Yes Bank and IDFC First Bank have revised their savings account interest rates. IDFC First Bank is now offering an interest rate of 7.00% on savings account balances of more than Rs 5 lakh to Rs 50 Cr.
On the other hand, Yes Bank currently offers interest rates ranging from 3.50% to 7.50% on deposits maturing in 7 days to 10 years. These changes reflect the banks’ adjustments to their savings account interest rates, with IDFC First Bank offering a competitive rate of 7.00% for certain balance ranges.
It’s important to note that interest rates are subject to periodic change, so it’s advisable to check the banks’ official websites for the most up-to-date information.
How Often Do Banks Revise Their Savings Account Interest Rates
Indian banks often revise their savings account interest rates in response to various factors such as market conditions, regulatory changes, and their own financial requirements. The recent revised data includes the following:
State Bank of India (SBI):
- Existing Rate of Interest: 2.70% p.a.
- Revised Rate of Interest w.e.f. 15.10.2022: 3.00% p.a. for balances less than Rs. 10 Crore.
Union Bank of India:
- Existing Interest Rate: 2.90%
- Revised Interest Rate w.e.f. 01.06.2022: 2.75% for balances up to Rs.50 lakhs.
Indian Bank:
- Existing Rate of Interest: 2.90%
- Revised Rate of Interest: 2.75% for balances up to Rs.10 lakh.
Yes Bank:
- Offers interest rates ranging from 3.50% to 7.50% on deposits maturing in 7 days to 10 years.
IDFC First Bank:
- Offers an interest rate of 7.00% on savings account balances of more than Rs 5 lakh to Rs 50 Cr.
These revisions demonstrate that Indian banks adjust their savings account interest rates periodically, and customers are advised to stay updated by referring to the banks’ official websites for the most current information.
Average Interest Rates for Savings Accounts in India for Some Public and Private Banks
| Bank Name | Interest Rates |
|---|---|
| SBI | 3.00% |
| HDFC Bank | 3.00% – 3.50% |
| Kotak Mahindra Bank | 3.50% |
| DBS Bank | 3.25% – 7.00% |
| Axis Bank | 3.00% – 3.50% |
| ICICI Bank | 3.00% – 3.50% |
| IDFC First Bank | 7.00% |
| IndusInd Bank | 3.50% – 5.50% |
| Indian Bank | 2.75% – 2.90% |
| Canara Bank | 2.90% – 3.55% |
| UCO Bank | 3.50% – 4.00% |
| ESAF Small Finance Bank | 4.00% – 6.50% |
| AU Small Finance Bank | 3.50% – 7.00% |
| Equitas Small Finance Bank | 3.50% – 7.00% |
| Jana Small Finance Bank | 3.00% – 6.50% |
| Ujjivan Small Finance Bank | 4.00% – 7.00% |
| Union Bank of India | 2.75% – 2.90% |