With the onset of the festive season, several banks have revised the interest rates on their savings accounts in September. People frequently use savings accounts for daily expenses and emergency funds; therefore, knowing which bank offers the fastest growth for your money is crucial.

If you seek both safety for your funds and excellent returns, there is significant competition between IDFC First Bank in the private sector and Canara Bank and Bank of India in the public sector.

**Changes in Canara Bank's Interest Rates**
Canara Bank, a major public sector bank, has significantly revised its savings account interest rates. These new rates came into effect on September 5. Following the revision, an annual interest rate of up to 2.50% is offered on balances up to ₹100 crore. For balances exceeding ₹100 crore but remaining below ₹300 crore, the rate rises to 2.65%. Furthermore, for account balances between ₹300 crore and ₹500 crore, the interest rate is 3.10%.

**Changes in Bank of India's Savings Account Interest Rates**
Bank of India, another public sector bank, has also revised its savings account interest rates, effective from September 1. Under the new structure, the bank offers an annual interest rate of 2.50% on balances up to ₹50 crore. For amounts exceeding ₹50 crore up to ₹250 crore, the rate is 2.60%. Additionally, for balances between ₹250 crore and ₹500 crore, the rate increases to 2.75%.

For larger amounts, the bank has decided to offer 3% interest on balances exceeding ₹500 crore up to ₹1,000 crore. Meanwhile, an interest rate of 3.15% is offered on bank balances exceeding ₹1,000 crore and up to ₹1,500 crore.

Changes in IDFC FIRST Bank's Interest Rates
IDFC FIRST Bank has also revised its savings account interest rates effective September 1, 2026. The bank has set an annual interest rate of 2.50% for general customers on balances up to ₹3 lakh. However, for balances exceeding ₹3 lakh and up to ₹25 lakh, the interest rate rises to 7% per annum. This means that customers falling within this slab could earn significantly higher interest compared to the other two banks.

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