Which Banks are giving the Highest Interest in Savings Account, Know the Benefits Here

Many banks are giving great interest on a savings account right now. On the other hand, Punjab National Bank has cut interest on its savings account.
Image Credit: Abp News
Image Credit: Abp News

Many banks are giving great interest on a savings account right now. On the other hand, Punjab National Bank has cut interest on its savings account.

Many banks are giving great interest on a savings account right now. On the other hand, Punjab National Bank has cut interest on its savings account. Punjab National Bank is now giving interest of 2.90 percent to the customer having a deposit account. Before this deduction, Punjab National Bank used to pay an interest of 3 percent to its customers. If you are thinking of opening a bank account at this time, then today we are going to tell you about some banks where you can get good interest in opening the account.

These banks are giving so much interest on savings account

Today we are giving you information about some banks where you can take advantage of by opening a savings account. RBL – 4.25 to 6.00 percent, Bandhan Bank – 3.00 to 6.00 percent, IndusInd Bank – 4.00 to 6 percent, Yes Bank – 4.00 to 5.50 percent, IDFC First Bank – 4.00 to 5.00 percent, Post Office – 4.00 percent, ICICI – from 3.00 percent 3.50 percent, HDFC – 3.00 to 3.50 percent, Punjab National Bank – 2.90 percent, Bank of India- 2.90 percent, SBI- 2.70 percent. In such a situation, before opening an account in these places, you must read this news once.

Tax will have to be paid on the interest earned on the savings account

Image Credit: Abp news
Image Credit: Abp news

Under Section 80TTA of the Income Tax Act, income up to Rs 10,000 per annum from interest is tax-free in the case of a savings account of a bank/co-operative society/post office. This benefit is available to a person below 60 years of age or a joint Hindu family. At the same time, for senior citizens, this exemption is 50 thousand rupees. TDS is deducted if it exceeds this.

What is TDS

If tax is deducted from the income of a person, the remaining amount is given to the person. This amount deducted as tax is called TDS. The government collects the tax amount through TDS. It is deducted separately on the income of the individual.

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