Post Office: In addition to savings accounts, TD accounts, and RD accounts, accounts such as PPF and KVP can also be established at the post office. When it comes to providing returns on savings plans to its customers, the post office outperforms all the major banks in the nation. Whether it’s a fixed deposit or a savings account, the post office offers higher interest rates compared to banks. This is why the post office’s customers are enjoying greater benefits.
Interest rate on savings account
The post office’s interest rate on savings accounts significantly exceeds that of other banks such as State Bank of India, Bank of Baroda, and PNB. The post office offers its clients 4 percent yearly interest on their savings accounts. You might be astonished to discover that no bank is offering this level of interest on savings accounts. The largest government bank in the country, SBI, is providing a mere 2.70 percent interest on savings accounts for its customers. PNB offers an interest rate of 2.70 percent on Rs 10 lakh and 2.75 percent on any amount exceeding 10 lakh.
Bank of Baroda, HDFC
Bank of Baroda, a state-owned bank, is offering 2.75 percent interest on savings accounts as well. The largest private bank in the country, HDFC Bank, offers its customers 3.00 percent interest on deposits up to Rs 50 lakh and 3.50 percent interest on amounts exceeding Rs 50 lakh.
ICICI
Likewise, ICICI Bank offers its customers an interest rate of 3.00 percent on savings accounts up to Rs 50 lakh and 3.50 percent on any amount exceeding Rs 50 lakh. We would like to mention that the post office offers a 4.00 percent interest rate to all customers, regardless of whether their account balance is Rs 500 or Rs 50 lakh.