Why is a savings account mandatory?
A savings account is needed to make payments, send and receive money, pay debts, invest, and perform other financial transactions. A savings account can be used to pay utility bills as well as cell phone recharges. Simply put, you need a savings account to protect your money from theft, loss and destruction (disasters can happen at any time) because you can only carry or store a certain amount of money. money without constantly feeling on edge.
The interest rate on savings accounts varies by bank, type of account and amount.
Here is a comparison of savings account interest rates from Swiss Post, , HDFC Bank and .
Post Office Savings Account Interest Rate
Individuals can open a savings account with India Post with a minimum deposit of Rs. tenth and last day of the month. If the balance between the tenth and the last day of the month is less than Rs. 500, no interest will be paid that month. At the end of each financial year, interest will be credited to the account.
The annual interest rate is 4.0%.
HDFC Bank Savings Account Interest RateHDFC Bank offers different types of savings accounts depending on occupation and various other factors. Savings Bank interest is based on the daily balances that are held in your account. Interest on savings accounts will be paid every three months.
HDFC Bank offers an interest rate of 3% on amounts below Rs 50 lakh and an interest rate of 3.5% on amounts above Rs 50 lakh.
ICICI Bank Savings Account Interest Rates
Interest on savings bank accounts is calculated daily at the rate set by ICICI Bank on the daily closing balance of the account. Calculated interest is rounded to the nearest rupee. Interest will be paid quarterly in March, June, September and December.
For end-of-day balances below Rs 50 lakh, the interest rate offered is 3.00%, and for amounts above Rs 50 lakh, it is 3.5%.
Equitas Small Finance Bank
For savings accounts held with Equitas Small Finance Bank, interest will be calculated based on the daily closing account balance. Quarterly interest payments will be paid directly into the savings account. Slab rates are applicable on the differential amount based on the closing balance.
The interest rate offered is 3.50% for amounts up to Rs 1 lakh. Above Rs 1 lakh and up to Rs 5 lakhs the interest rate is 6%, and above Rs 5 lakhs and up to Rs 2 crores the interest rate is 7% .
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