When it comes to starting your financial path towards building wealth with adequate liquidity, the first step is to create a savings account. A savings account is essential for all banking and financial operations, and it is especially useful for meeting short-term needs or unforeseen crises. Not only can you make withdrawals that suit your needs, but you can also earn a better interest rate on your deposits than in a current account, so it’s a good idea to surf around for the best rates before setting up a savings account. Thoughts. Considering that interest rates are on the rise after the repo rate was recently raised to 4.90 per cent, here are some banks that have adjusted their savings account interest rates recently, if you are looking to create a new account. If so, it might be worth checking.
axis Bank
On 1 June 2022, Axis Bank revised the interest rate on savings accounts. Now the bank offers a maximum rate of 3.50% p.a. on savings bank deposits. “With effect from June 1, 2022, the interest on your savings account has been revised as per the following interest rate structure,” Axis Bank mentioned on its website.
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federal bank
On 9 June 2022, Federal Bank revised interest rates on savings accounts. Federal Bank has mentioned on its website, “As the interest rates are linked to the repo rates, the interest rates will change when the repo rate is revised by RBI on T+1 basis.”
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Kotak Mahindra Bank
Kotak Mahindra Bank revised its savings account interest rates on 13th June 2022 and after the revision the bank now offers a maximum rate of 4% on savings bank deposits.
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Bank Of Baroda
Bank of Baroda revised the savings account interest rates on 15th June 2022 and the savings account holders of the bank will now get the maximum interest rate of 3.35% per annum.
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IDFC First Bank
On 1st June 2022, IDFC First Bank revised the savings account interest rates and currently the bank offers a maximum interest rate of 6% on savings bank deposits.
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Union Bank of India
Union Bank of India revised the savings account interest rates on 16 June 2022 and after the revision the bank is now offering a maximum return of 3.55% per annum.
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DCB Bank
On resident, NRE and NRO savings bank accounts, DCB Bank offers a maximum interest rate of 6.75%. With effect from 19th May 2022, the below listed savings account interest rates of DCB Bank are applicable.
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