Know which two banks are giving highest returns on saving account

With the onset of the COVID-19 pandemic, Bank interest rate on saving accounts has been going down. But there are some banks who are giving more interest rates than others. However, the most surprising part is that out of top 10 list, State Bank of India (SBI) does not even figure in it. IDBI and Canara Bank hold top two positions in the top 10 list.

IDBI Bank Interest Rate on Saving Account

IDBI Bank is giving 3% to 3.5% return on the saving account, which is highest among the public sector banks operating in India.

The IDBI website says that IDBI Bank interest rate on saving account (with effect from 21st September 2020), saving balance up to Rs 25 lakh will fetch 3% bank interest rate.

Saving balance above Rs 25 lakh and below Rs 50 lakh will getch 3% interest.

Saving balance of Rs 50 lakh and above will fetch 3.5% bank interest rate.

Canara Bank Interest Rates on Savings

A saving account holder will get bank interest rate from 2.9% to 3.2%.

For outstanding balance of less than Rs 50 lakh and for outstanding Balance of Rs 50 Lakh to less than Rs 100 Cr, interest rate is 2.90%.

For outstanding balance of Rs 100 Cr to less than Rs 300 Cr, interest rate is 3.0%.

For outstanding balance of Rs 300 Cr to less than Rs 500 Cr, interest rate given is 3.05%.

For outstanding balance of Rs 500 Cr and above, Canara Bank interest rate will be 3.20%.

Other PSBs, that are in the list of top Indian Public Sector banks in terms of bank interest rate on saving account includes Punjab & Sind Bank (3.1%), Indian Overseas Bank (3.05%), Union Bank (3%), Punjab National Bank or PNB (3%), Central Bank of India (2.75 to 3.00 per cent), Bank of India (2.90%), Indian Bank (2.90%) and Bank of Baroda (2.75%).

Bank Interest Rates SBI

India's largest commercial bank State Bank of India (SBI) is not in the top 10 list. SBI is giving 2.7% on all saving accounts irrespective of the deposits available in the account. As per the SBI's official website sbi.co.in, the SBI bank interest rate on saving accounts were last revised in 2020. With effect from 31st May 2020, SBI decreased interest rate on saving accounts from 2.75% to 2.70%.