Question 1

How many banks are tracked on this website?

Accepted Answer

This website tracks savings account interest rates for 48 banks operating in India, including 21 Private Sector Banks, 11 Public Sector Banks, 6 Small Finance Banks, 6 Payments Banks, and 4 Foreign Banks.

Question 2

How are savings account interest rates calculated in India?

Accepted Answer

Indian banks use a tiered (slab-based) system where different interest rates apply to different balance ranges. Interest is calculated on the daily closing balance and paid quarterly. This website calculates the effective annual interest by applying each slab's rate to the applicable portion of your deposit.

Question 3

What is DICGC and the ₹5 lakh insurance limit?

Accepted Answer

DICGC (Deposit Insurance and Credit Guarantee Corporation) is an RBI subsidiary that insures bank deposits up to ₹5,00,000 per depositor per bank. This website can optionally cap deposits at ₹5 lakh for banks rated below AA- to stay within the insured limit.

Question 4

Where do the interest rates come from?

Accepted Answer

All interest rates are sourced directly from official bank websites (official .bank.in domains). Credit ratings are sourced from major agencies: CRISIL, ICRA, CARE, India Ratings, and Fitch. The data is updated regularly.

Bank	Deposit	Rate	Interest/yrInt/yr
Unity Small Finance Bankopen_in_newDICGC A-	₹1,00,000	6.00%	₹6,000
Total	₹1,00,000	6.00%	₹6,000

India Savings Account Interest Rates

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