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| Savings Bank A/c | ||
|---|---|---|
| Nature | Rate of Interest | |
| Normal | Senior Citizen | |
| A. Domestic (W.e.f. Dec 11, 2020) | 3.50% p.a.* on balance up to Rs. 1 lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 1 Crore, 3.50% p.a.* on balance above 1 Crore |
3.50% p.a.* on balance up to Rs. 1 lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 1 Crore, 3.50% p.a.* on balance above 1 Crore |
| B. Basic Savings Bank Deposit Account/Small Account (W.e.f. Dec 11, 2020) | 3.50% p.a.* on balance up to Rs. 1 lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 1 Crore, 3.50% p.a.* on balance above 1 Crore |
3.50% p.a.* on balance up to Rs. 1 lakh, 4% p.a.* on balance above Rs. 1 lakh upto Rs. 1 Crore, 3.50% p.a.* on balance above 1 Crore |
| C. Non Resident (NRE/NRO) | 3.50% p.a. |
3.50% p.a. |
| With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year. Note : p.a. is "per annum" |
||
Daily balances in Savings Account up to Rs. 1 lakh continue to earn 3.50% p.a. interest. W.e.f. Dec 11, 2020, interest rate of 4% p.a. will be applicable on daily balances in Savings Account over Rs. 1 lakh and up to Rs. 1 crore while interest rate on daily balances in Savings Account above Rs. 1 crore stands revised at 3.50% p.a. These interest rates are applicable for Resident Accounts only.
Example: If End of Day Savings Account balance is Rs. 1,50,000, then Rs. 1,00,000 will earn interest of 3.50% p.a. and Rs. 50,000 (being the balance in excess of Rs. 1,00,000), will earn interest of 4.00% p.a.
