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4 public sector banks with the highest savings rates

Yesterday, the Reserve Bank of India (RBI) announced a 50 basis point (bps) increase in the repo rate from 4.4% to 4.90%, which turned into a hike in lending rates. and deposits that people can see in the near future. . Some banks have already started raising interest rates on FDs and savings accounts, but investors will have to wait a little longer until rates rise again. Customers who plan to set up a savings account in the face of rising interest rates can choose 4 public sector banks with the highest savings rates.

Union Bank of India

Union Bank of India has the highest interest rate on savings accounts in the public sector, at 3.55%. Effective June 1, 2022, the bank offers an interest rate of 2.75% on savings account balances up to Rs 50, and 2.90% on savings account balances over Rs 50 to Rs. 100 Crores, 3.10 percent on savings bank deposits over Rs. 100 Crores to 500 Crores, 3.40% for savings bank deposits over Rs 500 to 1000 Crores, and 3.55% for balances above 1000 Cr.

Union Bank of India savings account interest rate

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Union Bank of India savings account interest rate (unionbankofindia.co.in)

Bank of Canara

According to our analysis, Canara Bank is the second public sector bank on our list with the highest savings account interest rates. The bank is offering 2.90% interest on outstanding balance under Rs. 50 Lakh to smaller 100 Cr, 3.05% for the balance plate Rs. 100 Cr to smaller 500 Cr, 3.35% for the balance bar of 500 Cr to smaller 1000 Cr and 3.50% is the highest ratio for the balance bar of 1000 Cr or more. These rates are effective as of March 1, 2022.

Canara Bank Savings Account Interest Rate

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Canara Bank Savings Account Interest Rate (canarabank.com)

Bank of Baroda

Baroda Bank is the third bank on our list based on higher savings account rates. The bank offers an interest rate of 2.75% on the balance sheet Rs. 1.00 lakh to less 100 Crores, 2.85% interest on balance sheet from Rs 100 or more up to under Rs 200, 3.05% interest on balance sheet of 200 crores or more up to less 500 crores, 3.25% interest on the balance sheet of 500 crores or more up to less 1,000 crores, and an interest rate of 3.30% on the outstanding balance of 1,000 crores.

BoB . savings account interest rate

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BoB . savings account interest rate (bankofbaroda.in)

Punjab & Sind Bank

This public sector bank is the 4th bank on our list based on higher savings account rates. The bank offers 3.00% per year on savings bank deposits under 10 crore and 3.20% on savings bank deposit on 10 crore. These rates are in effect as of February 1, 2022.

PSB savings account interest rate

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PSB savings account interest rate (punjabandsindbank.co.in)

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