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new Delhi. A savings account is extremely useful for short term investors who may need money at any point of time. The biggest advantage of a savings account is that it not only pays interest on your deposits but also allows you to withdraw funds at any time. One thing you should also keep in mind is that you have to pay tax on interest earned on savings account (above 10,000), as it is considered as income from other sources.
Interest is calculated on the basis of the daily balance in the savings account and the interest rate is transferred to your account at the end of the quarter. Up to Rs 5 lakh kept in a savings account is insured under DICGC. Meaning even if the bank sinks, you can get back the amount up to Rs 5 lakh. Today we are telling you about the interest paid on the savings account in different banks. We are mentioning the big banks of India here-
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State Bank Of India: If you have a savings account in State Bank of India, then the bank also gives you the facility to maintain an account on zero balance. Gives you an interest rate of 2.75% per annum.
HDFC Bank: After February 2, 2022, HDFC Bank is giving interest rates on different amounts to its savings account customers. If you keep less than Rs 50 lakh then you get 3% interest per annum. Interest is given at 3.50% and 4.50% on the amount above 50 lakhs and less than 1000 crores.
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ICICI Bank : ICICI Bank, one of the largest private banks, offers an interest of 3% on deposits of less than Rs 50 lakh and 3.50% on deposits above Rs 50 lakh.
Axis Bank : 3.00% p.a. for deposits below Rs 50 lakhs, 3.50% p.a. on deposits above Rs 50 lakhs and less than Rs 10 crores, Repo at floor rate of 3.50% per annum on deposits above Rs 10 and up to Rs 100 crores + (-0.65% ) interest is paid.
Punjab National Bank (PNB) : It offers interest of 2.75% on deposits up to Rs 10 lakh in a government bank savings account and 2.80% on deposits above Rs 10 lakh.
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Tags: bank interest rate, Savings accounts, SBI Bank
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