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5 Best Savings Accounts In India With Interest Rates Up To 7.25%

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A savings account also known as a salary account is a must-have when it comes to minimal interest rates, account safety, and dependability for depositing cash or withdrawing for immediate requirements. Among the major significant advantages of having a savings account is the opportunity to earn interest, so undoubtedly you're getting a good deal. Although, it is well known that savings accounts bear lower interest rates than fixed deposits, there are some banks that are currently promising higher interest rates than fixed deposits of leading banks such as SBI, HDFC, Axis and so on along with a promise of deposit insurance cover of Rs 5 lakhs by DICGC. So, if you are making your first step towards your personal finance and want to open a savings account, then here are the top 5 banks that can give you interest rates up to 7.25%.

5 Best Savings Accounts of Private Sector Banks

5 Best Savings Accounts of Private Sector Banks

DCB Bank offers the highest interest rate of 6.75 per cent among private sector banks. Then there's RBL Bank, which is giving up to 6.25 per cent, and Bandhan Bank, which is offering 6%. Here are the top five private sector banks that are presently offering higher savings account interest rates.

BanksInterest Rates In %W.e.f.
DCB Bank 3.00 to 6.75 10th June, 2021
RBL Bank 4.25 to 6.25 July 2, 2021
Bandhan Bank 3.00 to 6.00 June 7, 2021
IndusInd Bank 4.00 to 5.50 June 4, 2021
Yes Bank 4.00 to 5.25 13th May, 2021
Source: Bank Websites

5 Best Savings Accounts of Public Sector Banks
 

5 Best Savings Accounts of Public Sector Banks

Punjab National Bank promises the highest interest rates of up to 3.50 per cent, followed by IDBI Bank and Canara Bank with interest rates of up to 3.40 per cent and 3.20 per cent, respectively, among the top public sector banks. Here we've compiled a list of the top 5 public sector banks providing the highest savings account rates right now.

BanksInterest Rates In %W.e.f.
Punjab National Bank 3.00 to 3.50 March 1.2021
IDBI Bank 3.00 to 3.40 May 1, 2021
Canara Bank 2.90 to 3.20 28.09.2020
Bank of Baroda 2.75 to 3.20 26.05.2021
Punjab & Sind Bank 3.10% 12.11.2020
Source: Bank Websites

5 Best Savings Accounts of Small Finance Banks

5 Best Savings Accounts of Small Finance Banks

Small finance banks are now offering higher interest rates than commercial banks and private sector banks. Utkarsh Small Finance Bank offers the highest interest rate on savings accounts, at 7.25 per cent, followed by Ujjivan Small Finance Bank, AU Small Finance Bank, and Equitas Small Finance Bank, all of which have interest rates of 7.00 per cent. We've prepared a table of the top 5 small finance banks currently offering the best savings account interest rates.

BanksInterest Rates In %W.e.f.
Utkarsh Small Finance Bank 5.00 to 7.25 01.08.2020
Ujjivan Small Finance Bank 4.00 to 7.00 06.03.2021
AU Small Finance Bank 3.50 to 7.00 17.05.2021
Equitas Small Finance Bank 3.50 to 7.00 01.06.2021
Jana Small Finance Bank 3.00 to 6.75 06.05.2021
Source: Bank Websites

 

Read more about: savings account
Story first published: Wednesday, June 30, 2021, 15:28 [IST]
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