Savings Account Interest Rates

The Savings Account interest rate is fixed and gets credited quarterly. The interest rate is calculated as per the daily balance, which is the sum of all the deposits minus withdrawals made during the day.

There are various factors affecting the Savings Account interest rate, such as the monetary policy set by the Central Bank, inflation and prevailing market conditions. Other factors, such as the financial performance and business strategy of the Bank, may also play a role in determining the interest rate.

A Savings Account offers multiple benefits such as easy access to funds, cash withdrawals, utility bill payments and online fund transfers through UPI, IMPS, NEFT and RTGS. With an ICICI Bank Savings Account, you also earn regular interest credited quarterly. It's convenient, providing a secure place to save money while offering flexibility and additional financial benefits.

Interest rates on Savings Accounts are calculated as per daily balance. The interest rate is fixed and gets credited every quarter, at the end of March, June, September, and December. This approach helps develop your savings slowly by guaranteeing that you receive interest regularly throughout the year and that the amount is credited at regular times.

Savings Account interest of up to Rs.10,000 is not taxable. If the interest amount increases the mentioned threshold, it is added to your income and comes under tax deduction. Remember to check your Savings Account statements to determine the interest that has been accrued for the year to determine the taxable amount.