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SBI hikes savings account rates: How does it compare with other major banks?

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The largest lender in the nation, State Bank of India (SBI), announced an increase in interest rates for both fixed deposit and savings bank accounts on Saturday, October 15. This interest rate hike announcement of SBI is in line with the hike of the policy repo rate by 50 basis points (bps) to 5.9% at the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on September 30, 2022. As a result, SBI raised the interest rates on fixed deposits by up to 20 basis points and on savings accounts by 25 basis points.

SBI Savings Account Interest Rates

On savings account balances of less than Rs. 10 Crore, SBI has revised its interest rate from 2.75% p.a to 2.70% p.a. and on savings account balances of Rs. 10 Crore & above, SBI has hiked the interest rate by 25 bps from 2.75% p.a to 3.00% p.a.

SBI Savings Account Interest Rates

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SBI Savings Account Interest Rates (sbi.co.in)

To its customers, SBI offers a range of savings account types to choose from such as Video KYC Savings Account, Basic Savings Bank Deposit Account, Basic Savings Bank Deposit Small Account, Savings Bank Account, Savings Account for Minors, Savings Plus Account, Motor Accidents Claim Account (MACT), Resident Foreign Currency (Domestic) Account and Insta Plus Video KYC Savings Account.

HDFC Bank Savings Account Rates

The rate of interest on savings bank accounts at HDFC Bank has been modified as of April 6, 2022. Your account’s daily balances will be used to determine the savings bank interest, which will be paid out on a quarterly basis. On a savings account balance of less than Rs. 50 Lakh, HDFC Bank offers an interest rate of 3.00% and on savings account balances of and above 50 Lakh, the bank offers an interest rate of 3.50%.

HDFC Bank Savings Account Rates

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HDFC Bank Savings Account Rates (hdfcbank.com)

ICICI Bank Savings Account Rates

The interest rate for ICICI Bank’s savings accounts is effective from 4th June 2020. ICICI Bank offers a 3.00% interest rate for savings account balances at the end of the day below 50 lakhs and a 3.50% interest rate for balances at the end of the day of 50 lakhs or more.

ICICI Bank Savings Account Rates

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ICICI Bank Savings Account Rates (icicibank.com)

“Savings Bank Account interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. With effect from March 30, 2016, interest will be paid quarterly in March, June, September and December,” ICICI Bank mentioned on its website.

Axis Bank Savings Account

Axis Bank has modified the interest rate on savings accounts as of June 1, 2022. The bank gives an interest rate of 3.00% per annum on balances under Rs. 50 lac, and Axis Bank offers an interest rate of 3.50% per annum on balances between Rs. 50 lac and less than Rs. 800 crore.

Axis Bank Savings Account

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Axis Bank Savings Account (axisbank.com)

“Interest rate on a Savings Account is calculated on a daily basis and is credited to the account on the first day of the next quarter. The rate of interest will depend on the balance maintained in the account. It currently ranges between 3% and 3.5%,” mentioned Axis Bank on its website.

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