Savings Account Interest Rates
Earn Interest Income on Your Deposits
Savings Account Interest Rates
At a Glance
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.
digibank Savings Account
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.
digibank Savings Account Interest Rates
| digital Savings account | digibank e-wallet |
|---|---|
| Balance up to Rs. 1 lakh will get 3.25% interest rates | No interest rates applicable |
| Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 3.5% on the incremental amount | |
| Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 4% on the incremental amount | |
| Any balances over and above Rs. 5 lakhs and up to Rs. 50 lakh will get 3% on the incremental amount | |
| Any balances over and above Rs. 50 lakhs and up to Rs. 5 Crs will get 5% on the incremental amount | |
| Any balances over and above Rs. 5 Crs will get 5% on the incremental amount thereon |
Note:
- *Interest rate revised as above w.e.f. 26th Sep 2022.
- *Interest rate up to 25th Sep 2022 is:
- Domestic 3.25% p.a on balance upto Rs. 1 lakh; 3.5% p.a on balance above Rs. 1 lakh and upto Rs. 2 lakhs; 4.00% p.a on balance above Rs. 2 lakh and upto Rs. 5 lakhs; 3.00% p.a on balance above Rs. 5 lakh and upto Rs. 5 Crs and 3.75% on balance above Rs. 5 Crs.
- Interest will be paid at quarterly rests or on any other rests as the Bank may decide from time to time.
- Interest will be calculated on daily available balance or as required by the regulator or as a result of banks own decision.
- Rate of interest on digital Savings account is subject to change from time to time at the discretion of the Bank and/or in accordance with directives from RBI
llustration: (Domestic)
If the balance in the savings account is 5 Crores 60 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 5 lakhs: 4.00% | Above Rs.2 Lakhs and Upto Rs.5 Lakhs | 4.00% |
Rs 5 lakhs - Rs 50 lakhs: 3.00% | Above Rs 5 lakhs and up to Rs.50 lakhs | 3.00% |
Rs.50 lakhs – Rs.5 Crores: 5.00% | Above Rs.50 lakhs and up to Rs.5 Crores | 5.00% |
Remaining Rs.60 lakhs: 5.00% | Above Rs.5 Crores | 5.00% |
digibank Savings Interest Rates Calculation
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 digiSavings Accounts is subject to change at the discretion of the bank and/or in accordance with directives from the RBI.
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Frequently Asked Questions
Is the Savings Account interest income taxable, and how should I declare it?
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.
Can I claim deductions on Savings Account interest income? If yes, how?
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.
I am a senior citizen. Do I qualify for additional tax deductions on Savings Account interest rates?
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.
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