5 Banks Raise Interest Rates On Saving Deposits, DCB Bank Offering Highest Rate

Reserve Bank of India had hiked the repo rate by 50 basis points on June 8, 2022 and 40 basis point on May 4 to 4.9% (100 basis points= 1 percentage point). After RBI's move to hike the rate, many major and small banks opted to hike their interest rates that may include Axis Bank, HDFC Bank, Kotak Bank, DCB Bank, RBL Bank, Yes Bank, IDFC Bank, and Bandhan Bank.

It is important to note that new banks and smaller banks are offers higher interest rates as compared to renowned private banks. Let us find out the highest interest rate on saving deposits by 5 major leading lenders.

1. DCB Bank

The bank has revised its interest rate on saving deposits thus taking it to 6.75% on balances from 10 lakh to less than 50 lakh in account, according to its official website. When it comes to the various private banks in existence, this bank's interest rate is highest. Citizens need to maintain the minimum balance requirement with DCB i.e. Rs 2500-Rs 5000.

2. RBL Bank

The bank is offering the highest interest rate at 6% p.a. for deposits above Rs 10 lakh to Rs 3 crore on saving accouts. You must maintain the minimum account balance requirement of Rs 2500-Rs 5000. The minimum interest rate is also higher compared to renowned private banks at 4.25% deposits above Rs 1 lakh.

3. IDFC Bank

The bank is also offering the highest interest rate of 6% if you desire to open a saving account. You need to maintain the average monthly balance requirement of Rs 10,000.

4. Bandhan Bank

You can fetch an interest rate of 6% when you open a saving account with the bank for deposits above Rs 10 lakh to Rs 2 crore. It is important to maintain the monthly balance requirement of Rs 5,000. The minimum rate of interest is 3% for deposits up to Rs 100,000.

5. Yes Bank

Citizens can avail an interest rate of 5% on their saving deposits with minimum monthly balance requirement of Rs 25,000 if they open a saving account with Yes Bank.