Do you want to open a savings account? Then you must be very worried about thinking where the interest rate is higher in the savings account – Bank or Post Office. Through this article we are going to eliminate your worries. After reading this post completely, you will know where the interest rate on savings account is higher – at post office or bank? Where will you get more interest if you keep money in savings account? So, without wasting time, let’s get started.
Interest rate on Post Office Savings Account
- At present the annual interest rate on Post Office Savings Account is 4.00%.
- To open a savings account at the post office, you need to deposit a minimum of Rs. 500 in your savings account.
Interest rates on bank savings accounts
Interest rates on government bank savings accounts
- The current annual interest rate on SBI Savings Account is 2.70%.
- The current annual interest rate on PNB Savings Account is 2.70%.
- The current annual interest rate on the Allahabad Savings Account is 2.80%-6.10%.
- The current annual interest rate on a Bank of Baroda Savings Account is 2.75%.
- The current annual interest rate on Canara Bank Savings Account is 2.90%.
- The current annual interest rate on a Union Bank of India savings account is 2.75%
- The current annual interest rate on Bank of India Savings Account is 2.90%.
- The current annual interest rate on Indian Bank Savings Account is 2.80%-6.10%.
- The current annual interest rate on a Central Bank savings account is 3.00%-6.00%.
- The current annual interest rate on Indian Overseas Bank Savings Account is 3.75%-6.50%.
- The current annual interest rate on UCO Bank’s savings account is 3.50%.
- The current annual interest rate on savings account of Punjab & Sind is 2.80%-5.00%.
- The current annual interest rate on a Bank of Maharashtra savings account is 2.75%.
Interest rates on savings accounts of private banks
- The current annual interest rate on Axis Bank Savings Account is 3.00%.
- The current annual interest rate on ICICI Bank Savings Account is 3.00%-3.50%.
- The current annual interest rate on HDFC Bank Savings Account is 3.00%-3.50%.
- Current Annual Interest Rate on Savings Account of IDFC First Bank: –
- 4% up to 10 lakh.
- 10 to 50 crore 6.25%.
- The current annual interest rate on IDBI Bank Savings Account is 3.00%.
- Current Annual Interest Rate on IndusInd Bank Savings Account is 3.50%-7.00%.
Click here to open an online IndusInd Bank account from home.
- Current Annual Interest Rate on Kotak Mahindra Bank Savings Account: –
- Up to 1 lakh 3.50%.
Click here to open an online Kotak Mahindra account from home.
Current Annual Interest Rate on Yes Bank Savings Account is 4.00%-6.00%.
Equitas Small Finance Bank
- Up to 1 lakh 3.50%.
- 1 lakh to 5 lakh 5.25%.
- Above 5 lakh 7.00%.
Click here to open an online Equitas Small Finance Bank account from home.
Conclusion
Friends, from the above discussion it is can be concluded that if you have to take the facility of savings account from the government organization, then post office is the best option to choose because the interest rate in post office savings account is much higher than any government bank. However, if you want to avail the facility from a private bank, then Equitas Small Finance Bank is the best option to go with.
However, when opening a savings account, there are other issues besides interest rate such as: – the branch of that bank near to your house or not? Are the bank employees helpful? Or find out if the bank’s debit card charges are high, and finally decide where to save your hard-earned money.
I hope you find this post useful. If you have any questions about this or any financial issue, please comment or email us at our email id: – [email protected]. If you like the post, please share it with others.
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