakh and Rs 5 crore and Rs 50 crore. IDFC First Bank offers the highest interest rate of 7.25% on balances between Rs 10 lakh and Rs 5 crore.
