Many banks revised their savings account interest rates in October. Some banks are offering returns of more than 5% on balances above ₹5 lakh. Let’s find out how much interest you can earn based on your account balance.
Savings accounts are considered a good option for savings. All private, public, and small finance banks across the country offer savings account facilities. Account holders also receive various services, including ATMs, interest, and digital banking services. In October, several banks revised their interest rates on savings deposits. This list includes four small finance banks and one private bank. It should be noted that interest rates depend on the deposit amount and are subject to change from time to time.
AU Small Finance Bank implemented new interest rates for savings account deposits on October 3rd. The annual interest rate for deposits under five years is 2.75%. The bank is offering 3.50% interest on deposits between ₹5 lakh and ₹10 lakh. Deposits between ₹10 lakh and ₹10 crore offer 6.50% returns, and balances between ₹10 crore and ₹25 crore offer 6% returns. If the account balance is Rs 1 lakh, the depositor will get Rs 226 every month at the rate of 2.75% interest.
Suryoday Small Finance Bank
Suryoday Small Finance Bank implemented new interest rates for savings accounts on the first of October. The bank is offering 7.75% interest on balances above ₹5 crore and up to ₹25 crore. The interest rate is 7.75%. For balances above ₹1 lakh and up to ₹25 lakh, it offers 3% interest. The bank offers 6.25% interest on balances above ₹5 lakh and up to ₹10 lakh, 7.50% interest on balances above ₹10 lakh and up to ₹2 crore, and 7.50% interest on deposits above ₹2 crore and up to ₹5 crore. For balances above ₹25 crore, it is advised to contact the bank branch.
RBL Bank
Private sector RBL Bank has implemented new interest rates for savings accounts from October 4th. Balances up to Rs 5 lakh are offering 3% interest. Interest rates are 5% for balances above Rs 5 lakh and up to Rs 10 lakh, 6% for balances above Rs 10 lakh and up to Rs 25 lakh, and 6.50% for balances above Rs 25 lakh and up to Rs 3 crore. Interest rates are 6% for balances above Rs 3 crore and up to Rs 7.5 crore, and 5.50% for balances above Rs 7.5 crore and up to Rs 200 crore.
Equitas Bank Small Finance Bank
This bank also implemented new interest rates for savings accounts on October 1st. The bank is offering 2.75% interest on balances up to Rs 1 lakh. The bank offers 3% interest on balances above ₹1 lakh and up to ₹3 lakh, 3.25% on balances above ₹3 lakh and up to ₹5 lakh, and 4.25% on balances above ₹5 lakh and up to ₹10 lakh. The bank offers 6.75% interest on balances above ₹10 lakh and up to ₹25 lakh, and 7% on balances above ₹25 lakh.
The post Savings Account Interest Rates: These 4 banks have changed the interest rates on savings accounts, know how much return you will get now? first appeared on informalnewz.
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