The Post Office Savings Account (SB) functions similarly to any other retail bank savings account. The minimum deposit is Rs 500, while the minimum withdrawal amount is only Rs 50. There is no maximum investment amount, and a tax exemption of up to Rs10,000.
The post office savings account comes with an interest rate of 4% for the July-September 2024 quarter.
Here is a quick comparison of savings account interest rate of Post office savings account, SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank. Let us see where you can earn the highest interest rate on savings accounts.
The interest rate for savings accounts with balances up to Rs 10 crore is 2.70%, and it is 3% for balances above Rs 10 crore.Get up to 8.5% FD rate: SBI vs HDFC Bank vs ICICI Bank vs Canara Bank vs PNB; Latest fixed deposit interest rates in July 2024
HDFC Bank savings account interest rate
The interest rate on savings accounts at HDFC Bank is 3% for balances less than Rs 50 lakh and 3.50% for balances greater than Rs 50 lakh.
ICICI Bank savings account interest rate
On end-of-day balances less than Rs 50 lakh, the interest rate would be 3%. On end-of-day balances over Rs 50 lakh, the bank offers 3.5%.
PNB savings account interest rate
Punjab National Bank offers an interest rate of 2.70% on balances below Rs.10 Lakh and 2.75% on account balances of Rs 10 lakh to less than Rs 100 crore. PNB offers 3% interest on account balance of Rs.100 crore & above.
Union Bank of India savings account interest rate
Union Bank of India offers interest rate of 2.75% on balances up to Rs 50 Lakh and 2.90% on balances above Rs 50 lakh Rs 100 crore. The bank offers 3.10% on balances above Rs.100 crore Rs.500 crore and 3.40% on balances above Rs.500 crore Rs.1000 crore. The highest interest rate of 4.20% is paid on balances above Rs.2000 crores.
IDFC First Bank savings account
IDFC First Bank offers 3% interest on below Rs 1lakh, 3.50% for balances below Rs 1 lakh to less than Rs 3 lakh. The bank offers 4% on balances between Rs 3lakh to Rs 5 lakh. IT offers 7% interest on balances between rs 5 lakh to Rs 10 lakh and Rs 5 cr to Rs 50 crore. IFDC FIRST Bank offers highest interest rate of 7.25% on balances between Rs 10 lakh to Rs 5 crore.
How is it calculated
In case your account balance with us is Rs. 25,000, the interest payable to you will be 3% on the entire Rs. 25,000. 2. In case your account balance with us is Rs. 4 lacs, the interest payable to you will be 3% on Rs. 1 lac, 3.50% on Rs. 2 lacs and 4% on Rs. 1 lac. 3. In case your account balance with us is Rs. 50 lacs, the interest payable to you will be 3% on Rs. 1 lac, 3.50% on Rs. 2 lacs and 4% on Rs. 2 lacs, 7% on Rs. 5 lacs and 7.25% on Rs. 40 lacs.
