Survey of various bank accounts and rates of

interest offered by different banks

Introduction

Banking is the cornerstone of modern finance, encompassing a

wide array of financial services to facilitate transactions,
safeguard deposits, and provide avenues for wealth
accumulation. It serves as the backbone of economic activity,
offering individuals and businesses access to essential financial
tools and resources. This project delves into the landscape of
banking by surveying various bank accounts and the rates of
interest offered by different financial institutions. Through
meticulous analysis, it aims to provide insights into the diverse
range of account options available, along with an exploration of
the associated interest rates and terms.

Facilities Provided by Banks

Banks in India offer a wide range of banking services, such as

savings and checking accounts, loans, credit cards, investment
services, and electronic banking options like online and mobile
banking.
Some of the major facilities provided by banks are mentioned
below:
 ● Accepting Deposits: Banks provide a safe place for
individuals and businesses to deposit their money, which
can be withdrawn when needed.
● Providing Loans: Banks lend money to individuals and
businesses for various purposes, such as home
mortgages, business expansion, or personal loans.
● Payments and Settlements: Banks enable transactions
through various payment methods, like checks, debit/credit
cards, and electronic transfers.
● Currency Exchange: Many banks offer foreign exchange
services, allowing customers to buy, sell, or exchange
foreign currencies.
● Safekeeping of Valuables: Some banks offer safe deposit
boxes for customers to securely store valuable items and
documents.
● Investment Services: Banks also provide investment
products like mutual funds, stocks, and bonds, helping
customers grow their wealth.
● Internet Banking Services: Banks offer online and mobile
banking services, making it convenient for customers to
access their accounts, pay bills, and transfer funds.

Types of Bank Accounts in India

Banks offer several types of bank accounts to cater to different

financial needs. These bank accounts vary from one another
based on the purpose, transaction frequency and location.
Given below are the common types of bank accounts in India:
● Savings Account: This is a basic account for individuals to
save money. It offers interest on deposits and allows
limited withdrawals.
● Fixed Deposit Account: In this account, you deposit a lump
sum for a fixed tenure at a higher interest rate compared to
savings accounts. Funds are locked in until maturity.
● Recurring Deposit Account: It is a savings plan where you
deposit a fixed amount every month, and at the end of a
specified period, you receive the principal and interest.
● NRI (Non-Resident Indian) Account: These are for Indians
living abroad. NRE (Non-Resident External), NRO (Non-
Resident Ordinary), and FCNR (Foreign Currency Non-
Residential) accounts are major types of NRI accounts.
● Salary Account: This account is used by an employer to
credit the salary of an employee every month. It does not
have any minimum balance requirement.

Rates of Interest Provided by Different Banks

Savings Account
Bank Interest Rate Range (per
annum)
*HDFC Bank 2.50%-3.50%
*Bank of Baroda 2.75%-3%
State Bank of India(SBI) 2.70%-2.70%
*Axis Bank 3%-3.50%
*ICICI Bank 3%-3.50%

Fixed Deposit Account

Bank Interest Rate Range (per
annum)
*HDFC Bank 2.50%-6.25%
*Bank of Baroda 2.75%-5.50%
*State Bank of India(SBI) 2.90%-5.40%
*Axis Bank 2.50%-6%
*ICICI Bank 2.50%-6%

Recurring Deposit Account

Bank Interest Rate Range (per
annum)
*HDFC Bank 2.50%-6.25%
*Bank of Baroda 4.40%-5.30%
*State Bank of India(SBI) 4.40%-5.40%
*Axis Bank 2.50%-6%
*ICICI Bank 2.50%-6%
NRI Account
Bank Interest Rate Range (per
annum)
*HDFC Bank 2.50%-6.25%
*Bank of Baroda 2.75%-5.50%
*State Bank of India(SBI) 2.50%-5.40%
*Axis Bank 2.50%-6%
*ICICI Bank 2.50%-6%

Salary Account
Bank Interest Rate Range (per
annum)
*HDFC Bank 3%-3.50%
*Bank of Baroda 2.75%-3%
*State Bank of India(SBI) 0.50%-3.50%
*Axis Bank 3%-3.50%
*ICICI Bank 3%-3.50%

Please note that these are general ranges, and actual rates
may vary based on specific account types, account balances,
promotional offers, and other factors.
Conclusion

In conclusion, this project underscores the importance of banking in everyday life.

Through banking, individuals gain access to secure financial services, including savings,
transactions, and investment opportunities. By understanding these benefits and
utilizing banking services wisely, people can better manage their money, plan for the
future, and achieve greater financial stability and growth.

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In conclusion, banking offers numerous benefits including

secure storage of funds, convenient access to financial
services, and opportunities for wealth accumulation through
interest-bearing accounts. This project serves as a valuable
resource, providing insights into the diverse range of bank
accounts and interest rates available, ultimately empowering
individuals to make informed decisions regarding their financial
well-being. By understanding the complexities of banking
products and rates, individuals can effectively manage their
finances, optimize savings, and work towards achieving their
long-term financial goals.