We all know that India consists of many people who do jobs. Irrespective of whether it is an organised sector unorganised sector. We all do not get salary in cash many people’s salary is directly deposited in their bank account. we all deposit our salary in the savings account. So, it will always be beneficial for us to know which bank provides us with the best interest rate on the savings account including Public sector banks.
We all also know that many Public sector banks accounts have received interest from our account and many people’s loan’s interest rates are deposited in our accounts. Still, we do not find a much higher interest rate on a savings account as compared to fixed deposits. And the banks which are in the public sector also provide low-interest rate as compared to the private banks and the small finance banks.
This accounts can also be used for parking the emergency corpus only if you find those liquid funds risky. It is very necessary that you choose the right for your savings account interest rate.
According to the sources, the interest rate provided by the big banks like IDBI banks, Punjab National Bank and Sind bank is 3 to 3.5 per cent. As the Public sector Banks offer 3.10 per cent interest rate and this rate is competitive with some of the leading banks like HDFC Bank, ICICI Bank which is 3 to 3.5 per cent. When this rate is compared to the other large Public sector Banks like Bank of Baroda, State Bank Of India which is 2.75 per cent to 2.75 per cent.
In a savings account, a minimum balance is maintained that is rs. 250 in large and medium public sector banks. Well, this minimum balance is very low as compared to the leading private banks. It is all because Public sector Banks are backed by the government. It is more interested to reach out to the middle-class section. Many private banks like Axis bank HDFC bank has a minimum balance of 2,500 to 10,000.
While choosing a bank be it Public sector Banks or private you should always review the way a company reaches to its customers, its branches, its ATM’s. The interest rate can be a second part.
Related news: RBI sets the terms for loan restructuring