Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

SBI Cuts Savings Rate to 3.25%; Is It Time to Move Your Money to Another Bank?

Yes Bank offers 6.25% per annum for saving deposits above Rs 1 crore. For deposits between Rs 1 crore and Rs 5 crore, the interest rate is 6%, while it is 5% for savings balance up to Rs 1 lakh.

Trending Desk

Updated:October 10, 2019, 12:50 PM IST
facebookTwitterskypewhatsapp
SBI Cuts Savings Rate to 3.25%; Is It Time to Move Your Money to Another Bank?
File photo of an SBI branch in Delhi (Reuters)

Small accountholders at State Bank of India (SBI) received a jolt when the public sector lender reduced the interest rate on savings bank account with a balance below Rs 1 lakh by 25 basis points to just 3.25%, its lowest ever, with effect from November 1.

This made accountholders look at other banks and financial institutions like payments banks in order to earn a higher interest rate on their savings deposits. Here’s a list of how SBI’s 3.25% interest rate compares to the rates offered by other banks:

— HDFC Bank offers 4% interest rate on deposits below Rs 50 lakh in a savings account. If an accountholder has over Rs 50 lakh, then it will attract 3.5% interest.

— ICICI Bank offers 4% interest rate on the savings bank account.

— Axis Bank is also offering 4% interest rate on savings below Rs 50 lakh. For more than Rs 50 lakh, the interest rate is 3.5%.

— Private lender Kotak Mahindra Bank offers one of the highest interest rates, 6%, for saving deposits between Rs 1 lakh and Rs 1 crore. For saving deposits between Rs 1 crore and Rs 5 crore, the interest rate is 5.5%, while for saving deposits balance up to Rs 1 lakh is 5% per annum.

— Yes Bank offers 6.25% per annum for saving deposits above Rs 1 crore. For deposits between Rs 1 crore and Rs 5 crore, the interest rate is 6%, while it is 5% for savings balance up to Rs 1 lakh.

— Bandhan Bank offers its customers an interest rate of 4.25% per annum paid half-yearly for accounts with a daily balance of up to Rs 1 lakh, while it offers 5% for accounts with a daily balance of over Rs 1 lakh.

— IndusInd Bank offers 4% per annum on savings account with a daily balance of up to Rs 1 lakh. On accounts with a daily balance between Rs 1 lakh and Rs 10 lakh, the interest rate is 5% per annum, while for those with a daily balance above Rs 10 lakh, it is 6% per annum.

— RBL Bank offers 7.1% per annum on savings account with a daily balance above Rs 10 lakh. On accounts with a daily balance between Rs 1 lakh and Rs 10 lakh, the interest rate is 6.1% per annum, while for those with a daily balance up to Rs 1 lakh, it is 5.1% per annum.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results