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.
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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.
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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.
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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.
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