DCB vs Axis vs Federal vs Kotak vs BoB vs IDFC vs Union Bank: SB account rates

When it comes to starting your financial path toward building wealth with sufficient liquidity, the first step is to create a savings account. A savings account is required for all banking and financial operations, and it is especially useful for short-term requirements or to meet unexpected crises. Not only can you make withdrawals to suit your needs, but you can also earn better interest rates on your deposits than you can with a current account, so it’s a good idea to surf around for the best rates before establishing a savings account. Considering interest rates are on the rise after the repo rate recently raised to 4.90 per cent, here are some banks that have recently adjusted their savings account interest rates that may be worth checking into if you’re seeking to create a new account.

Axis Bank

On 1st June 2022, Axis Bank made an interest rate revision on savings accounts. Now the bank offers a maximum rate of 3.50% per annum on saving bank deposits. “Effective 1st June, 2022, the interest on your Savings Account has been revised as per the following interest rate structure,” Axis Bank has mentioned on its website.

Federal Bank

On 9th June 2022, Federal Bank revised interest rates on savings accounts. “As the interest rates are linked to Repo rates, the interest rates will change as and when the Repo Rate gets revised by RBI on a T+1 basis,” Federal Bank has mentioned on its website.

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Kotak Mahindra Bank

Kotak Mahindra Bank revised its savings account interest rates on 13th June 2022 and following 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 savings account interest rates on 15th June 2022 and savings account holders of the bank will now get a maximum interest rate of 3.35% per annum.

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IDFC First Bank

On 1st June 2022, IDFC First Bank revised 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 savings account interest rates on 16th June 2022 and following 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%. W.e.f. 19th May 2022, the below-listed savings account interest rates of DCB Bank are in force.

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