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What is the interest rate for a savings account at a retail bank?

Curious about Retail or consumer banking

What is the interest rate for a savings account at a retail bank?

The interest rates for savings accounts at retail banks in India can vary and are subject to change based on market conditions and the policies of individual banks. It's important to note that different banks may offer different interest rates on their savings accounts.

Savings account interest rates in India typically range from around 2% to 4% per annum. However, it's important to check with the specific retail bank you are interested in to get the most uptodate information on their interest rates.

Interest on savings accounts is usually calculated on a daily or quarterly basis and paid out to account holders periodically, such as monthly or quarterly. Some banks may also offer higher interest rates for specific types of savings accounts or for maintaining a higher minimum balance.

When choosing a retail bank for your savings account, consider not only the interest rate but also other factors such as the bank's reputation, customer service, convenience, account features, and any associated fees or charges. It's advisable to compare offerings from different banks to find the one that best suits your needs and offers competitive interest rates.

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