4 Best Savings Accounts With Higher Interest Rates Up To 7.25%

Currently, the interest rate on a savings account is more than 7 per cent which is provided by most of the banks across the country. In the midst of dropping fixed deposit (FD) interest rates in the last few months, retail investors can quickly get lured from such attractive rates on a savings account. Compared to leading lenders such as the State Bank of India (SBI), ICICI and HDFC Bank, IDFC First Bank, Bandhan Bank and small finance banks such as Equitas and Utkarsh provide higher interest rates on a savings account. For example, on their savings account, HDFC Bank and ICICI Bank offer 3 percent to 3.5 percent, and SBI offers 2.70 percent on the savings account for balance up to Rs 1 lakh.

IDFC First Bank Savings Account

On balance amount of up to Rs 1 lakh, IDFC First Bank provides an interest rate of up to 6 percent, on balance amount higher than Rs 1 lakh up to Rs 10 crore the interest rate is 7% respectively.

ROI	Balance amount
6.00%	<=1 lakh
7.00%	>1 lakh <=10 crore
4.50%	>10 crore<= 50 crore
4.00%	> 50 crore <= 100 crore
3.50%	>100 crore

 

Bandhan Bank Savings Account

Bandhan Bank provides returns of 3% on a balance of up to Rs 1 lakh, 6% on a balance of up to Rs 1 lakh to Rs 10 crore, 6.55% on a balance of up to Rs 10 crore to Rs 50 crore, and 7.15% on a balance of up to Rs 50 crore respectively.

ROI	Balance amount
6.00%	<=1 lakh
7.00%	>1 lakh <=10 crore
4.50%	>10 crore<= 50 crore
4.00%	> 50 crore <= 100 crore
3.50%	>100 crore

Equitas Small Finance Bank Savings Account

A rate of 3.5 percent on balance up to Rs 1 lakh is provided by Equitas Small Finance Bank. With balance over Rs 1 lakh and up to Rs 30 crore, it provides a 7 percent interest rate. It proposes a rate of 7.25 percent for balance above Rs 30 crore and up to Rs 50 crore respectively.

ROI	Balance amount
3.50%	<=1 lakh
7%	>1 lakh <=30 crore
7.25%	>30 crore<= 50 crore

Also Read : 5 Best Savings Accounts With Returns Up To 7.15%

Utkarsh Small Finance Bank Savings Account

Utkarsh Small Finance Bank provides interest rates of 5 percent on a balance of up to Rs 1 lakh, 6 percent on an annual balance more than Rs 1 lakh and up to Rs 25 lakh and 7.25 percent on an annual balance of up to Rs 25 lakh.

ROI	Balance amount
5%	<=1 lakh
6%	>1 lakh <=25 lakh
7.25%	>25 lakh

Note: Deposits in a savings account or fixed deposits or recurring deposits with commercial banks are secured by Deposit Insurance and Credit Guarantee Corporation (DICGC) for a limit of Rs 5 lakh for both principal and interest amount.