Latest News
-
Rs 40/Share Dividend: Small Cap Under Rs 100 To Hit Ex-Date In 4-Days, Gains 74.21% In 1-Week -
1:2 Bonus, Rs 401/Sh Dividend; Tata's NBFC Stock Falls On Big Update Related To Dividend Recommendations -
Crude Oil Prices Soar 4% Amidst Rising Middle East Conflict; Brent Surges Past $90 A Barrel -
Bloodbath In Stock Market: Sensex, Nifty Crashes By 1% On April 19; 10 Key Points Here -
Black Friday For Market? Sensex & Nifty Decline For The 5th Straight Day Amidst Rising Geopolitical Tensions -
Rupee Falls To Record Low Against US Dollar As Israel Strikes Iran -
Adani Ports: Why Adani Group's Cash-Cow Stock Falls Amid Israel-Iran Conflict? Explained! -
Iran-Israel War: How It Impacts Nifty, Sensex And Indian Rupee -
Rs 5/Share Dividend: Record Date In Due Course; Buy The Capital Goods Stock? -
Stocks To Buy: 2 Trade Calls By Chandan Taparia of Motilal Oswal On Friday, 19 April
5 Best Savings Account With Highest Interest Rates
In order to start your financial journey, you should open a savings account. Savings accounts give you access to sufficient liquidity, deposit safety, and good interest on your deposits. A savings account provides a debit card, a low monthly balance threshold, along with high-interest rates (Depending on the Bank).
Nowadays banks with savings account Debit Card also offers cashback and discounts on shopping and bill payments, rewards against debit card transactions online/offline, and many other benefits in addition to the interest on the deposit. With all these benefits, it's a good option for short-term investing goals. It also acts as your emergency fund that allows you to withdraw money for free from it anytime.
However, one must maintain a minimum average balance in a savings account. Interest on savings accounts is typically calculated daily based on the balance at the day's end and paid out quarterly.
The following banks are currently offering the highest interest rates on balances up to Rs 1 lakh. These banks also offer the highest interest on balance above Rs 1 lakh. For those who are looking to open a savings account with high interest, these banks are best in terms of interest rates.
1. RBL Bank
RBL Bank, a private sector lender offers the highest interest rates on Saving Accounts. The interest rates range from 4 percent to 6.50 percent.
Interest rates on Savings Deposit (including NRE/NRO Savings) w.e.f. October 21, 2022
| Daily balance | Rate of Interest (p.a.) |
|---|---|
| Upto Rs. 1 lakh | 4.25% |
| Above Rs. 1 lakh upto Rs. 10 lakh* | 5.50% |
| Above Rs. 10 lakh upto Rs. 25 lakh* | 6.00% |
| Above Rs. 25 lakh and upto Rs. 1 Crore* | 6.50% |
| Above Rs. 1 Crore and upto Rs. 3 Crore* | 6.50% |
| Above Rs. 3 Crore upto Rs. 5 Crore* | 6.50% |
| Above Rs. 5 Crore upto Rs. 7.5 Crore* | 6.50% |
| Above Rs. 7.5 Crore upto Rs. 10 Crore* | 6.25% |
| Above Rs. 10 Crore upto Rs. 50 Crore* | 6.25% |
| Above Rs. 50 Crore upto Rs. 100 Crore* | 5.25% |
| Above Rs. 100 Crore upto Rs. 200 Crore* | 6.00% |
| Above Rs. 200 Crore upto Rs. 500 Crore* | 4.00% |
| Above Rs. 500 Crore* | 4.50% |
2. Suryoday Small Finance Bank
Suryoday Small Finance Bank is a private-sector Small Finance Bank. The bank offers minimum 4 percent on balances up to 1 lakh. Its interest rate ranges from 4 percent to 6.25 percent.
Savings Account interest rates (Domestic/NRE/NRO) w.e.f. January 20, 2022
| Daily Closing Balance | Interest rate per annum |
|---|---|
| Up to and including Rs. 1 Lakh | 4.00% |
| Above Rs. 1 Lakh up to & including Rs. 1 crore | 6.25% |
| Above Rs. 1 crore | 5.00% |
3. IDFC FIRST Bank
IDFC First bank is a leading private-sector lender. The bank offers interest on a savings account minimum 4 percent to maximum 6.25 percent. Last year in December, the bank announced ZERO Fee Banking for savings accounts as well as the elimination of fees for 25 frequently used banking services.
Savings Account Interest rates w.e.f. 10 Oct' 2022
| On Balances (in ₹) | Rate of Interest (% p.a.) |
|---|---|
| <= 10Lac | 4.00% |
| > 10lac <= 50 Cr | 6.25% |
| > 50Cr <= 100 Cr | 5.00% |
| >100 Cr <= 200 Cr | 4.50% |
| > 200 Cr | 3.50% |
4. Yes Bank
Yes Bank, a private sector lender, is 4th on the list that offers highest interest rate on savings accounts ranging from minimum 4 percent to maximum 6.25 percent.
Savings Account interest rates w.e.f. 2 Nov' 2022
| Daily Closing Balance | Applicable Interest Rates (p.a.) |
|---|---|
| <=1 Lac | 4.00% |
| >1 Lac to < 5 lacs | 4.25% |
| >=5 Lac to < 10 lacs | 5.00% |
| >=10 lacs to < 1 Cr | 6.00% |
| >=1 Cr to < 10 Cr | 6.25% |
| >=10 Cr to < 25 Cr | 6.00% |
5. IndusInd Bank
IndusInd Bank offers one of the highest interest on Savings account in India. The bank's interest rates on savings account ranges from minimum 4 percent to maximum 6 percent.
Savings Account Interest Rate Domestic/Non Resident (NRO/NRE) w.e.f. 18 Oct' 2022
| Interest Rates | Interest Rate p.a |
|---|---|
| Daily balance upto Rs. 1 Lakh | 4.00% |
| Daily balance above Rs. 1 Lakh Upto Rs. 10 Lakhs | 5.00% |
| Daily balance above Rs. 10 Lakhs Upto Rs. 1 Cr | 6.00% |
| Daily balance above Rs. 1 Cr Upto Rs. 100 Crs | 6.00%* |
