Savings Account Interest Rates 2024

Savings Account Interest Rates 2024

A Savings Account represents the most indispensable financial service provided by banks. It offers individuals a secure place to deposit their money within a financial institution. Beyond the security aspect, you earn interest on the funds kept in your savings accounts. Characterized by their high liquidity, Savings Accounts allow depositors to access their funds anytime they wish, without facing any constraints on withdrawals

Savings Account interest rate is the interest that you earn on your funds based on your daily closing balance. The accumulated interest is credited to your account on either a monthly or quarterly basis, as per the respective bank's discretion.

With the best interest of our customers at the core, we offer you competitive interest rates on Savings Accounts. Embark on your financial journey with HDFC Bank's Savings Account, offering a plethora of features and perks tailored to suit your banking needs.

With over 40 customized facilities, the HDFC Bank Savings Account provides exclusive services designed to meet all your banking needs. Plus, higher deposits mean higher interest rates, so your savings can truly flourish. Keep reading to know more.

Savings Account Interest Rates

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Domestic, NRO and NRE Savings Rate

Effective 6th April 2022, Rate of Interest for Savings Bank deposits Accounts has been revised as follows:

Savings Account Balance 

Interest Rate p.a ​​​​​​​

Less than ₹50 Lakh


Of and above ₹50 Lakh



  • Savings Bank Account interest will be calculated on the daily balances maintained in your account.​​​​​​​

  • Savings Bank Account interest will be paid at quarterly intervals

RFC Savings (for Returning NRIs) Interest Rate

This is to inform you that our RFC Savings Account Interest Rates effective July 1, 2017 are as below:









EEFC Deposit would be accepted only in current A/c (According to RBI guidelines.) 

HDFC Bank Historic Savings Account Interest Rates

Click here for Historic Savings Account Interest Rate

What is Savings Account Interest Rate?

A Savings Account interest rate refers to the percentage of interest that a bank pays for the amount deposited in the Savings Account. In your Savings Account, you can deposit and withdraw funds, at any time. Therefore, you will keep earning interest so long you have funds in the account.

If you have a Domestic Savings Account, Non-Resident External (NRE) Savings Account and Non-Resident Ordinary (NRO) Savings Account with HDFC Bank, you can expect a 3.00% per annum for a Savings Account balance of less than ₹50 lakh. For a balance amount of ₹50 lakh or more, you can get an interest rate of 3.50% per annum.

If you hold a Resident Foreign Currency (RFC) Savings Account with HDFC Bank, you can earn 0.01% interest on your GBP and USD currency balances. RFC Accounts allow returning Non-Resident Indians (NRIs) to deposit and retain their foreign currencies, which otherwise is not permitted in domestic accounts.

Note that these interest rates are subject to change per the bank’s sole discretion. The accumulated interest amount is deposited in your account on a quarterly basis. Additionally, the interest you earn is subject to compounding every quarter.

How is the interest on Savings Account calculated?

The interest on your Savings Account is calculated based on the daily closing balance in your account, per the Reserve Bank of India (RBI) regulations.

Generally, you tend to make frequent withdrawals and deposits in your Savings Bank Account throughout the month, resulting in a fluctuating account balance. Your account balance is typically high at the beginning of the month due to salary credit. As the month progresses, you may withdraw funds to pay your rent, settle your bills, buy groceries, and fulfil other monthly obligations. Doing so leads to a variation in your account balance. On the other hand, if you have made investments, you may receive monthly payouts that drive the balance up again.

The formula for calculating the interest on a Savings Account is as follows:

Savings Account interest = Daily account balance x Savings Account interest rate x No. of days/365 (Days in a year).

For instance, if your account balance today is ₹50,000 and interest rate is 3.00%, then your interest earned for one day will be:

50,000 x (3.00/100) x (1/365) = ₹4

If you maintain ₹50,000 for 30 days, the interest earned after 30 days will be 50,000 x (3.00/100) x (30/365) = ₹123.28. TDS as per applicable rates gets deducted in case of NRO/RFC account.

Savings Account Interest Rates FAQs

How Does Savings Account Interest rate work?

Savings Account interest rate is the lending rate of your bank. The accumulated interest is paid out either half-yearly or annually to you.

What is the minimum balance required in a Savings Account?

The minimum balances you need to maintain in our Regular Savings account is as below For rest of the product variants, please refer individual product page.

Branch type 

Minimum Balance Requirement (AMB) required 

Metro / Urban 

₹10,000/- Average Monthly Balance 


₹5,000/- Average Monthly Balance 


Average Quarterly Balance (AQB) of ₹2,500/- 
Fixed Deposit of ₹10,000 for a minimum of 1 year, one-day duration. 

How to open a savings account digitally?

To open a Savings Account Online with HDFC Bank, follow the steps given below: 

1. Visit to 'Select Product Type' section and click on 'Accounts'

2. Click on 'Saving account' from the ' Select Product' option

3. Click on 'Apply Online'

4. Validate your Mobile Number and select Aadhar option for digital account opening. You will also have the option to choose Other OVD where a reference number would be generated and our branch staff will contact you for account opening

5. Enter the required information such as name, contact details, address, etc.

6. Fill in nominee details and extend

7. Attach documents like PAN, Aadhaar card, or any other document required by the bank

8. Complete activation of your account via Video KYC option of the Bank

9. Once the verification process is complete, you will receive a welcome kit from HDFC Bank. This kit will have your debit cum ATM card, PIN, and chequebook.

What does Average Monthly Balance mean?

Average Monthly Balance (AMB) is essentially the average balance you must maintain in your Savings Account every month. It is calculated basis sum of the end of day balance in the account for each day in the month, divided by the number of days in the month. HDFC Bank has different AMB brackets for urban, semi-rural and rural markets. You can find them all here