All the major banks including State Bank of India (SBI), Bank Of Baroda (BoB), Kotak Mahindra Bank, HDFC and ICICI Bank offer their customers several variations of savings accounts. The savings bank rate also stands revised to 3.5% for balances up to ₹1 lakh and 3.25% for above ₹1 lakh. Kotak Mahindra Bank: Private lender Kotak Mahindra Bank has cut the interest rate on savings account deposits of up to ₹1 lakh. Bank of Baroda: Bank of Baroda (BoB), which has become the second largest public sector bank after SBI following its amalgamation with Bengaluru-based Vijaya Bank and Mumbai-based Dena Bank, offers an interest rate of 3.50% to 4.00% on savings account. HDFC Bank: HDFC Bank is offering an interest rate of 3.50% per annum (p.a.)

Source: Mint April 20, 2019 03:45 UTC