If you tend to keep large amount of idle balances in your savings account, it is time to search for banks that offer the best interest rate on savings account. Take a look at 6 banks that offer a very high interest rate on SB accounts.
RBL Bank Savings Account
If you have a balance under Rs 1 lakh in a RBL Bank Savings Account, you get an interest rate of 5.1 per cent.
The Bank offers 7.1 per cent on balance above Rs 10 lakhs, and 6.1 per cent above Rs 1 Lakh. No TDS up to an interest rate of Rs 10,000 per annum.
Yes Bank Savings Account
Yes Bank offers 6 per cent interest rate on balances in savings account.
This is almost 2 per cent higher than what all of the government owned banks are offering. You have to just maintain a minimum amount of Rs 10,000.
Kotak Bank too offers an interest rate of 6 per cent, which is almost similar to Yes Bank. You can open an online bank account, which is faster and easier.
Lakshmi Vilas Bank
If you have daily balance in your savings account under Rs 5 lakh, you can earn an interest rate of 5%.
In case it goes above this sum, the interest rate applicable is 6%.
At IndusInd Bank, if your daily balance is under Rs 1 lakh, you get 5 per cent, which is like any other bank in the country.
If the daily balance is between Rs 1 lakh and Rs 10 lakhs, you get 5 per cent interest and above Rs 10 lakhs it is 6 per cent.
Bandhan Bank SB Acccount
If you have balances under Rs 1 lakh, you get an interest rate of 4.25 per cent, if your balance maintained is above 1 lakh, you get an interest rate of 5 per cent.
Bandhan Bank is the new private sector bank that got license to start a bank.