How bank give interest on saving account

Banks provide interest on savings accounts by calculating it based on your daily closing balance. While the interest is calculated daily, it is typically credited to your account on a monthly or quarterly basis. Key aspects include:

• The interest rate is determined by the bank and is subject to change based on RBI guidelines and market conditions.
• Interest rates in India generally range from 2.50% to 7.00% per annum, depending on the bank and the deposit amount.
• Higher balances or specific account types may attract better relationship rates.