Union Bank Of India Interest Rates On Saving Account

7/17/2022by admin

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Banks offer a range of financial products to their customers to meet their needs. These products also include Savings Account. People park their money with Savings Account for a variety of reasons. The most attractive features offered by a Savings Account are liquidity of funds, provides ATM/Debit card, paying utility bills through standing instructions, platform for net banking, online shopping, viewing statements online and facility of mobile banking.

Savings Flexi Deposit Scheme (SBNFD) Integrated features of the Savings Deposit and Fixed Deposit, namely liquidity with higher interest returns on surplus funds. Individuals, Non-Government bodies/Organisations/Bodies are eligible to open savings bank accounts. Minimum balance in SB. Sweep Out amount. DBS Bank Digi Account. 4% – 7%: SBI Basic Savings Bank Account. HDFC Bank Regular Savings Account. 3.50% – 4.00%: ICICI Bank Regular Savings Account. 3.50% – 4.00%: Axis Bank Basic Savings Account. 3.50% – 4.00%: Citibank Citi Banking Savings Account. Kotak Bank Nova Savings Account.

Earlier banks used to offer same rate on their savings accounts Interest rate i.e. 4% per annum and you used to get the same returns with any bank. But during the year 2012, Reserve Bank of India (RBI) has de-regulated interest on savings account and banks are now free to decide on the interest rate that they want to offer on savings account which directly benefits the customers. Due to stiff competition, banks have started paying higher saving interest rates like 6% to 7% in order to attract more and more people to open the account with them and enhance their customer base.

Savings Account Interest rates in 2021 is calculated on daily basis for the closing day balance which will get accumulated and will be paid to the customers on quarterly or half yearly basis. You can use Savings Interest Rate Calculator to calculate your saving interest.

Below list will help you selecting the best savings account in 2021 for parking your money in terms of higher interest rate and other features. It also facilitates you to calculate the interest amount on your deposit.

Important Aspects of a Savings Account that Should Be Kept in Mind

Interest earned on the savings bank account is taxable. However, Section 80TTA of the Income Tax Act provides for a deduction of upto Rs 10,000 in each financial year. You will be eligible for this deduction whether the saving account is opened with a bank or a post office.
Most of the banks offer you auto sweep savings accounts which provide a facility in which the bank interlinks your saving bank with a Fixed Deposit account and any excess amount in the savings bank is automatically transferred to the fixed deposit (FD). Under such account, your overall interest on savings account increases.
You need to maintain a monthly average balance (MAB) in your savings account. If you fail to maintain the same, it attracts a non-maintenance fee. The monthly average balance (MAB) requirement varies from bank to bank and also varies based on whether it is in urban, semi-urban or rural branch.
Savings accounts impose an upper limits on the number of free ATM withdrawals per month. If your ATM transactions go beyond this limit then they would be chargeable and you need to pay respective fee.
Whenever there is no transaction in any account for more than a period of 24 months or 2 years, that account is categorised by the bank as a dormant account. Any savings or current account can become dormant due to prolonged non operation. You can reactivate your dormant account in some easy steps.

Saving Account Interest Rate List (as on 06 Mar 2021)

Bank Name	Rates (p.a.)	Limit
Rbl Bank	6% 6%	Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 10 Lakhs
Dcb Bank	4% 6%	Below Rs 1 Crore Above Rs 1 Crore to Rs 5 Crores
Yes Bank	5% 6%	Below Rs 1 Lakh Rs 1 Lakh to Rs 1 Crore
Kotak Mahindra Bank	5% 6%	Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 1 Crore
Bandhan Bank	4% 6%	Below Rs 1 Lakh Rs 1 Lakh & above
Indusind Bank	4% 5%	Upto Rs 10 Lakhs Above Rs 10 Lakhs to Rs 1 Crore
Laxmi Vilas Bank	4% 5%	Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 5 Lakhs
Idbi Bank	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Uco Bank	4% 4%	Upto Rs 50 Lakhs Over Rs 50 Lakhs
Bank Of India	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
State Bank Of Mysore	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
City Union Bank	4% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh
Indian Bank	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
South Indian Bank	4% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh to below Rs 5 Crore
Union Bank Of India	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Jammu And Kashmir Bank	4% 4%	For Any Amount Above Rs 10 Lakhs
Bank Of Maharashtra	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
State Bank Of Hyderabad	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
Indian Overseas Bank	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Tamilnad Mercantile Bank	4% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh
United Bank Of India	4% 4%	Upto Rs 50 Lakhs More Than Rs 50 Lakhs
Karnataka Bank	3% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 50 Lakhs
Canara Bank	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
State Bank Of Patiala	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
Dhanalakshmi Bank	4% 4%	Upto Rs 50 Lakhs More Than Rs 50 Lakhs
Oriental Bank Of Commerce	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Vijaya Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above
Karur Vysya Bank	4% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh
Central Bank Of India	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
State Bank Of Travancore	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
Federal Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above upto Rs 10 Crores
Allahabad Bank	4% 4%	Less than Rs 40 Lakhs Rs 40 Lakhs & above
Punjab National Bank	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Jammu And Kashmir Bank	4% 4%	Upto Rs 10 Lakhs Above Rs 10 Lakhs to Rs 1 Crore
Axis Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above
Corporation Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above
State Bank Of Bikaner And Jaipur	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
Hdfc Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above but below Rs 500 Crores
Andhra Bank	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
Punjab And Sind Bank	4% 4%	Upto Rs 20 Lakhs Above Rs 20 Lakhs
Dena Bank	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Syndicate Bank	4% 4%	Upto Rs 25 Lakhs Above Rs 25 Lakhs
Icici Bank	4% 4%	Below Rs 50 Lakhs Rs 50 Lakhs & above
Bank Of Baroda	4% 4%	Upto Rs 50 Lakhs Above Rs 50 Lakhs
State Bank Of India	4% 4%	Upto Rs 1 Crore Above Rs 1 Crore
Catholic Syrian Bank	4% 4%	Upto Rs 1 Lakh Above Rs 1 Lakh to Rs 50 Lakhs

Disclaimer: The Saving Deposit Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings. Union Bank Of India Interest Rates On Saving Account

Union Bank Of India Interest Rates On Saving Account

Source: Bank Websites

Union Savings Bank Deposit Rates

Who can Open a Savings Bank Account?

Savings Bank Account can be opened in the name of an individual or in the names of two or more individuals.
If it is a Joint account, it can be operated jointly or either/ survivor or former/ survivor clause.
Savings Bank Account can be opened in the name of minor but is required to be operated by natural guardian.

Features of Savings Bank Account