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Yesterday, the Reserve Bank of India (RBI) announced a 50 basis point (bps) hike in the repo rate from 4.4 per cent to 4.90 per cent, which turns into a rise in lending and deposit rates that people may see in the near future. Some banks have already begun to raise interest rates on FDs and savings accounts, but investors will have to wait a little longer until interest rates rise again. Customers planning to establish a savings account in the face of rising interest rates can choose the four public-sector banks giving the highest interest rates on savings bank deposits.
Union Bank of India
Union Bank of India has the highest savings account interest rate in the public sector, at 3.55 per cent. With effect from 01.06.2022, the bank offers an interest rate of 2.75 per cent on savings account balances of up to Rs.50 lakhs, 2.90 per cent on savings account balances of more than Rs.50 lakhs to Rs.100 Crores, 3.10 per cent on savings bank deposits of more than Rs.100 Crores to Rs.500 Crores, 3.40 per cent on savings bank deposits of more than Rs.500 Crores to Rs.1000 Crores, and 3.55 per cent on balances of above ₹1000 Cr.
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Canara Bank
As per our analysis, Canara Bank is the second public sector bank on our list with the highest interest rates on savings accounts. The bank is offering an interest rate of 2.90% for an outstanding balance of less than Rs. 50 Lakh to less than ₹100 Cr, 3.05% for the balance slab of Rs. 100 Cr to less than ₹500 Cr, 3.35% for the balance slab of ₹500 Cr to less than ₹1000 Cr and 3.50% which is the highest rate for the balance slab of ₹1000 Cr & above. These rates are effective as of 01.03.2022.
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Bank of Baroda
Bank of Baroda is the third bank on our list based on higher interest rates on savings accounts. The bank offers a 2.75 per cent interest rate on balance slab of Rs. 1.00 lakh to less than ₹100 Crores, 2.85 per cent interest rate on balance slab of Rs.100 Crore and above to less than Rs.200 Crores, 3.05 per cent interest rate on balance slab of ₹200 crores and above to less than ₹500 crores, 3.25 per cent interest rate on balance slab of ₹500 crores and above to less than ₹1,000 crores, and 3.30 per cent interest rate on outstanding balance slab of ₹1,000 crores.
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Punjab & Sind Bank
This public sector bank is the 4th bank on our list based on higher interest rates on savings accounts. The bank gives 3.00 per cent p.a. on savings bank deposits of less than ₹10 crore and 3.20 per cent on savings bank deposits of more than ₹10 crore. These rates are in effect as of February 1, 2022.
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