Here's A List Of Top Indian Banks That Offer Up To 8% Interest On Savings Accounts

To attract savers and provide options for customers, several major banks in India have rolled out competitive interest rates on savings accounts. These rates which go up to 8%, promise to be a boon for those looking to grow their money without venturing into riskier investment avenues.

DCB Bank

DCB Bank offers an attractive 8% interest rate on savings accounts with balances between Rs 10 lakh and Rs 2 crore. For balances ranging from Rs 10 crore to less than Rs 200 crore, the bank still provides an impressive 7.75% interest. These rates took effect on September 27, 2023, making DCB Bank a standout choice for savers seeking substantial returns on their deposits.

IDFC FIRST Bank

IDFC FIRST Bank follows suit, offering interest rates of up to 7% on balances exceeding Rs 5 lakh to less than Rs 25 crore. The bank's rates vary between 3% and 7%, with the new rates coming into effect on October 1, 2023. The bank adheres to Reserve Bank of India directives, calculating interest on daily end-of-day balances and facilitating monthly interest payments.

Suryoday SFB

Suryoday Small Finance Bank offers the highest interest rate of 7.50% on savings account balances above Rs. 10 lakh but not exceeding Rs 5 crore. Starting November 13, 2023, customers can enjoy competitive rates ranging from 3% to 7.50%. The bank calculates interest on the daily closing balance and pays out monthly on the last day of the calendar month.

ESAF Small Finance Bank

ESAF Small Finance Bank also offer an interest rate of 7.50% on savings account balances exceeding Rs 5 lakhs. With rates ranging from 3.5% to 7.50%, the bank's offers are effective from November 20, 2023. Savers benefit from the bank's commitment to providing monthly interest payouts.

AU Small Finance Bank

For those with substantial savings, AU Small Finance Bank offers an impressive 7.25% interest rate on balances from Rs 1 Crore to less than Rs 5 crores. The bank's interest rates range from 3.5% to 7.25%, with the revised rates effective from September 11, 2023. AU Small Finance Bank caters to high-net-worth individuals seeking robust returns on their deposits.

Fincare Small Finance Bank

Fincare Small Finance Bank offers an interest rate of 7.50% on savings account balances above Rs 25 lakhs to Rs 10 crores. The bank's rates range from 3.51% to 7.50%, with the revised rates effective from December 1, 2023. Fincare Small Finance Bank aims to attract depositors with sizable amounts, providing an attractive avenue for wealth preservation and growth.

With these major banks in India pushing the boundaries of savings account interest rates, savers now have a plethora of options to consider. Whether one seeks the security of established banks or the dynamic offerings of small finance banks, competitive rates reflect a positive trend for depositors.