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Savings Account Rates, Balance Rules & Charges
Savings Account Interest Rates 2026
Compare what 26 banks really pay on your balance, their minimum-balance rules and charges, and find the right account — zero-balance, high-interest, senior citizen, minor or NRI.
Rates & charges checked 27 September 20265.65%Best on ₹10 lakh · IDFC FIRST Bank
2.50%SBI / HDFC / ICICI
9PSBs waived min. balance
₹10,00080TTA deduction
7.00%IDFC FIRST slab
₹0SBI min. balance
SADAILY INTEREST
6.00%RBL slab
₹5 lakhDICGC cover
Savings account interest rates — 26 banks
21 of the 26 banks pay 2.50% on a ₹1 lakh balance. The differences show up on bigger balances: some private and foreign banks pay 5%–7% on specific slabs. The chart compares the effective rate on ₹1 lakh and ₹10 lakh.
Rate on ₹1 lakh balanceRate on ₹10 lakh balance
2%3%4%5%6%7%
| Bank | On ₹1 lakh | On ₹10 lakh | Highest slab | Min. balance (metro, regular) | Rates effective |
|---|---|---|---|---|---|
| IDFC FIRST BankPrivate sector | 2.50% | 5.65%effective, tiered | 7.00% | ₹10,000 or ₹25,000 AMB (by variant) | 1 Sep 2026 |
| DBS Bank IndiaForeign bank | 2.50% | 5.00% | 5.00% | ₹10,000 AMB (digibank Savings) | 24 Oct 2025 |
| Bandhan BankPrivate sector | 2.70% | 4.85% | 6.00% | ₹2,000 (Standard SB, from 1 Feb 2026; earlier ₹5,000) | 1 Aug 2026 |
| RBL BankPrivate sector | 3.00% | 4.00%effective, tiered | 6.00% | See bank page | 18 Jun 2026 |
| IndusInd BankPrivate sector | 2.50% | 3.00% | 7.05% | See bank page | 1 Mar 2026 |
| Karnataka BankPrivate sector | 2.50% | 2.75% | 4.00% | See bank page | 1 Jul 2025 |
| IDBI BankPrivate sector | 2.50% | 2.60% | 3.00% | ₹10,000 (Advantage SB, per ClearTax) | 18 Aug 2025 |
| State Bank of IndiaPublic sector | 2.50% | 2.50% | 2.50% | Nil (MAB requirement waived since Mar 2020) | 15 Jun 2025 |
| HDFC BankPrivate sector | 2.50% | 2.50% | 2.50% | ₹10,000 AMB | 24 Jun 2025 |
| ICICI BankPrivate sector | 2.50% | 2.50% | 2.50% | ₹15,000 (accounts opened from 1 Aug 2025; ₹10,000 for older accounts) | 26 Jun 2025 |
| Axis BankPrivate sector | 2.50% | 2.50% | 2.50% | ₹10,000–₹12,000 (Easy Access) | — |
| Punjab National BankPublic sector | 2.50% | 2.50% | 4.25% | ~₹2,000 (urban, earlier) | 1 Oct 2025 |
| Bank of BarodaPublic sector | 2.50% | 2.50% | 4.75% | ₹2,000 (Baroda Advantage) | 22 Aug 2025 |
| Kotak Mahindra BankPrivate sector | 2.50% | 2.50% | 2.50% | ₹25,000 AMB or ₹1 lakh relationship value (Everyday+) | 9 Jul 2025 |
| YES BankPrivate sector | 2.50% | 2.50% | 3.50% | ₹10,000 (YES PRO) | 7 Apr 2026 |
| Union Bank of IndiaPublic sector | 2.50% | 2.50% | 6.25% | See bank page | 10 Aug 2026 |
| Central Bank of IndiaPublic sector | 2.50% | 2.50% | 4.75% | See bank page | 10 May 2026 |
| Canara BankPublic sector | 2.50% | 2.50% | 4.00% | ₹2,000 (nominal; charges waived) | 5 Sep 2026 |
| Bank of IndiaPublic sector | 2.50% | 2.50% | 5.50% | ₹1,000 (SB General) | 1 May 2026 |
| Indian BankPublic sector | 2.50% | 2.50% | 2.80% | See bank page | 4 Jul 2026 |
| Indian Overseas BankPublic sector | 2.50% | 2.50% | 6.25% | ₹1,000 (with cheque) / ₹500 (non-cheque), other branches | — |
| Federal BankPrivate sector | 2.50% | 2.50%effective, tiered | 5.50% | See bank page | 16 Jul 2026 |
| UCO BankPublic sector | 2.50% | 2.50% | 2.50% | ₹1,000 (Saral, with chequebook) | 23 Jun 2025 |
| South Indian BankPrivate sector | 2.25% | 2.25% | 6.00% | See bank page | 21 Apr 2026 |
| Standard Chartered BankForeign bank | 2.25% | 2.25%effective, tiered | 5.00% | ₹10,000 AMB (SC Digital) | 1 Jan 2026 |
| Punjab & Sind BankPublic sector | 2.20% | 2.20% | 4.70% | See bank page | 16 Feb 2026 |
“Tiered” banks state that each rate applies only to the part of the balance inside that slab, so the effective rate is shown; for other banks the published slab rate is shown for the whole balance — confirm the method with the bank. The highest slab usually applies only to very large balances (crores). Sources and dates on each bank page.
Banks with high-interest slabs
| Bank | High-rate slabs | On ₹1 lakh | On ₹10 lakh | Yearly interest on ₹10 lakh |
|---|---|---|---|---|
| IDFC FIRST Bank | Above ₹3 lakh to ₹25 lakh: 7.00% · Above ₹25 lakh to ₹5 crore: 6.25% · Above ₹5 crore: 5.00% | 2.50% | 5.65% | ₹56,500 |
| DBS Bank India | Above ₹2 lakh to ₹50 lakh: 5.00% | 2.50% | 5.00% | ₹50,000 |
| Bandhan Bank | ₹5 lakh to ₹10 lakh: 4.85% · ₹10 lakh to ₹50 lakh: 5.35% · ₹50 lakh to ₹5 crore: 5.55% | 2.70% | 4.85% | ₹48,500 |
| RBL Bank | Above ₹5 lakh to ₹10 lakh: 5.00% · Above ₹10 lakh to ₹7.5 crore: 6.00% · Above ₹7.5 crore: 5.50% | 3.00% | 4.00% | ₹40,000 |
| IndusInd Bank | ₹5 crore to ₹100 crore: 5.00% · ₹100 crore to ₹150 crore: 7.05% · ₹150 crore to ₹1,400 crore: 7.00% | 2.50% | 3.00% | ₹30,000 |
| Union Bank of India | >₹2,000 crore to ₹3,000 crore: 5.60% · Above ₹3,000 crore: 6.25% | 2.50% | 2.50% | ₹25,000 |
| Bank of India | Above ₹2,000 crore to ₹2,500 crore: 4.75% · Above ₹2,500 crore: 5.50% | 2.50% | 2.50% | ₹25,000 |
| Indian Overseas Bank | Above ₹600 crore: 6.25% | 2.50% | 2.50% | ₹25,000 |
| Federal Bank | ₹50 crore to <₹200 crore (portion above ₹10 crore): 5.50% | 2.50% | 2.50% | ₹25,000 |
| South Indian Bank | ₹5 crore to <₹25 crore: 4.50% · ₹25 crore and above: 6.00% | 2.25% | 2.25% | ₹22,500 |
| Standard Chartered Bank | ₹40 crore to ₹60 crore: 4.50% · ₹60 crore to ₹150 crore: 5.00% | 2.25% | 2.25% | ₹22,500 |
Minimum balance & non-maintenance charges
| Bank | Metro / urban | Semi-urban | Rural | Non-maintenance charge |
|---|---|---|---|---|
| State Bank of India | Nil (MAB requirement waived since Mar 2020) | Nil | Nil | No minimum-balance non-maintenance charges (waived for all SB accounts, announced 11 Mar 2020) |
| HDFC Bank | ₹10,000 AMB | ₹5,000 AMB | ₹2,500 AQB (or FD of ₹10,000 for 1 yr 1 day) | 6% of shortfall or ₹600, whichever is lower (Regular Savings) |
| ICICI Bank | ₹15,000 (accounts opened from 1 Aug 2025; ₹10,000 for older accounts) | ₹7,500 (new; ₹5,000 older) | ₹2,500 (new) | 6% of MAB shortfall or ₹500, whichever is lower, plus GST |
| Axis Bank | ₹10,000–₹12,000 (Easy Access) | ₹5,000 | ₹2,500 | As per schedule of charges |
| Punjab National Bank | ~₹2,000 (urban, earlier) | — | ~₹500 (earlier) | No penal charges for non-maintenance of MAB across all savings schemes from 1 Jul 2025 |
| Bank of Baroda | ₹2,000 (Baroda Advantage) | ₹1,000 | ₹500 | Waived for all standard savings accounts from 1 Jul 2025 (premium schemes excluded) |
| IDFC FIRST Bank | ₹10,000 or ₹25,000 AMB (by variant) | — | — | 6% of AMB shortfall or ₹500, whichever is lower |
| Kotak Mahindra Bank | ₹25,000 AMB or ₹1 lakh relationship value (Everyday+) | ₹5,000 AQB (Sankalp) | ₹2,500 AQB (Sankalp) | As per schedule of charges |
| RBL Bank | — | ₹5,000 (Prime Savings) | ₹2,500 (Prime Savings) | As per schedule of charges |
| YES Bank | ₹10,000 (YES PRO) | — | — | ₹250–₹1,000 depending on variant and shortfall |
| Union Bank of India | — | — | — | Non-maintenance charges waived on general savings accounts from quarter ending Sep 2025 (customised products excluded) |
| Bandhan Bank | ₹2,000 (Standard SB, from 1 Feb 2026; earlier ₹5,000) | ₹2,000 | ₹2,000 | As per schedule of charges |
| IndusInd Bank | — | — | — | ₹250–₹900 depending on variant |
| Central Bank of India | — | — | — | Non-maintenance charges waived on savings accounts from 1 Jul 2025 |
| IDBI Bank | ₹10,000 (Advantage SB, per ClearTax) | ₹5,000 | ₹1,000 | 4% per month of shortfall (reported caps ₹50 metro/urban, ₹25 semi-urban, ₹5 rural) |
| Karnataka Bank | — | — | — | As per schedule of charges |
| South Indian Bank | — | — | — | As per schedule of charges |
| Canara Bank | ₹2,000 (nominal; charges waived) | ₹1,000 | ₹500 | No AMB penalty on any savings account from 1 Jun 2025 |
| Standard Chartered Bank | ₹10,000 AMB (SC Digital) | — | — | As per schedule of charges |
| Bank of India | ₹1,000 (SB General) | ₹500 | ₹500 | Reported waived for most account types (date not confirmed) |
| Indian Bank | — | — | — | Minimum-balance charges waived on all savings accounts from 7 Jul 2025 |
| Indian Overseas Bank | ₹1,000 (with cheque) / ₹500 (non-cheque), other branches | ₹500 (cheque) / ₹100 (non-cheque) | ₹500 (cheque) / ₹100 (non-cheque) | Waived for SB-Public accounts from 1 Oct 2025 (premium variants excluded) |
| Federal Bank | — | — | — | As per schedule of charges |
| DBS Bank India | ₹10,000 AMB (digibank Savings) | — | — | Reported as 4% of shortfall, capped at ₹40 |
| Punjab & Sind Bank | — | — | — | As per schedule of charges |
| UCO Bank | ₹1,000 (Saral, with chequebook) | ₹500 | ₹250 | ₹30–₹250 depending on account type |
Figures are for the bank’s regular/entry savings account unless a variant is named. “—” = not published in a comparable form; check the bank’s schedule of charges.
Banks that waived minimum-balance charges
| Bank | Effective from | What changed |
|---|---|---|
| State Bank of India | 11 Mar 2020 | MAB requirement removed for all savings accounts |
| Canara Bank | 1 Jun 2025 | No AMB penalty on all savings accounts (incl. salary, NRI) |
| Punjab National Bank | 1 Jul 2025 | No penal charges for non-maintenance of MAB across all savings schemes |
| Bank of Baroda | 1 Jul 2025 | Charges waived on all standard savings accounts; premium schemes excluded |
| Central Bank of India | 1 Jul 2025 | Charges waived for non-maintenance of MAB in savings accounts |
| Indian Bank | 7 Jul 2025 | All minimum-balance charges waived on savings accounts |
| Union Bank of India | Quarter ending Sep 2025 | Charges waived on general savings accounts; customised products excluded |
| Indian Overseas Bank | 1 Oct 2025 | Waived for SB-Public accounts only; premium variants excluded |
| Bank of India | Reported (date not confirmed) | Reported removal of AMB penalties for most account types (date not found) |
ICICI Bank’s change for new accounts
For savings accounts opened on/after 1 Aug 2025, ICICI initially raised MAB to ₹50,000 metro/urban, ₹25,000 semi-urban, ₹10,000 rural; after backlash it revised this (13 Aug 2025) to ₹15,000 metro/urban, ₹7,500 semi-urban, ₹2,500 rural. Existing accounts keep earlier limits (₹10,000 metro/urban). Penalty: 6% of shortfall or ₹500, whichever lower, plus GST.
Savings interest calculator
Types of savings accounts
0️⃣Zero-balance accountAccounts with no minimum balance — BSBDA, PMJDY, salary and digital accounts, plus publ…BSBDARBI-mandated basic account at every bank — no minimum balance, free services, withdrawa…Senior citizen accountFeatures banks offer to depositors aged 60+, the ₹50,000 80TTB deduction, doorstep bank…Minor / kids accountOpen a savings account for a child — guardian-operated vs self-operated (above 10 years…NRI savings accountNRE vs NRO savings accounts — tax, repatriation, joint holding, and what to do with you…High-interest accountsBanks paying 5%–7% on savings — which slabs earn the high rate, the real effective rate…
Bank-wise variants
| Bank | Savings account variants |
|---|---|
| HDFC Bank | SavingsMax, Regular Savings, Women's Savings, DigiSave Youth, Kids Advantage, Senior Citizens, Basic Savings Bank Deposit |
| ICICI Bank | Regular Savings, Insta Save, Advantage Woman, Seniors Club, Young Stars/Smart Star (minors), Basic Savings Bank Account |
| Axis Bank | Easy Access, Prestige, Priority, Burgundy, Liberty, Senior Privilege, Future Stars, Amaze (digital), Basic / Small Basic |
| Punjab National Bank | Salary accounts, Youth Savings, Women Power, Samman (pensioners), Kisan, BSBD |
| Bank of Baroda | Baroda Advantage Savings |
| IDFC FIRST Bank | ₹10,000 AMB variant, ₹25,000 AMB variant, Senior Citizen, Minor's, Pratham (BSBDA) |
| Kotak Mahindra Bank | 811 Digital, 811 Super Savings, Everyday+, Sankalp, Junior, Silk (women), Civil Pension |
| RBL Bank | Digital Savings (₹5,000), Prime Savings, Prime Edge (₹10,000), Advantage (₹25,000), Rise (₹50,000), Woman's First, Senior Citizen, Basic |
| YES Bank | YES PRO, Prosperity Pro/Pro Plus/Pro Max, YES Respect (seniors), YES Essence, My First YES, PMJDY |
| Bandhan Bank | Standard Savings |
| IndusInd Bank | Indus Delite, Indus Classic, Indus Select, Indus Exclusive, Indus Senior Citizen, Indus Young Saver, Indus Diva |
| Central Bank of India | Cent Bachat Khata, Cent Param, Cent Samarth, Cent Premium |
| IDBI Bank | Advantage Savings |
| Karnataka Bank | SB General, KBL Salary, KBL Genius, KBL Kishore, Privilege, SB Small, SB Sugama/Instant |
| Standard Chartered Bank | SC Digital, aXcessPlus (₹25,000), SuperValue (₹50,000), eSaver (₹25,000), 2-in-1, 3-in-1, Basic/Aasaan |
| Bank of India | SB General, Pratham (zero balance), Nari Shakti |
| Indian Overseas Bank | SB Public, Gold I/II, Silver I/II, Student, Little Star, SB-MAX / Prime / Privilege |
| Federal Bank | SB Plus (₹5,000), FedBook Selfie, Fed Power+, FedSmart, Mahilamitra, Yuvamitra, Delite, BSBDA |
| DBS Bank India | digibank Savings, Savings Gold, Savings Plus, digibank PRIME, Lakshmi Power (₹5,000) |
| UCO Bank | Saral, Tierised (Unique/Royal/Privilege), Asha Pension, Aparajita (women), GIG, BSBD |
Features of a savings account
Instant liquidity
UPI, debit card, ATM, NEFT/IMPS/RTGS — money available any time.
Daily-balance interest
Interest on each day’s closing balance, credited quarterly or monthly.
Auto-sweep
Link an FD so surplus earns FD interest and breaks automatically when needed.
Insured
DICGC cover up to ₹5 lakh per depositor per bank.
Up to 4 nominees
Simultaneous or successive nomination since 1 Nov 2025.
No TDS
Interest is taxable but not subject to TDS; 80TTA/80TTB in old regime.
Tax on savings account interest
| You are | Deduction | TDS |
|---|---|---|
| Below 60, old regime | Sec 80TTA — up to ₹10,000 of savings-account interest deductible | No TDS on savings interest |
| 60+, old regime | Sec 80TTB — up to ₹50,000 of interest from savings + FD + RD deductible | No TDS on savings interest; ₹1 lakh threshold on FD/RD |
| Any age, new regime | No 80TTA/80TTB; interest taxed at slab rate (rebate makes income up to ₹12 lakh tax-free) | No TDS on savings interest |
How to open a savings account
- CompareRate on your usual balance, minimum balance, charges and app quality.
- ApplyOnline with PAN + Aadhaar and video KYC, or at a branch.
- NominateAdd up to 4 nominees.
- ActivateDebit card, UPI, net banking; set up auto-sweep for surplus.
RBI rules every account holder should know
| Rule | What it means |
|---|---|
| Minimum-balance charges | Notice + one month to restore; charges proportional to shortfall; balance cannot go negative |
| BSBDA | Every bank must offer a zero-balance basic account with free debit card and at least 4 free withdrawals a month |
| Inoperative accounts | No customer-induced transaction for 2 years; no minimum-balance charges; free reactivation |
| Unclaimed deposits | Moved to RBI DEA Fund after 10 years; claimable any time; search on UDGAM |
| Minors | Above 10 years can open and operate accounts independently (RBI, 2025) |
| Cash reporting | Cash deposits of ₹10 lakh+ in a year are reported to the Income Tax Department |
Savings account guides & bank pages
Guides
Bank-wise savings accounts
IDFC FIRST Bank2.50% on ₹1 lakh · up to 7.00%DBS Bank2.50% on ₹1 lakh · up to 5.00%Bandhan Bank2.70% on ₹1 lakh · up to 6.00%RBL Bank3.00% on ₹1 lakh · up to 6.00%IndusInd Bank2.50% on ₹1 lakh · up to 7.05%Karnataka Bank2.50% on ₹1 lakh · up to 4.00%IDBI Bank2.50% on ₹1 lakh · up to 3.00%SBI2.50% on ₹1 lakh · up to 2.50%HDFC Bank2.50% on ₹1 lakh · up to 2.50%ICICI Bank2.50% on ₹1 lakh · up to 2.50%Axis Bank2.50% on ₹1 lakh · up to 2.50%PNB2.50% on ₹1 lakh · up to 4.25%Bank of Baroda2.50% on ₹1 lakh · up to 4.75%Kotak Bank2.50% on ₹1 lakh · up to 2.50%YES Bank2.50% on ₹1 lakh · up to 3.50%Union Bank2.50% on ₹1 lakh · up to 6.25%Central Bank2.50% on ₹1 lakh · up to 4.75%Canara Bank2.50% on ₹1 lakh · up to 4.00%Bank of India2.50% on ₹1 lakh · up to 5.50%Indian Bank2.50% on ₹1 lakh · up to 2.80%IOB2.50% on ₹1 lakh · up to 6.25%Federal Bank2.50% on ₹1 lakh · up to 5.50%UCO Bank2.50% on ₹1 lakh · up to 2.50%South Indian Bank2.25% on ₹1 lakh · up to 6.00%Standard Chartered2.25% on ₹1 lakh · up to 5.00%Punjab & Sind Bank2.20% on ₹1 lakh · up to 4.70%
Frequently asked questions
Which bank gives the highest savings account interest rate?
On a ₹10 lakh balance, IDFC FIRST Bank leads with an effective 5.65% among the 26 banks tracked. On ₹1 lakh most banks pay 2.5%–3%; RBL Bank pays 3% and Bandhan Bank 2.7%.
What do SBI, HDFC Bank and ICICI Bank pay on savings?
All three pay a flat 2.50% on savings balances after cuts in 2025.
How is savings account interest calculated?
On the daily closing balance: balance × rate ÷ 365 for each day, credited quarterly by most banks and monthly by some (such as IDFC FIRST and RBL).
Which banks have no minimum balance charges?
SBI (since March 2020) and, from 2025, Canara Bank, PNB, Bank of Baroda (standard accounts), Central Bank, Indian Bank, Union Bank (general accounts) and IOB (SB-Public). Every bank also offers a zero-balance BSBDA.
Is savings account interest taxable?
Yes, but there is no TDS. In the old regime you can deduct up to ₹10,000 (80TTA), or ₹50,000 for seniors including FD/RD interest (80TTB).
How many savings accounts can I have?
There is no legal limit, but each account may have a minimum balance and charges. You cannot hold a BSBDA and another savings account in the same bank.
Is my savings account money insured?
Yes, DICGC insures up to ₹5 lakh per depositor per bank, including interest.
Compiled from banks’ published interest rates and schedules of charges, plus news reports for policy changes (sources on each bank page). For comparison only — confirm with the bank.