Must-Know Things about Your Savings Bank Interest Rates!
3. Tax Rules on Savings Bank Interest Rates
Interest that you earn from your savings bank account is not subject to Tax Deduction at Source, unlike the interest rates on fixed deposits. This does not mean that the interest earned from your savings bank account is free from tax. You will not have to pay tax if you earn an interest up to 
10, 000 from your savings bank account in a year, but if your interest rates are above 10, 000 then you are subjected to pay tax accordingly.
4. Shifting Your Savings Bank Accounts Based On The Interest Rate
As discussed earlier, there are very few banks that provide high interest rates. However, if you are planning to shift your account, it is better to consider few factors. First, you should know about the minimum balance that you need to maintain and the account closing fees. Along with that, try to find out other service charges and various ancillary fees. Anyway, you should be aware of the fact that your savings bank account should offer you more benefits than just offering high interest rates.
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