Top 10 Public Banks in India Offering Higher Interest on Savings

Top 10 Public Banks in India Offering Higher Interest on Savings

Introduction: Top 10 Public Banks in India Offering Higher Interest on Savings

In the world of personal finance, every rupee counts. When it comes to savings, choosing the right bank can significantly impact your financial growth. Public sector banks in India are not only trusted for their stability and government backing but also for offering competitive interest rates on savings accounts. For millions of Indians, these banks serve as a cornerstone for secure and profitable savings, making them an ideal choice for those seeking a balance of safety and returns.

Whether you’re saving for a rainy day, planning for a big expense, or simply looking to grow your wealth, finding a bank that offers higher interest rates on savings accounts is a smart move. In this guide, we explore the top 10 public banks in India that provide attractive interest rates, helping you maximize your savings while enjoying the benefits of reliable banking services.

As of November 2024, public sector banks in India offer varying interest rates on savings accounts. While these rates are generally lower than those of private and small finance banks, some public sector banks provide relatively higher returns. Here are ten public sector banks offering competitive interest rates on savings accounts:

Union Bank of India

Union Bank of India (UBI) is a prominent public sector bank in India, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Union Bank of India:

1. Savings and Current Accounts:

UBI provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards.

2. Loans and Advances:

Home Loans: Competitive interest rates and flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the Union Bank mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface.

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services. ​​

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Union Bank of India:

Pros:

Extensive Branch Network: With over 8,500 branches and 12,800 ATMs, UBI offers widespread accessibility. ​​

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Union Bank of India:

Who: Union Bank of India is a public sector bank established on November 11, 1919, by Seth Sitaram Poddar. ​​

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: UBI aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, UBI delivers banking solutions across India and select international locations.

When: The bank has been operational since 1919 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Mumbai, UBI operates over 8,500 branches across India and has international branches in Hong Kong, Dubai, Antwerp, and Sydney. ​​

Union Bank of India remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.55% per annum

Details: Offers 2.75% on balances up to ₹50 lakhs, with rates increasing for higher balance slabs. ​​

Canara Bank

Canara Bank, established in 1906, is one of India’s oldest and largest public sector banks, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Canara Bank:

1. Savings and Current Accounts:

Offers various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the Canara Bank mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Canara Bank:

Pros:

Extensive Branch Network: With over 10,000 branches and 12,000 ATMs, Canara Bank offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Canara Bank:

Who: Canara Bank is a public sector bank established in 1906 by Ammembal Subba Rao Pai.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: Canara Bank aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, Canara Bank delivers banking solutions across India and select international locations.

When: The bank has been operational since 1906 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Bengaluru, Canara Bank operates over 10,000 branches across India and has international branches in London, Hong Kong, Dubai, and New York.

Canara Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.50% per annum

Details: Provides 2.90% for balances less than ₹50 lakh, with higher rates for larger balances. ​​

Bank of Baroda

Bank of Baroda (BoB), established in 1908, is one of India’s leading public sector banks, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Bank of Baroda:

1. Savings and Current Accounts:

BoB provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks. ​​

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the BoB World mobile app. ​​

UPI Services: Facilitate instant fund transfers via Unified Payments Interface.

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Bank of Baroda:

Pros:

Extensive Branch Network: With over 8,200 branches and 10,000 ATMs, BoB offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

International Presence: Operations in 17 countries, catering to global customers. ​​

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited Personalized Services: Standardized services may not cater to niche customer requirements.

Who, What, Why, How, When, Where Regarding Bank of Baroda:

Who: Bank of Baroda is a public sector bank established in 1908 by Maharaja Sayajirao Gaekwad III.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: BoB aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, BoB delivers banking solutions across India and international locations.

When: The bank has been operational since 1908 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Vadodara, Gujarat, BoB operates over 8,200 branches across India and has international branches in countries like the USA, UK, UAE, and Australia. ​​

Bank of Baroda remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.30% per annum

Details: Offers 2.75% on balances from ₹1 lakh to less than ₹100 crores, with increased rates for higher balances. ​​

Punjab & Sind Bank

Punjab & Sind Bank (PSB), established in 1908, is a prominent public sector bank in India, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Punjab & Sind Bank:

1. Savings and Current Accounts:

PSB provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the PSB mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface.

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Punjab & Sind Bank:

Pros:

Extensive Branch Network: With over 1,500 branches and 1,200 ATMs, PSB offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Punjab & Sind Bank:

Who: Punjab & Sind Bank is a public sector bank established in 1908 by Bhai Vir Singh, Sir Sunder Singh Majitha, and Sardar Tarlochan Singh.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: PSB aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, PSB delivers banking solutions across India and select international locations.

When: The bank has been operational since 1908 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in New Delhi, PSB operates over 1,500 branches across India and has a representative office in London.

Punjab & Sind Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.20% per annum

Details: Provides 3.00% on deposits below ₹10 crore and 3.20% for ₹10 crore and above. ​​

IDBI Bank

IDBI Bank, established in 1964, is a prominent public sector bank in India, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by IDBI Bank:

1. Savings and Current Accounts:

IDBI Bank provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the IDBI Bank mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of IDBI Bank:

Pros:

Extensive Branch Network: With over 1,800 branches and 3,700 ATMs, IDBI Bank offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding IDBI Bank:

Who: IDBI Bank is a public sector bank established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. ​​

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: IDBI Bank aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, IDBI Bank delivers banking solutions across India and select international locations.

When: The bank has been operational since 1964 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Mumbai, IDBI Bank operates over 1,800 branches across India and has a representative office in Dubai.

IDBI Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.50% per annum

Details: Offers rates ranging from 3.00% to 3.50%, depending on the account balance. ​​

Indian Overseas Bank

Indian Overseas Bank (IOB), established in 1937, is a prominent public sector bank in India, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Indian Overseas Bank:

1. Savings and Current Accounts:

IOB provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the IOB mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Indian Overseas Bank:

Pros:

Extensive Branch Network: With over 3,200 branches and 3,300 ATMs, IOB offers widespread accessibility. ​​

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Indian Overseas Bank:

Who: Indian Overseas Bank is a public sector bank established in 1937 by M. Ct. M. Chidambaram Chettyar. ​​

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: IOB aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, IOB delivers banking solutions across India and select international locations.

When: The bank has been operational since 1937 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Chennai, IOB operates over 3,200 branches across India and has international branches in Singapore, Hong Kong, Colombo, and Bangkok. ​​

Indian Overseas Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.05% per annum

Details: Provides 3.05% on savings account balances. ​​

Bank of India

Bank of India (BoI), established on September 7, 1906, is a leading public sector bank in India, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Bank of India:

1. Savings and Current Accounts:

BoI provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the BoI mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Bank of India:

Pros:

Extensive Branch Network: With over 5,000 branches and 5,500 ATMs, BoI offers widespread accessibility. ​​

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

International Presence: Operations in 22 overseas branches, catering to global customers. ​​

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited Personalized Services: Standardized services may not cater to niche customer requirements.

Who, What, Why, How, When, Where Regarding Bank of India:

Who: Bank of India is a public sector bank established in 1906 by a group of eminent businessmen from Mumbai. ​​

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: BoI aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, BoI delivers banking solutions across India and international locations.

When: The bank has been operational since 1906 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Mumbai, BoI operates over 5,000 branches across India and has international branches in countries like the USA, UK, Japan, and Singapore. ​​

Bank of India remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 2.90% per annum

Details: Offers 2.90% on savings account balances. ​​

Indian Bank

Indian Bank, established in 1907 and headquartered in Chennai, is a prominent public sector bank in India. It serves over 100 million customers through an extensive network of 5,847 branches and 4,937 ATMs and cash deposit machines. As of March 31, 2024, the bank’s total business reached ₹1,221,773 crore (US$150 billion). ​​

Popular Financial Services Offered by Indian Bank:

1. Savings and Current Accounts:

Offers various account options with features like internet banking, mobile banking, and personalized debit cards.

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the Indian Bank mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface.

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Indian Bank:

Pros:

Extensive Branch Network: With over 5,847 branches and 4,937 ATMs, Indian Bank offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Indian Bank:

Who: Indian Bank is a public sector bank established in 1907.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: Indian Bank aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, Indian Bank delivers banking solutions across India and select international locations.

When: The bank has been operational since 1907 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Chennai, Indian Bank operates over 5,847 branches across India and has international branches in Colombo and Singapore. ​​

Indian Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 2.90% per annum

Details: Provides 2.90% on savings account balances. ​​

Central Bank of India

Central Bank of India, established in 1911, is one of India’s oldest and largest public sector banks, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Central Bank of India:

1. Savings and Current Accounts:

Offers various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the Central Bank of India mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Central Bank of India:

Pros:

Extensive Branch Network: With over 4,600 branches and 3,600 ATMs, the bank offers widespread accessibility.

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Limited International Presence: Fewer overseas branches compared to some private banks.

Who, What, Why, How, When, Where Regarding Central Bank of India:

Who: Central Bank of India is a public sector bank established in 1911 by Sir Sorabji Pochkhanawala.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: The bank aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, Central Bank of India delivers banking solutions across India and select international locations.

When: The bank has been operational since 1911 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in Mumbai, Central Bank of India operates over 4,600 branches across India and has a representative office in Nairobi, Kenya.

Central Bank of India remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.00% per annum

Details: Offers rates ranging from 2.75% to 3.00%, depending on the account balance. ​​

Punjab National Bank

Punjab National Bank (PNB), established in 1894, is one of India’s oldest and largest public sector banks, offering a comprehensive range of financial services to cater to diverse customer needs.

Popular Financial Services Offered by Punjab National Bank:

1. Savings and Current Accounts:

PNB provides various savings and current account options with features like internet banking, mobile banking, and personalized debit cards. ​​

2. Loans and Advances:

Home Loans: Competitive interest rates with flexible repayment options.

Personal Loans: Quick processing for personal financial needs.

Vehicle Loans: Financing for purchasing vehicles with attractive terms.

Education Loans: Support for students pursuing higher education.

3. Credit Cards:

A range of credit cards offering benefits like rewards, cashback, and travel perks.

4. Digital Banking Services:

Internet Banking: Manage accounts, transfer funds, and pay bills online.

Mobile Banking: Access banking services through the PNB mobile app.

UPI Services: Facilitate instant fund transfers via Unified Payments Interface. ​​

5. Investment Services:

Fixed Deposits: Secure investment options with assured returns.

Mutual Funds: Investment opportunities in various mutual fund schemes.

Wealth Management: Personalized financial planning and advisory services.

6. Insurance Products:

Life and general insurance products in collaboration with insurance partners.

Pros and Cons of Punjab National Bank:

Pros:

Extensive Branch Network: With over 6,900 branches and 9,255 ATMs, PNB offers widespread accessibility. ​​

Diverse Product Portfolio: Comprehensive range of financial products and services.

Digital Initiatives: Robust online and mobile banking platforms for convenient banking.

Government Backing: As a public sector bank, it enjoys government support and stability.

Cons:

Customer Service: Some customers report delays and inefficiencies in service.

Technological Challenges: Occasional technical glitches in digital platforms.

Past Financial Scandals: The bank has faced significant financial frauds in the past, impacting its reputation. ​​

Who, What, Why, How, When, Where Regarding Punjab National Bank:

Who: Punjab National Bank is a public sector bank established in 1894 by Lala Lajpat Rai.

What: It offers a wide array of banking and financial services, including retail banking, corporate banking, international banking, and treasury operations.

Why: PNB aims to provide comprehensive financial solutions to individuals, businesses, and government entities, contributing to economic growth and financial inclusion.

How: Through its extensive branch network, digital platforms, and customer-centric services, PNB delivers banking solutions across India and select international locations.

When: The bank has been operational since 1894 and continues to evolve, adopting modern banking practices and technologies.

Where: Headquartered in New Delhi, PNB operates over 6,900 branches across India and has international branches in countries like the UK, Hong Kong, Dubai, and Kabul.

Punjab National Bank remains a significant player in India’s banking sector, continually adapting to meet the evolving financial needs of its customers.​​

Interest Rate: Up to 3.00% per annum

Details: Provides 3.00% on savings account balances. ​​

Please note that interest rates are subject to change and may vary based on the account balance and bank policies. It’s advisable to check the latest rates directly with the respective banks or visit their official websites for the most accurate and up-to-date information.​​

Comparison of The Public Banks

When selecting a public sector bank in India for your savings account, it’s essential to consider factors such as interest rates, branch and ATM network, digital banking services, and customer service quality. Here’s a comparative overview of some leading public banks:

1. State Bank of India (SBI):

Interest Rates: Offers competitive rates on savings accounts.

Network: Extensive presence with over 22,000 branches and 58,000 ATMs nationwide.

Digital Services: Robust platforms including YONO app for seamless banking.

Customer Service: Generally efficient, though experiences may vary by region.

2. Punjab National Bank (PNB):

Interest Rates: Provides attractive rates on savings deposits.

Network: Wide reach with approximately 11,000 branches and 13,000 ATMs.

Digital Services: Comprehensive online and mobile banking options.

Customer Service: Committed to customer satisfaction, with room for improvement in some areas.

3. Bank of Baroda (BoB):

Interest Rates: Competitive savings account rates.

Network: Over 8,200 branches and 10,000 ATMs across India.

Digital Services: User-friendly digital platforms for various banking needs.

Customer Service: Focuses on customer-centric services, with mixed reviews.

4. Canara Bank:

Interest Rates: Offers reasonable interest rates on savings accounts.

Network: More than 6,300 branches and 10,000 ATMs nationwide.

Digital Services: Advanced digital banking facilities for customers.

Customer Service: Generally positive feedback, with some areas needing attention.

5. Union Bank of India:

Interest Rates: Attractive rates for savings account holders.

Network: Approximately 9,500 branches and 13,300 ATMs.

Digital Services: Comprehensive online and mobile banking services.

Customer Service: Dedicated to customer service, with varying experiences reported.

6. Indian Bank:

Interest Rates: Competitive savings account interest rates.

Network: Around 6,000 branches and 5,000 ATMs.

Digital Services: Robust digital platforms for convenient banking.

Customer Service: Focuses on customer satisfaction, with some areas for improvement.

7. Central Bank of India:

Interest Rates: Reasonable interest rates on savings deposits.

Network: Over 4,600 branches and 3,600 ATMs.

Digital Services: Offers essential digital banking services.

Customer Service: Committed to service, though feedback varies.

8. Bank of India (BoI):

Interest Rates: Competitive rates for savings accounts.

Network: More than 5,000 branches and 5,500 ATMs.

Digital Services: Comprehensive digital banking options.

Customer Service: Generally positive, with some areas needing enhancement.

9. Indian Overseas Bank (IOB):

Interest Rates: Offers attractive savings account rates.

Network: Approximately 3,200 branches and 3,300 ATMs.

Digital Services: Provides essential digital banking facilities.

Customer Service: Focuses on customer needs, with mixed reviews.

10. Punjab & Sind Bank:

Interest Rates: Reasonable interest rates on savings accounts.

Network: Around 1,500 branches and 1,200 ATMs.

Digital Services: Offers basic digital banking services.

Customer Service: Dedicated to customer service, with areas for improvement.

When choosing a bank, consider your specific needs, such as proximity to branches, digital service quality, and customer service reputation, in addition to interest rates.​​

Conclusion: Maximizing Savings with the Right Public Bank

Selecting the right bank for your savings is more than just a financial decision—it’s a step toward securing your future. Public sector banks in India combine the trust of government backing with competitive interest rates, making them a preferred choice for millions. By opting for one of the top 10 public banks offering higher interest on savings, you not only ensure the safety of your funds but also enjoy steady growth over time.

Take the time to compare the rates, features, and benefits of these banks to find the one that aligns best with your financial goals. Remember, a well-informed decision today can lead to significant financial gains tomorrow. Choose wisely, save diligently, and let your money work harder for you.