Why is a savings account needed?
A savings account is needed to make payments, send and receive money, repay loans, make investments, and perform other financial transactions. A savings account can be used for payment of utility bills as well as for mobile phone recharge. Simply put, you need a savings account to protect your money from theft, loss and destruction (a disaster can happen at any time), as you can only carry a certain amount of cash. or store.
The interest rate on savings accounts varies depending on the bank, the type of account and the amount.
here is the comparison Savings Account Interest Rates of post office savings accounts, HDFC bank And .
Post Office Savings Account Interest Rate
Individuals can open a savings account with India Post with a minimum deposit of Rs. 500. Post Office Savings Account interest will be credited in whole rupee only and will be calculated on the basis of minimum balance between 10th and last day of the month. If the balance between the tenth and last day of the month is less than Rs. 500, no interest will be paid in that month. At the end of each financial year, interest will be credited to the account.
The annual interest rate is 4.0 percent.
HDFC Bank Savings Account Interest RateHDFC Bank offers different types of savings accounts depending on the business and various other factors. The interest you get from the savings bank is based on the daily balance maintained in your account. Interest on savings accounts will be paid every three months.
HDFC Bank offers 3% interest rate on amount below Rs 50 lakh and 3.5 per cent interest rate on amount above Rs 50 lakh.
ICICI Bank Savings Account Interest Rate
Interest on savings bank accounts is calculated at the rate prescribed by ICICI Bank on the daily closing balance in the account. The calculated interest is rounded off to the nearest rupee. Interest will be paid quarterly in March, June, September and December.
For end-of-day loans below Rs 50 lakh, the interest rate is 3.00 per cent, and for amounts above Rs 50 lakh, it is 3.5 per cent.
Equitas Small Finance Bank
For savings accounts maintained with Equitas Small Finance Bank, interest will be calculated on the basis of daily closing balance of the account. The quarterly interest payment will be made directly into the savings account. The slab rates are applicable on the incremental amount based on the closing balance.
The interest rate is 3.50 per cent for amounts up to Rs 1 lakh. Above Rs 1 lakh and up to Rs 5 lakh, the interest rate is 6%, and above Rs 5 lakh and up to Rs 2 crore, the interest rate is 7%.