W.e.f. May 25, 2020, interest rate on daily balances in Savings Account stands revised as follows: Daily balances above Rs. 1 lakh will earn 4% interest p.a. and daily balances up to Rs. 1 lakh will earn 3.50% interest p.a. The interest rates mentioned are applicable for Resident Accounts only.

Savings Account Interest Rates
 

Nature Rate of Interest
Normal Senior Citizen
A. Domestic (W.e.f. May 25, 2020)  4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh 
4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh 
B. Basic Savings Bank Deposit Account/Small Account (W.e.f. May 25, 2020)  4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh
4%* p.a. on balance above Rs. 1 lakh, 3.50% p.a. on balance up to Rs. 1 lakh
C. Non Resident (NRE/NRO) 3.50% p.a. 3.50% p.a.
With effect from 1 April 2016, the periodicity of payment of interest on Savings Bank Account will be quarterly. Thus, the Savings Bank interest calculated on daily product basis will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March each year.
Note : p.a. is "per annum"

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W.e.f. May 25, 2020, interest rate on daily balances in Savings Account stands revised as follows: Daily balances above Rs. 1 lakh will earn 4% interest p.a. and daily balances up to Rs. 1 lakh will earn 3.50% interest p.a. The interest rates mentioned are applicable for Resident Accounts only.