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PNB – SBI savings accounts get this much interest: Interest rates on savings accounts of any bank are pre-fixed, which are added every quarter. At the same time, interest is calculated on the remaining balance daily. There is no maturity period in savings bank account under FD. Actually, savings account is for regular savings and liquidity.

PNB – SBI savings accounts get this much interest

You can deposit and withdraw money anytime without any penalty or fee. In such a situation, let us know how much interest Punjab National Bank, State Bank of India, giant private bank HDFC Bank and private bank ICICI Bank are giving on their savings account.

PNB – SBI gives this much interest on savings accounts

SBI Saving Account Interest Rates – Reserve Bank of India (SBI), the largest public sector bank, offers 2.70 percent interest on savings accounts with an amount up to Rs 10 crore and 3 percent interest on accounts with a balance of more than Rs 10 crore. These rates are applicable from October 15, 2022.

HDFC Bank Savings Account Interest Rates

At the same time, the country's largest lender HDFC Bank offers 3 percent interest on savings accounts with a balance of less than Rs 50 lakh, while accounts with a balance of more than Rs 50 lakh offer a return of 3.50 percent. These rates are applicable from April 6, 2022.

ICICI Bank

Next, ICICI Bank offers 3 percent annual interest on accounts with an amount less than Rs 50 lakh, while customers get 3.5 percent interest on savings accounts with more than Rs 50 lakh.

Punjab National Bank Saving Account Interest Rates
At the same time, Punjab National Bank is giving its customers an interest of 2.70 percent on savings accounts with a balance of less than Rs 10 lakh, while giving a return of Rs 2.75 on accounts with more than Rs 10 lakh. Apart from this, it is giving 3 percent interest on savings accounts with more than Rs 100 crore. These PNB Saving Account rates are applicable from January 1, 2023.

You can deposit this much in Saving Account every year

According to the Income Tax rules, there is a limit on depositing cash in a savings account. That is, how much cash can you deposit in a bank account in a fixed period. Actually, this limit has been made to keep an eye on cash transactions. So that, money laundering, tax evasion and other illegal financial activities can be prevented.

According to the report given in Forbes, if you deposit Rs 10 lakh or more in a financial year, then you have to inform the IT department about it. However, if you have a current account, the limit is Rs 50 lakh. According to the report, there is no immediate tax on this cash in savings accounts, but it is mandatory for financial institutions to report transactions exceeding these limits to the Income Tax Department.