The interest rate calculated on savings account balance is determined by your closing amount. Each of the public, as well as private sector banks, offer their customers a range of interest rates on the saving account balance. The interest amount then gets credited to the customer in a quarterly period, according to the rule by the Reserve Bank of India. 

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Kotak Mahindra Bank offers its customers the 811 which is a fully loaded Digital Bank Account. Included in this account, Kotak Mahindra Bank gives benefits to its customers such as zero balance,  virtual debit cards and no charges on NEFT and IMPS transactions. But the highlight of this account is the  6% interest rate per annum on the savings account balance. One can earn the 6% interest rate on savings account balance over Rs 1 lakh and 5.5% interest rate on savings account balances above Rs 1 crore. 

Comparing it to other banks, the largest public bank, the State Bank of India offers its customers 3.50% interest rates on saving deposit balance up to Rs 1 crore. Above 1 crore, interest rate levied on savings balance is 4% per annum.

HDFC bank, on the other hand, provides its customers an interest rate of 3.50% p.a on saving deposit balance below Rs 50 lak. Above this amount, HDFC levies an interest rate of 4% per annum. 

ICICI Bank, too like HDFC, gives its customers the same range of interest rates. For account balance below Rs 50 lakhs, the interest rate is 3.5% per annum. The interest rate if 4% for saving balance amount over Rs 50 lakhs. 

Amongst these banks, Kotak Mahindra bank is offering the highest interest rates on savings account balance. With the 811 Kotak Mahindra bank account, an individual can benefit highly from these interest rates. To add to the packages, Kotak Mahindra bank also gives additional benefits such as offers on transactions.