Yesterday, the Reserve Bank of India (RBI) announced a hike of 50 basis points (bps) in the repo rate from 4.4 per cent to 4.90 per cent, which translates into an increase in lending and deposit rates that people may see in the near future. , Some banks have started raising interest rates on FDs and savings accounts, but investors will have to wait a bit longer till the interest rates are hiked again. Customers planning to set up a savings account in the face of rising interest rates can choose from the four public sector banks offering the highest interest rates on savings bank deposits.
Union Bank of India
Union Bank of India has the highest savings account interest rate in the public sector at 3.55 percent. With effect from 01.06.2022, the bank offers an interest rate of 2.75 per cent on savings account balances up to Rs 50 lakhs, 2.90 per cent on savings account balances above Rs 50 lakhs to Rs 100 crores, 3.10 per cent. Percentage on savings bank deposits of Rs 100 crore to more than Rs 500 crore, 3.40 per cent on savings bank deposits of Rs 500 crore to more than Rs 1000 crore, and 3.55 per cent on balance above 1000 crores
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Canara Bank
As per our analysis, Canara Bank is the second public sector bank on our list with the highest interest rates on savings accounts. The bank is offering an interest rate of 2.90% for outstanding balances of less than Rs. less than 50 lakhs 100 crore, 3.05% for the balance slab of Rs. less than 100 crores 500 crore, 3.35% for the balance slab of less than 500 crores 1000 crores and 3.50% which is the highest rate for the balance slab 1000 crores and above. These rates are effective from 01.03.2022.
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Bank Of Baroda
Bank of Baroda is the third bank on our list based on the high interest rates on savings accounts. The bank offers an interest rate of 2.75 per cent on the balance slab of Rs. less than 1.00 lakh 2.85 percent interest rate on the balance slab of Rs 100 crore, Rs 100 crore and above, less than Rs 200 crore, 3.05 percent interest rate on the balance slab 200 crore and above 500 crore, 3.25 percent interest rate on the balance slab 500 crore and above 1,000 crore, and 3.30 percent interest rate on the outstanding amount slab 1,000 crores.
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Punjab And Sind Bank
This public sector bank is the fourth bank on our list by virtue of high interest rates on savings accounts. The bank gives 3.00 percent p.a. on savings bank deposits of less than 10 crore and 3.20 percent on savings bank deposits of more than 100 million. These rates are effective from February 1, 2022.
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