HDFC Bank Savings Account Interest Rates (2023)

HDFC Bank Savings Account Interest Rates (1)In this article

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Article Content

  1. HDFC Bank Savings Account Interest Rates
  2. HDFC Minimum Balance for Savings Account 2022
  3. HDFC Bank Savings Account
  4. How to open an HDFC Savings Bank Account?
  5. Types of HDFC Savings Bank Accounts
  6. Types of HDFC Savings Bank Accounts: In Detail
  7. Frequently Asked Questions

HDFC Bank offers different types of savings accounts. All the HDFC Savings Accounts have an interest in the range of 3%-3.5%. Also, the bank offers investors an array of benefits. Some of the benefits are the nomination facility and ATM card facility. Moreover, other benefits include net and mobile banking, and cross-product benefits. The article covers HDFC Bank savings account, its features, benefits, interest rates and types in detail.

HDFC Bank Savings Account Interest Rates

Following are HDFC Bank savings account interest rates. These are set under the guidelines of Reserve Bank of India:

Saving AccountHDFC Savings Account Interest Rate
HDFC Regular Savings Account3.00% – 3.50%
HDFC Basic Savings Bank Deposit Account3.00% – 3.50%
HDFC Savings Max Account3.00% – 3.50%
HDFC Senior Citizens Account3.00% – 3.50%
HDFC Women’s Savings Account3.00% – 3.50%
HDFC Kids Advantage Account3.00% – 3.50%
HDFC Savings Farmers Account3.00% – 3.50%
HDFC Family Savings Group Account3.00% – 3.50%
HDFC Institutional Savings Account3.00% – 3.50%
HDFC BSBDA Small Account3.00% – 3.50%

NOTE:

Interest on HDFC Bank Savings account is taxable. It is taxable under the head ‘Income from Other Sources’. Depositors have to show their interest income while filing their income tax returns. However, an individual and a HUF can claim a deduction up to INR 10,000 on the interest income. Moreover, the deduction is available under Section 80TTA of the Income Tax Act, 1961. Also, only interest income from the savings account is eligible for deduction. However, the section also includes a cooperative society’s and post office’s account.

Compare: Savings Account Interest Rates for all Banks

(Video) HDFC Bank Savings Account Interest Rates | HDFC Bank Savings Account Interest Rates 2022 | One Line

HDFC Minimum Balance for Savings Account 2022

HDFC Savings AccountMinimum Balance Required
HDFC Regular Savings AccountINR 2,500 – INR 10,000
HDFC Savings Max AccountINR 25,000
HDFC Women’s Savings AccountINR 5,000 – INR 10,000
HDFC Kids Advantage AccountINR 5,000
HDFC Senior Citizens AccountINR 5,000
HDFC Family Savings Group AccountINR 40,000
HDFC Basic Savings Bank Deposit AccountNIL
HDFC Institutional Savings AccountNIL
HDFC BSBDA Small AccountNIL

HDFC Bank Savings Account

Features of HDFC Savings Account

Following are the features of HDFC Savings Bank account:

  • Minimum account balance: The minimum account balance of HDFC Savings Accounts is different for different accounts. Following are the minimum balance requirements.
  • Maximum account balance: Also, there is no limit on the maximum account balance in any of the HDFC Savings accounts.
  • Nomination facility: The bank allows depositors to add a beneficiary as a nominee for their savings account.
  • ATM Card facility: HDFC Bank allows its customers to withdraw money through an ATM. Also, the bank gives ATM cards to all its savings account holders.

Learn How to Check Bank Balance with Account Number?

Benefits of HDFC Savings Account

Following are the benefits of HDFC Savings Bank Account:

  • A safe form of investment: Saving in HDFC Bank savings account is considered safe as the money is not subject to volatility.
  • Ease of transactions: One can use their HDFC Savings Account to send and also receive payments easily. Furthermore, they can use net banking, and ATM or debit cards in place of cash.
  • Payment of bills: HDFC savings accounts offer automatic bills payments through BillPay. Also, all one has to do is schedule their transaction and have enough balance in their account. Furthermore, the BillPay feature helps in all bill payments and automated investments.
  • Net Banking Facility: Through HDFC net banking facility, one can send and also receive payments. They can also pay bills, and shop online. Moreover, they can invest online, without having to go to the branch to withdraw money.
  • Mobile Banking Facility: The HDFC mobile banking facility helps in money transfer. Also, one can use all the net banking facilities from anywhere globally by using just a mobile phone. Furthermore, the HDFC mobile banking app will allow the user to interact with any bank executive and get their query solved.
  • Debit Card: HDFC Bank offers various debit cards with an array of features. Also, with the benefits that their customers can use for making payments.
  • Cross Product Benefits: HDFC also offers its savings account holders a fee waiver on the annual maintenance charges of the demat account for one year. Hence, an HDFC customer who wants to open an HDFC demat and trading account can do so. Then, they don’t have to pay the annual maintenance charges for an entire year.

How to open an HDFC Savings Bank Account?

One can open an HDFC savings bank account by visiting the nearest bank branch. They can also do so through online mode. Opening the savings account online is simple and following are the steps:

  • Firstly, visit the HDFC bank website.
  • Secondly, under the personal banking section, go to the ‘Save’ menu. Select ‘Savings Account’.
  • Most importantly, read and understand all the features and benefits. Know the rules and regulations before selecting the ‘Open Instantly’ option.
  • Then, enter the following details
    • Mobile Number
    • PAN Card
  • Fill all the details in the online application form.
  • Then, attach all the required Know Your Customer (KYC) documents.
  • Finally, a bank executive shall verify the documents. Upon successful verification, one will get a welcome kit with the following:
    • Debit-cum-ATM card and also a PIN Number
    • A cheque book
  • Also, one can track their application status online. Once the account is activated, a notification to the registered mobile number will be sent.
However, before opening the HDFC Savings account, one has to be eligible. The following is the eligibility criteria:
  • Resident Indian can open an individual or joint account
  • HUFs
  • Minors of the age ten years and above
  • Foreign nations residing in India for more than 180 days can also open the account. They are required to provide their passport. Thye should also provide a valid visa, FRRO Certificate and also the Residential Permit.
Following are the documents required to open HDFC savings account:
  • Identity proof
    • Driving License
    • Aadhar Card
    • Voter ID
    • PAN Card
    • Senior Citizen Card
    • Any Government ID card
  • Residence proof
    • Passport
    • Bank statement with cheque
    • Utility Bills
    • A certificate is given by Post Office
  • Latest passport size photographs
  • Self-attested copies and original ID proofs for verification

Check Out Best Bank to Open Account in India

Types of HDFC Savings Bank Accounts

Following are the different types of HDFC Bank Savings Accounts:

  • Specialé Gold and Specialé Platinum
  • InstaAccount
  • SavingsMax Account
  • Women’s Savings Account
  • Regular Savings Account
  • Senior Citizen’s Account
  • Kids Advantage Account
  • Institutional Savings Account
  • Basic Savings Bank Deposit Account
  • Government Scheme Beneficiary Savings Account
  • Basic Savings Bank Deposit Account (BSBDA) Small Account
  • Saving Farmers Account
  • DigiSave Youth Account

Types of HDFC Savings Bank Accounts: In Detail

Specialé Gold and Specialé Platinum

The savings scheme offers premium lifestyle benefits. It also offers better healthcare and insurance cover to the account holders. Furthermore, the account provides enhanced transactional limits.

Transaction benefits:

  • Higher cash transaction limit
  • Free cheque books
  • Also, free online transactions through the following
    • NEFT
    • RTGS
    • IMPS
    • UPI
  • No charge ATM transactions
  • Free insta alters

Financial Benefits:

  • Platinum Debit Card: Available for free and is also personalised
  • Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
  • Special brokerage rates
  • Preferential rates on a locker
  • Higher online and also offline transaction limits
  • The scheme offers multiple healthcare and also lifestyle benefits to its account holders.

Insta Account

One can open the account instantly from the comfort of their home. Also, it is a quick, digital and paperless procedure. Furthermore, all that one has to provide a mobile number, Aadhaar number and PAN number.

  • Transferring money: Can happen instantly
  • Withdrawing money: ATM and also cardless withdrawals with a mobile phone.
  • Net Banking and Mobile Banking: Available
  • Paying bills and Sending money: Available, and also within 48 hours of account opening

Savings Max Account

  • The scheme earns high interest on idle money and also with the auto sweep-in facility.
  • Lifetime platinum debit card
  • Accident hospitalisation cover of INR 1,00,000
  • Unlimited ATM withdrawals
  • Cross product benefits:
    • 50% discount on a locker
    • One-year free folio maintenance charges on a Demat account
  • Passbook facility: Available
  • Email statements: Available
  • Demand Drafts: Up to INR 1,00,000 per day at HDFC bank locations.
  • Internet banking, Phone/ Mobile Banking: Available
  • The scheme offers special discounts and also offers on loans. Moreover, it has offers on forex plus cards and gift plus cards.
  • Sweep-in and also Sweep out facility is Available

Women’s Savings Account

  • The scheme is tailored to meet women’s needs. They can enjoy special benefits such as preferential pricing on products like loans. They also get offers and cashback on shopping and free insurance cover.
  • Sweep out facility: Available
  • Debit Card and ATM: Available
  • Cross Product Benefits:
    • First-year free maintenance of Demat Account
    • Preferential rates on loans
    • Lifetime free BillPay facility
  • Passbook facility: Available
  • Email statements: Available
  • Internet banking, Phone and also Mobile Banking is available

Regular Savings Account

  • Special offers and Discounts: Available
  • Deposit Lockers: Available
  • Debit Card: Rupay and Millennia cards available
  • Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
  • Internet banking, Phone and also Mobile Banking is available
  • Passbook facility: Available
  • Email statements: Available
  • Customised Banking Experience: Personalised cheques

Senior Citizen’s Account

  • Preferential interest rates available for fixed deposits
  • Insurance Cover: Available
  • Debit Card: Available
  • Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
  • Instant Alerts: Available
  • Internet banking, Phone and also Mobile Banking is available
  • Passbook facility: Available
  • Email statements: Available
  • SMS Alert: Available
  • Free Travellers Cheque: Available
  • NEFT Facility: Available
  • Doorstep Banking: Available

Kids Advantage Account

  • International Debit Card: Available, with the consent of the guardian
  • Free Education Insurance Cover: INR 1,00,000
  • Kids can build a future fund: With INR 1,000 per month.
  • Bundling with Sukanya Samriddhi for Girl Child: Available
  • Systematic Investment Plan: SIP facility available for mutual fund investments.
  • Free ATM withdrawals
  • Internet banking, Phone and also Mobile Banking is available
  • Passbook facility: Available
  • Email statements: Available
  • SMS Alert: Available

Institutional Savings Account

  • The account holders can manage donations and fees through Cash Management Services. Also, this simplifies payments to employees, vendors, etc. by going online.
  • Demand Drafts: Free and Unlimited
  • Payable at Par Cheque book: Available
  • Outstation Cheque Collection at HDFC Bank locations across the country is available
  • Free Monthly Statements: Available
  • Internet banking, Phone and also Mobile Banking is available
  • Passbook facility: Available

Basic Savings Bank Deposit Account

  • Zero balance savings account.
  • Four free cash withdrawals per month at the bank branch
  • Deposit Locker is available
  • Free Cash Deposits at ATM and bank branches
  • Passbook facility: Available
  • Internet banking, Phone and also Mobile Banking is available
  • Cheque Book: Available, 25 free cheque leaves per financial year
  • Email statements: Available

Government Scheme Beneficiary Savings Account

  • Zero Balance account
  • High Transaction Limit: INR 10,00,000 per month
  • Exclusive Benefits:
    • Personal Accident Cover
    • Complimentary Lounge Program
    • Free AMC for the first year for a Demat Account
    • Cash backs of utility payments
  • Passbook facility: Available
  • Internet banking, Phone and also Mobile Banking is available
  • Cheque Book: Available, 25 free cheque leaves per financial year
  • Email statements: Available
  • Rupay Debit Card: Premium card available
  • Customised Experience:
    • Personalised cheques
    • Dedicated relationship manager
    • Deposit lockers and more

Basic Savings Bank Deposit Account (BSBDA) Small Account

  • Zero deposit and Zero balance account
  • Four free cash withdrawals per month at the ATMs
  • Rupay Card: Available
  • Free cash deposits at bank branch and ATMs
  • Email statements: Available
  • Lifetime BillPay: Available
  • Passbook facility: Available

Saving Farmers Account

  • The scheme is customised for farmers. Moreover, it suits the seasonal nature of work. Also, it has a half-yearly balance requirement.
  • Half-yearly balance: INR 2,500
  • Free insurance cover
  • Complimentary Lounge Program: 2 per quarter
  • Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
  • Internet banking, Phone and also Mobile Banking is Available
  • Lifetime BillPay is available
  • Passbook facility is available
  • Cheque Book: Available, 25 free cheque leaves per financial year
  • Email statements are available
  • Rupay Debit Card: Premium card available
  • Customised Experience:
    • Personalised cheques
    • Dedicated relationship manager
    • Deposit lockers and more

DigiSave Youth Account

  • A digital platform for all needs. Furthermore, the scheme offers a free Millennia Debit card for free.
  • Attractive round the year offers across all categories.
  • Insurance Cover is available
  • Banking facilities:
    • Internet banking
    • Phone and mobile banking
  • Special Offers on Loans and Forex Cards
  • Demat Account: No opening charges and also, for the 1st year no annual maintenance charge
  • Systematic Investment Plan: SIP facility available for mutual fund investments.
  • Dream Deposit: Invest small amounts towards a dream. It gives the facility to deposit money whenever it is available.

You may also like to read about the Yes Bank Savings Account Interest Rates

Frequently Asked Questions

What is the minimum balance in an HDFC savings account?

(Video) HDFC Bank Savings Account Interest Rate 2021 | HDFC Bank Savings Account Interest Rates | HDFC Bank

The minimum balance for HDFC savings accounts is different for different accounts. Furthermore, it starts from a minimum of INR 2,500 for some accounts and goes up to INR 40,000 for some. Few HDFC Savings accounts also have a zero balance requirement.

Does HDFC offer the facility of internet banking on a savings account?

Yes, HDFC Bank offers internet and mobile banking facility on their savings account.

At what frequency will the interest be paid to me?

As per Reserve Bank of India guidelines, interest on the savings account is paid every quarter.

What are the balance non – maintenance Charges on HDFC Savings Account?

The charges for non-maintenance of balance in HDFC Bank Savings account ranges between INR 15—INR 300.

What are the HDFC ATM Transaction charges on Savings Account?

HDFC Bank offers free transactions in HDFC and Non-HDFC bank ATMs. However, once the free limit is exhausted, the customer has to pay a charge. It is INR 20 plus taxes on cash withdrawal. Furthermore, for a non-financial transaction, the fee is INR 8.5 plus taxes.

Does HDFC offer Debit Card to the account holder?

Yes, HDFC bank offers close to 7 different types of debit cards. Different types of debit cards are Regular Card, Rupay, and EasyShop Woman’s Advantage. Also, the other debit cards offered by HDFC are EasyShop Titanium and EasyShop Titanium Royale. Rewards Card and EasyShop Platinum card are also included in the list of debit card.

(Video) HDFC Bank ! Update Interest Rates Update Nov. Dec. 2022 ! FD RD MIS Plan Interest Rates #hdfc #bank

Can minors operate a savings account singly?

Yes, HDFC Bank allows kids or minor to operate the Kids Savings Account.

Similar Pages

  • PNB Savings Account Interest Rates
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  • ICICI Bank Savings Account Interest Rate
  • Indian Bank Savings Account Interest Rate
HDFC Bank Savings Account Interest Rates (2)

Posted on 28 Jan, 2021

HDFC Bank Savings Account Interest Rates (3)

Last updated November 23, 2022

HDFC Bank Savings Account Interest Rates (5)
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(Video) Post Office Vs HDFC Bank Fixed Deposit | Latest Interest Rate with Comparison | High Interest

FAQs

What is the interest rate for savings account in HDFC? ›

3.00% p.a. to 3.50% p.a. The Savings bank account is always available to the customers with facilities such as Mobile Banking, Phone Banking and Net Banking.

Which bank gives 7% interest on savings account? ›

The average monthly balance requirement is Rs 2,000 to Rs 5,000. Ujjivan Small Finance Bank is offering interest rates up to 7 percent on savings accounts. Equitas Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 10,000.

What is the interest of 1 lakh in HDFC? ›

The current HDFC fixed deposit interest rate for this tenor is 6.25% per annum.

Which bank gives maximum interest on saving account? ›

Savings Bank Account Interest Rates of Banks
Name of BankRates of Interest (p.a.)
Kotak Mahindra Bank Savings Account3.50% to 4.00%
State Bank of India (SBI) Savings Account2.70%
Yes Bank Savings Account4.00% to 5.25%
Citibank Savings Account2.50%
7 more rows

Does HDFC give monthly interest? ›

With the HDFC Bank Fixed Deposit, you can choose to receive your interest payouts on a monthly, quarterly or on maturity.

Does HDFC charge interest? ›

HDFC Bank Credit Card interest rates range up to 3.4% per month. But the interest rate may be adjusted based on your relationship with the bank and the usage of the card. If you have made large purchases and don't want to settle your outstanding in full by the due date, you could opt for SmartEMIs on your Credit Card.

Which bank gives 6% interest in savings account? ›

Digital Federal Credit Union offers 6.17%, Blue Federal Credit Union offers 5.00%, Landmark Credit Union offers 7.50%, online bank Mango Money offers 6.00% and Consumers Credit Union and online bank T-Mobile Money, both offer 4.00%.

How can I make 5% interest on my money? ›

Best 5% Interest Savings Accounts
  1. Varo: 5% up to $5,000.
  2. Current: 4% up to $6,000.
  3. Aspiration: 3-5% up to $10,000.
  4. NetSpend: 5% up to $1,000.
  5. Digital Federal Credit Union: 6.17% up to $1,000.
  6. Blue Federal Credit Union: 5% up to $1,000.
  7. Mango Money: 6% up to $2,500.
  8. Landmark Credit Union: 7.50% up to $500.
8 Nov 2022

How do I get a high interest rate? ›

Ideas to Earn More Interest on Savings Account
  1. Maintain High Monthly Average Balance. Savings Account holders today are required to maintain a low average monthly balance in their accounts. ...
  2. Choose from a Wide-Range of Savings Accounts. ...
  3. Link Your FDs for Sweep-in Facilities. ...
  4. Open Digital Savings Account.

What is the monthly interest on 50000? ›

The monthly interest amount on a ₹50,000 FD for 5 years in a bank normally ranges from 3 percent to 6 percent every month. Non-Banking Financial Companies, or NBFCs, offer higher interest rates.

What is the interest of 5 Lacs? ›

Monthly Interest for 5 Lac Fixed Deposit in Post Offices

Thus, you earn Rs 2,750 per month in interest and the total interest payout per year is Rs 33,000 for a 5 Lac Fixed Deposit.

What is the interest of 50000 in HDFC? ›

HDFC Bank FD Returns Based on Investment Amount
Investment AmountFor 3 years with interest of 6.25%For 5 years with interest of 6.25%
₹ 50,000₹ 60,282₹ 68,286
₹ 1 lakh₹ 1,20,564₹ 1,36,573
₹ 2 lakh₹ 2,41,129₹ 2,73,146
₹ 5 lakh₹ 6,02,822₹ 6,82,865
1 more row

Which saving account is best? ›

Best Zero Balance Savings Account 2022
  • Featured Partners.
  • Best Zero Balance Savings Account.
  • IDFC FIRST Bank Pratham Savings Account.
  • Equitas Selfe Savings Account.
  • Axis Bank PRIME Savings Account.
  • Indus Delite Savings Account (IndusInd Bank)
  • Kotak 811 Full KYC Account (Kotak Mahindra Bank)
28 Oct 2022

Which bank is best for interest? ›

Fixed Deposit Interest Rates by Different Banks
BankTenureInterest Rates for General Citizens (per annum)
HDFC Bank7 days to 10 years2.50% to 5.50%
Axis Bank7 days to 10 years2.50% to 5.75%
Union Bank of India7 days to 10 years3.00% to 5.60%
Canara Bank7 days to 10 years2.95% to 5.50%
3 more rows

Which type of account has highest interest rate? ›

A fixed-term deposit is repayable after the expiry of the specified period. The period may vary from six months to five years. The longer the period of deposit, the higher is the rate of interest. It offers the highest rate of interest than other forms of deposits.

What is the interest rate for 1 lakh per month? ›

FD Monthly Interest Pay-out for Deposits of Rs 1 lakh
FD AmountInterest Rates (p.a.)Monthly Interest for Rs 1 lakh FD
Rs 1 lakh6.50%Rs 541.66
Rs 1 lakh7.00%Rs 583.33
Rs 1 lakh7.50%Rs 625
Rs 1 lakh8.00%Rs 666.66
9 more rows
10 Nov 2022

Which HDFC plan is best? ›

Types of HDFC Life Investment Plans
PlansWhy should you buy it?
HDFC Life Classic Assure PlusOffers guaranteed reversionary bonus along with the flexibility to choose to pay term
HDFC Life Super Income PlanGuaranteed income for a period of 8 to 15 years
HDFC Life UdayOffers guaranteed additions and bonuses
5 more rows

What is the interest of 1 lakh in SBI? ›

If you decide to invest Rs.1 lakh in your SBI FD account for a tenure of 5 years. The applicable interest rate is 6.10% p.a. Upon maturity, with an annual compounding frequency, you will earn Rs.35,351 as interest and your maturity amount will be Rs.1,35,351.

How is HDFC interest calculated? ›

Interest is calculated on a daily basis as a SIMPLE INTEREST and charged only on the amount drawn and the period for which it is utilised. The Interest accrued is auto debited from Salary account at the last day of month.

How can I get interest in HDFC Bank? ›

Open specific Savings Accounts:

These accounts have a higher interest rate and they also offer other benefits at the same time. For example, Senior Citizens Accounts usually command a higher rate of interest as compared to normal Savings Accounts.

What is the interest of 3 lakh in HDFC? ›

HDFC Bank Personal Loan EMI for ₹ 3 Lakh
Loan AmountInterest RateEMI
₹ 3,00,00011.00%₹ 26,514
₹ 3,00,00011.00%₹ 13,982
₹ 3,00,00011.00%₹ 9,822
₹ 3,00,00011.00%₹ 7,754
1 more row

How can I earn monthly interest? ›

Here are seven ways you can earn interest on savings while minimizing your risk.
  1. Open a high-yield savings account. ...
  2. Open a money market account. ...
  3. Open a certificate of deposit. ...
  4. Build a CD ladder. ...
  5. Find a bank bonus. ...
  6. Look for a rewards checking account. ...
  7. Consider investing in I-bonds.
4 Oct 2022

Can I get monthly interest on savings account? ›

Yes, the monthly interest credit facility is applicable to all types of savings accounts.

Can I open two account in same bank? ›

No. An individual is eligible to have only one 'Basic Savings Bank Deposit Account' in one bank.

Can you get rich off interest? ›

The short answer is yes, but there are several factors you need to plan for to do so successfully. This guide covers how to live off interest earnings and how much you may need to set aside to achieve this goal. In this guide: How Much Money Do You Need to Live Off Interest.

Where should I put money in savings? ›

The best places to save money and earn interest include high-yield savings accounts, interest-bearing checking accounts, money market accounts, certificates of deposit (CDs), and Treasury savings bond accounts. To find the right savings accounts for your unique situation, compare the pros and cons of all your options.

Is a 20% interest rate high? ›

A 20% APR is not good for mortgages, student loans, or auto loans, as it's far higher than what most borrowers should expect to pay and what most lenders will even offer. A 20% APR is reasonable for personal loans and credit cards, however, particularly for people with below-average credit.

Is a 18% interest rate high? ›

A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)

Which bank is best for fixed deposit in 2022? ›

Hong Leong Bank fixed deposit rate

Given its current fixed deposit interest rate of 2.75% p.a. for a lock-in period of 12 months (promotion ends 31 December 2022), ranks the highest in terms of interest rate across the board.

What is the interest of 5 lakh in SBI? ›

State Bank of India FD Returns Based on Investment Amount
Investment AmountFor 3 years with interest of 6.1%For 5 years with interest of 6.1%
₹ 50,000₹ 60,013₹ 67,779
₹ 1 lakh₹ 1,20,026₹ 1,35,558
₹ 2 lakh₹ 2,40,052₹ 2,71,115
₹ 5 lakh₹ 6,00,129₹ 6,77,789
1 more row

How many years FD will double in post office? ›

How many years will FD double in the post office? At the interest rate of 6.7%, a post office fixed deposit investment will double in 10 years and five months.

How much interest will I get for 20 lakhs? ›

Assuming the rate of interest to be 5.75% on your deposit of Rs. 20 Lakhs, you will earn a total of Rs. 15.4 Lakhs over a period of 10 years. This takes the maturity value to Rs 35.4 Lakhs.

What is the interest for 10 lakhs per month? ›

At present, the monthly interest for 10 lakh in a bank can be availed of at a maximum rate of 4.5%. Instead, you can invest in corporate fixed deposits with non-financial banking companies (NBFCs) to earn interest at a higher rate, like Bajaj Finance FDs at up to 7.95% p.a.

How much interest will 2 lakh earn? ›

Banks and NBFCs offer varied amounts of monthly interest on a ₹2 Lakhs fixed deposit ranging from 2.50% to as high as 7.60%. You can avail maximum interest per month on a ₹2 Lakhs fixed deposit as high as 7.60%.

How much interest will 50 lakhs earn per month? ›

List of Banks Fixed Deposit Interest Rates for ₹50 Lakhs
BankInterest RatesMonthly Interest Amount (₹)
State Bank of India5.85%₹24,375
Punjab National Bank5.65%₹23,542
HDFC Bank6.00%₹25,000
Axis Bank6.10%₹25,417
2 more rows

Which is better FD or RD? ›

The fixed and recurring deposits are very similar but can be differentiated by how money is invested. High-interest rates and a tax-saving facility are some of the best benefits of an FD. A recurring deposit is best for those who prefer to invest small amounts.

Which is best FD in HDFC? ›

HDFC Bank Fixed Deposit Interest Rate for 5 year tenure is as high as 6.25%, making it one of the most popular investment schemes. Senior Citizens are offered additional HDFC FD interest rates of 0.50% for tenures above 5 years.

What is the interest on 20 lakhs in HDFC? ›

20 lakhs personal loan from HDFC Bank will be Rs. 42,988, with an interest rate of 10.5% per annum and a repayment tenure of 5 years.

Which is better HDFC or Icici? ›

For the financial year 2022, HDFC Bank's advances were 91.2% of its total deposits. ICICI Bank's total advances stood at 84.3% of total deposits. Clearly, HDFC Bank is more efficient than ICICI Bank in terms of utilising its deposit base.

What is the minimum balance for HDFC savings account? ›

Minimum Balance Requirements
AQB Slabs (in Rupees)Balance Non-Maintenance Charges* (per quarter) - Rural Branches
>= 1000 < 2,500Rs. 270/-
0 - <1000Rs. 450/-

Which bank is best for FD for 1 year? ›

Most leading banks and other financial institutions offer fixed deposits with flexible investment tenures that offer guaranteed returns upon maturity.
...
FD Interest Rates with a 1-year Tenure.
BankRegular FD Rates (per annum)Senior Citizen FD Rates (per annum)
ESAF Small Finance Bank FD6.60%7.10%
7 more rows

Why is HDFC Bank better than other banks? ›

According to the study, HDFC Bank is the most profitable among all domestic scheduled commercial banks. Its return ratios, return on assets (RoA) of 1.97% and return on equity (RoE) of 16.6%, are the best, complemented by a net interest margin (NIM) of 4.2%, which is again the best among the top 10 banks.

What are the 3 types of savings? ›

There are different types of savings accounts to choose from, and they're not all alike. The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.

What are the 4 types of savings? ›

Four kinds of savings
  • The Emergency Fund. This is your "Do Not Touch"fund. ...
  • The "I can touch"fund. This is for things you know are going to happen, but just not every month. ...
  • "I know what I want, I just need to pay for it"fund. This kind of savings is for a specific goal or purchase. ...
  • Long-term savings.

Which FD has highest return? ›

Best 5 Year FD Interest Rates
Name of BankFor General Citizens (p.a.)For Senior Citizens (p.a.)
IDBI Bank6.10%6.85%
Canara Bank6.50%7.00%
Axis Bank6.50%7.25%
State Bank of India6.10%6.90%
2 more rows

Where should I put 50k savings? ›

Property investment is likely the best way to invest 50k in 2022. It would help if you spoke to a financial advisor before deciding to invest money. A savings account is the safest way to invest 50k. You need to know your risk tolerance before deciding where to invest 50k.

How much interest will 50000 earn in a year? ›

A sum of $50,000 in cash can earn about $65 a year in an average bank savings account or as much as $2,250 if you put it into a high-quality corporate bond fund. Other options include money market accounts, money market funds, certificate of deposits and government and corporate bonds.

Will savings interest rates go up in 2022 UK? ›

Interest rates on savings accounts have been on an upwards trajectory due to the Bank of England increasing the base rate eight times since December. In November 2022, the base rate increased to 3% from 2.25%.

What is better than a savings account? ›

High-Yield Checking Accounts

There are high-yield checking accounts that offer better interest rates than savings accounts. Some of these checking accounts offer up to a 2% annual percentage yield, in contrast to lower savings account rates.

How can I invest 80k? ›

Top mentions include:
  1. Real Estate Syndication. As a budding investor with $80,000, you might want to invest in real estate structures without committing your funds 100 percent. ...
  2. Real Estate Investment Trusts (REITs) ...
  3. Rental Properties. ...
  4. House Flipping. ...
  5. Self Storage. ...
  6. The Stock Market. ...
  7. ETFs and Mutual Funds. ...
  8. An Emergency Fund.

How can I double 50k? ›

How To Turn 50k Into 100k: The Preparations
  1. Pay Off Your Debts. ...
  2. Get Your Emergency Fund In Order. ...
  3. Assess Your Risk Tolerance. ...
  4. Put Your Money Towards An IPO. ...
  5. Real Estate Investing. ...
  6. Invest In Mutual Funds. ...
  7. Flip Products On Amazon. ...
  8. Create and Sell Digital Products.

Can you earn interest monthly? ›

The Power of Compounding Interest

In savings accounts, interest can be compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.

How much interest does 40 lakhs earn? ›

The overall interest payout on INR 40 lakh home loan EMI with a tenure of 30 years would be Rs. 66,56,173 at an interest rate of 7.99% p.a. and Rs. 76,76,206 at 8.99% p.a. However, this is with an assumption that applicants do not make any part-payment in the interim.

Do I pay tax on savings? ›

Any interest from savings that is over your Personal Savings Allowance or Starting Rate for Savings is taxed. The amount of tax depends on your income.

What will savings interest rates be in 2023? ›

Based on the predictions published by the Federal Reserve, it is probable that the interest rates on the best high-yield online savings accounts will reach between 4.77% and 5.83% in 2023.

Where is the best place for savings? ›

  • Savings Accounts.
  • High-Yield Savings Accounts.
  • Certificates of Deposit (CDs)
  • Money Market Funds.
  • Money Market Deposit Accounts.
  • Treasury Bills and Notes.
  • Bonds.

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