Savings Account Interest Rates in 2023

Savings Account is the one of the oldest and most common form of savings. It is preferred by most of the people because the principal amount is always safe no matter how much interest is earned. Therefore, it can be said that the convenience of keeping the money in a bank account and earning interest is also the simplest form of investment.

The minimum balance required to maintain a savings account varies from one bank to another just like the rate of interest. Banks have a certain minimum balance limit which an account holder has to maintain otherwise they would be liable to pay the penalty.

Savings Account Interest Rates February 2023

Below are the interest rate, minimum balance requirement and features of all banks offering savings account in India.

Features of Some Savings Account Banks in India

Allahabad Bank

• Only for individuals
• Initial Deposit- NIL
• Minimum Balance- NIL. Hence to check the account balance left in the bank account so as it does not goes below the limit, users are required to call on Allahabad Bank Balance check Number.
• No charges for non-operation/activation of in-operative ‘All Bank Saral Savings Account’
• Option to switch to normal SB account and to maintain applicable minimum balance
• No charges for closure of account.

Axis Bank

• Instant Account Number
• Auto FD feature for balances above ₹10,000
• Zero Balance Account
• Complimentary online debit card/ Optional physical debit card
• Unlimited ATM transactions at all Axis Bank and other banks’ ATM
• Preferential Pricing on Lockers and De-Mat
• ₹150 discount on BookMyshow, ₹ 1,000 cashback on Cleartrip App, 2 months free subscription of Airtel Wynk
• Minimum 15%* off at our partner restaurants

Bank of India

• Internet Banking facility
• Unlimited ATM transactions (Only at BOI ATMs)
• Online Income Tax return filing facility
• Personalised cheque book on request
• Free utility bills payment facility through Epay

Central Bank of India

• An account can be opened with initial deposit of ₹50/-
• Minimum balance of ₹50/-
• One cheque book per year free of charge
• 50 (Fifty) withdrawals per year free of charge
• Total credits in a year should not exceed ₹1,00,000/- and balance in the account should not exceed ₹50,000/- in all accounts taken together

Citibank

• Citibank Online Mobile & SMS Banking,CitiPhone Banking, Branch Banking facilities
• Free SMS & E-mail alerts
• Zero transaction fee at Citibank affiliated IndianOil outlets

HDFC Bank

• Discounts and offers through online shopping
• Safe deposit lockers
• Customized banking service
• No annual maintenance charges for the first year

HSBC Bank

• No annual charges on debit card
• Cash withdrawal limit of INR 25,000 per day
• Purchase limit of INR 10,000
• Free 4 withdrawals on monthly transactions
• No funds or cheque required to open the account

ICICI Bank

• Choose your own account number
• Get added advantages with ICICI EPF account
• 24*7 Banking service
• Mobile Banking and Contactless Mobile Payments

IDBI Bank

• Faster transfer of funds
• Online options to pay utility bills
• Good options to grow money at attractive interest rates Instant Banking
• International Debit Card
• Demand drafts and Pay order -Easy Payments
• Profit from your Account -Value Added Services
• Travel and Gift Solutions
• International Debit cum ATM card
• Free five ATM transactions at other Bank ATMs at Non Metro Locations

Indian Bank

• ECS/RTGS/NEFT facilities are available
• No charges for Intra city transactions except cash deposit and cash withdrawal charges at host branches for transactions above ₹50000/-
• ATM cards/Debit cards free for the first year
• 3 transactions Free at ATMs of other Bank in Metro and 5 transactions Free at ATMs of other Bank in Non Metro Areas
• Intra city, intercity transactions, Internet/ mobile /phone banking facilities are available at all branches
• Nomination facilities available
• 50 withdrawals permitted free per half year excluding debit entries related to ATM / IRCTC transactions /POS / Internet, Mobile transactions and ₹15/- will be charged per transaction over and above the free withdrawals
• No TDS on interest earned on SB deposits

Indian Overseas Bank

• International VISA Debit Card
• Minimum Balance: ₹ 500 for non cheque operated account & ₹1000 for cheque operated account in other branches. However, to check how much is the account balance, users are required to call on IOB Balance Check Number.
• Instant Credit of Outstation Cheque upto ₹15,000/-
• Internet banking facility
• Multicity Cheque facility
• Nomination facility
• Insurance Product

IndusInd Bank

• Reward points on every card transaction
• Free monthly e-statement
• Insurance and medical discounts
• Cashback through Indus Money Program

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Punjab National Bank

• Interest calculated on daily product basis payable quarterly
• 20 free personalized multi city cheque leaf per half year
• Transfer of accounts to any P.N.B Branch without changing the account number
• Deposits are insured by DICGC ATM Cum Debit card(individuals account)
• Quick remittance of funds via NEFT/RTGS
• Safe Deposit Lockers available online also
• Online account opening provision

State Bank of India (SBI)

• Safe Deposit Lockers as per availability
• Nomination facility 
• SMS Alerts and e-Statement facility
• Auto sweep facility
• Special salary accounts
• ATM cum Debit card
• Mobile and Internet Banking facility
• Banking services on missed call
• Personal accident and health insurance cover

UCO Bank

• No charges in case of closure of account within 14 days
• Nomination is accepted in favour of a single individual only
• Free ATM cum Debit Card

Union Bank of India

• Simplest deposit option available to the depositor
• Free ATM cum Debit card
• 20 leaves of cheque book free per year
• Free Accidental Insurance cover by Debit Card usage
• Reward points on Debit card spends