Interest rates

Indian Bank Revises Savings Account Interest Rates (Wef 01.04.2022)

Investment

oi-Vipul Das

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Indian Bank, a public sector lender, announced a review of interest rates on savings bank deposits. The bank will provide a maximum interest rate of 2.90% from April 1, 2022. The above interest would be calculated based on the daily account balance and credited quarterly during the months of June, September, December and March from every year. Individuals – with single accounts, two or more individuals with joint accounts, physically disabled individuals, associations, clubs, trusts, HUFs, and institutions/agencies/corporations/government departments specifically authorized by RBI can all open a savings account at Indian Bank.

The account can be created with or without a check, and it is available in rural and semi-urban areas with a minimum balance required with a check is Rs.1000/-, while the minimum balance required without a check is Rs.500 /. The minimum balance required in metropolitan and urban areas is Rs.2500/- with a check and Rs.1000/- without a check. Savings account deposits have no upper limit and Indian Bank grants 20 free check sheets every calendar year for savings accounts. In addition, the bank offers free Rupay ATM/debit cards, 50 free withdrawals per semester, ECS/RTGS/NEFT facilities, Demat, locker and credit card facilities, as well as appointment services.

Indian Bank Savings Account Interest Rates

Here are the interest rates on savings bank deposits as of April 1, 2022.

Balance slabs Existing amended
Up to Rs.10 lakh 2.90% 2.75%
More than Rs.10 lakh to less than Rs.200 Cr 2.90% 2.80%
Rs. 200 Cr and above 2.90% 2.90%
Source: Bank website. Wed 01.04.2022

Meanwhile, RBL Bank and IDFC First Bank have unveiled their new interest rates on savings accounts, which will come into effect on April 1, 2022. IDFC First Bank now offers a maximum interest rate of 6% on savings account balances above Rs. 25 lakh but less than or equal to Rs. 1 crore, while RBL Bank now offers a maximum interest rate of 6% on outstanding savings account balances above of Rs. 10 lakh but less than or equal to Rs. 5 crores.

Article first published: Friday, April 1, 2022, 11:40 a.m. [IST]