Individuals who are new to banking and investing prefer savings accounts because they are an excellent way to invest in either short or long term savings. A savings bank account is perhaps the most basic instrument for investors, providing easy liquidity while also earning interest on deposits. All banks set interest rates on savings accounts, which typically range from 2.50% to 7.00% per annum depending on the amount saved. While several banks have recently reduced their savings deposit interest rates, a few banks are still offering up to 7.50 percent on their savings accounts. These institutions are known as small finance banks. Before opening a savings account in a bank, one should be familiar with the interest rates offered by the bank as well as the type of savings account offered with other facilities. Let's take a look at the list of banks offering interest rates up to 7.50%.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is the only bank that is currently offering savings bank deposits of more than Rs 25 crore at a 7.5% interest rate. On various amounts, the bank offers interest rates ranging from 3.50% to 7.50%.
AU Small Finance Bank
The applicable interest rates on savings bank deposits of AU Small Finance Bank are in effect as of October 10, 2022. The bank offers a 7% interest rate on savings account balances ranging from INR 25 lakhs to less than INR 1 crore. Interest on Savings Accounts will be calculated daily and paid at the end of each month.
Equitas Small Finance Banks
Equitas Small Finance Banks has interest rates ranging from 3.50% to 7% on various amounts. The savings account interest rates at Equitas Small Finance Bank went into effect on November 9, 2022. The bank offers a 7.00% interest rate on savings bank deposits of more than 5 lakh and up to 5 crore, as well as a balance slab of more than 30 crore.
Jana Small Finance Banks
Jana Small Finance Bank offers variable interest rates ranging from 4.50% to 7%. Jana Small Finance Bank's savings account interest rates go into effect on November 15, 2022. The bank is now offering a 7.00% interest rate on savings bank deposits of more than Rs. 1 lakh and up to Rs. 50 Crores. The interest rate is calculated using the savings account's day-end balances. Quarterly interest is paid or credited to savings accounts.
Unity Small Finance Bank
On various amounts, Unity Small Finance Bank offers interest rates ranging from 6% to 7%. The applicable interest rates on savings bank accounts at Unity Small Finance Bank are in effect as of January 22, 2022. The bank offers 7% interest on savings account balances of 1 lakh to 10 Crore and above.
Utkarsh Small Finance Bank
The applicable interest rates on Utkarsh Small Finance Bank savings bank deposits are effective as of June 1, 2022. The bank is offering an interest rate of 7.00% p.a. on savings account incremental balances exceeding 25 lakhs.