About Savings Account Rates
Savings account interest in India is calculated on the daily closing balance and paid quarterly or half-yearly. Most large banks offer 2.70% to 3.50% per annum. Small finance banks and some digital banks offer 5% to 7%.
Interest earned up to Rs 10,000 per year from savings accounts is tax-free under Section 80TTA (Rs 50,000 for senior citizens under 80TTB).