Yes. The interest is considered an Income and has to be included in your net annual income while you file your income tax returns. If your interest is more than Rs. 10000 in a year, the bank themselves can deduct TDS and remit it to the Income Tax Department.
Karnataka bank in india has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest
The Average savings account yield would be 3.5% per year from 2008 onwards. It was the same until 2010. In 2011 the Reserve Bank increased the savings account interest rate to 4%. This makes India the country that offers the highest interest rate on savings account.
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
The current savings interest rate in India is 4% per annum. It was only 3.5% in the year 2005. This is one of the highest interest rates in the world in terms of savings account interest rates. Developed countries like USA and Singapore offer interest rates of less than 1% per annum.
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
Karnataka bank in india has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
The Average savings account yield would be 3.5% per year from 2008 onwards. It was the same until 2010. In 2011 the Reserve Bank increased the savings account interest rate to 4%. This makes India the country that offers the highest interest rate on savings account.
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
The current savings interest rate in India is 4% per annum. It was only 3.5% in the year 2005. This is one of the highest interest rates in the world in terms of savings account interest rates. Developed countries like USA and Singapore offer interest rates of less than 1% per annum.
A current account is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account. Savings accounts are much more common in India than current accounts.
RBI does not give savings accounts. It is the banker of banks or the central bank of india. Regular banks in india will offer you savings accounts and the interest rate offered currently is 4% per annum.
There are several banks that offer high interest savings accounts. ING Direct has a good reputation for offering a high interest rate with excellent customer service. Ally National Bank and American Express also provide high interest rates on their savings accounts.
A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In india the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account.
The average savings account interest rate in India has been around 3-3.5% in the duration of the years mentioned in your question. Note: This % rate varies from country to country
A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In india the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account. A current account on the other hand is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account.
All savings accounts in India offer an average of 3 to 3.5% interest per annum calculated on a daily end of day account balance basis. The interest is calculated based on the every day balance in the account and would be credited on a quarterly or half yearly basis.