Everyone across the globe is facing an economic problem due to the Covid pandemic following which most of them are unable to save something for their future people. However, there is a piece of good news for some people who can get higher interest rates on their saving accounts.
The public sector banks are offering significantly lesser rate of interest on Savings Accounts. On the other hand, private banks offer relatively more interest on the saving accounts. However, few public sector banks are offering higher interest on the savings account.
A news18.com report quoting the Bank Bazaar.com revealed that public sector banks like IDBI Bank and Canara Bank provide interest rates up to 3.5 per cent and 3.2 per cent respectively on savings accounts. However, if the interest rates are compared they are at par with those of private banks.
Currently, HDFC Bank and ICICI Bank offer interest at 3 to 3.5 per cent on saving accounts. Another major private bank, Kotak Mahindra Bank offers interest rates of 3.5 per cent to 4 per cent on the saving deposits.
Have a look at the chart showing the list of banks and the interest rates they are providing:
Pic Credit: news18.com