Enjoy exclusive privileges as a digibank Savings Account Holder, including attractive Savings Account interest rates on your deposits. Remember that higher deposits attract higher interest rates.
For an unparallel banking experience, the digibank Savings Accounts is just the account you need. Equipped with over 40 bespoke facilities, it also provides exclusive and personalised services tailored to fulfil every banking need. Earn high Savings Account interest rates on your digibank account deposits and let your idle savings grow.
Account Interest Per annum |
|
digibank Savings Account |
|
Up to Rs 1 lakh |
3.25% |
Above Rs 1 lakh and up to Rs.2 Lakhs |
3.50% |
Above Rs.2 Lakhs and Upto Rs.3 Lakhs |
4.25% |
Above Rs.3 Lakhs and Upto Rs.5 Lakhs |
7.00% |
Above Rs 5 lakhs and up to Rs.10 lakhs |
6.00% |
Above Rs 10 lakhs and up to Rs.20 lakhs |
5.50% |
Above Rs 20 lakhs and up to Rs.1 Cr |
5.00% |
Above Rs.1 Cr |
3.00% |
digibank e-wallet |
|
No interest rate applicable |
Note:
If the balance in the savings account is 5 Cr 50 Lakhs, then the Savings Account Interest will be calculated as follows:
Savings Interest Calculation |
Rates Applied as per the below Slab |
|
Up to Rs 1 Lakh: 3.25% |
Up to Rs 1 lakh |
3.25% |
Rs 1 lakh - Rs 2 lakhs: 3.50% |
Above Rs 1 lakh and up to Rs.2 Lakhs |
3.50% |
Rs 2 lakhs - Rs 3 lakhs: 4.25% |
Above Rs.2 Lakhs and Upto Rs.3 Lakhs |
4.25% |
Rs 3 lakhs - Rs 4 lakhs: 7.00% |
Above Rs.3 Lakhs and Upto Rs.4 Lakhs |
7.00% |
Rs 4 lakhs - Rs 5 lakhs: 7.00% |
Above Rs.4 Lakhs and Upto Rs.5 Lakhs |
7.00% |
Rs 5 lakhs - Rs 10 lakhs: 6.00% |
Above Rs 5 lakhs and up to Rs.10 lakhs |
6.00% |
Rs 10 lakhs - Rs 20 lakhs: 5.50% |
Above Rs 10 lakhs and up to Rs.20 lakhs |
5.50% |
Rs 20 lakhs - Rs 50 lakhs: 5.00% |
Above Rs 20 lakhs and up to Rs.50 lakhs |
5.00% |
Rs.50 lakhs – Rs.1 Cr: 5.00% |
Above Rs.50 lakhs and up to Rs.1 Cr |
5.00% |
Rs.1Cr – Rs.5 Cr: 3.00% |
Above Rs.1Cr and up to Rs.5 Cr |
3.00% |
Remaining Rs.50 lakhs: 3.00% |
Above Rs.5 Cr |
3.00% |
At digibank, we calculate the interest rates on Savings Accounts on a daily basis. Interest is calculated on the daily available closing balances in your account. Savings interest rates are computed at the rate specified by the regulator, the Reserve Bank of India or as a result of the bank’s own decision. Digibank calculates and rounds off the interest income to the nearest rupee. The bank credits the interest income directly into your digibank Savings Account at quarterly rests or on any other rests on the last day of each quarter (March, June, September, and December) or at its discretion from time to time. The rate of interest on digibank Savings Accounts is subject to change at the discretion of the bank and/or in accordance with directives from the RBI.
Open Instant digibank Savings Account in just a few minutes.
The interest earned on Savings Account deposits is taxable in India per your income tax slab rate. You must declare it under the sub-header ‘income from other sources’ while filing your returns.
Yes, you may claim a deduction on the interest earned on your Savings Account. Under Section 80TTA of the Income Tax Act of India, 1961, you may claim a deduction if your annual interest income from all deposits, does not exceed INR 10,000.
As a Resident Indian above 60 years of age, you can avail of deductions of up to INR 50,000 p.a., on interest earned from various types of deposits, including interest on bank Savings Accounts and bank and post office fixed deposits. You can avail of this deduction over and above the INR 1.5 lakhs deduction permitted under Section 80C of the IT Act.