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A savings account is a financial product that allows risk-averse investors with short-term goals or requiring emergency funds and ensures the security of their funds while still generating decent returns. The DICGC insures your funds up to Rs. 5 lakhs, and savings accounts, as an interest-bearing account, are a must-have in your portfolio when it comes to adequate liquidity. A normal savings account offers a number of advantages, including a competitive interest rate, uncomplicated operation, multiple withdrawal and deposit options, no hidden fees, free debit cards, spectacular incentives, cashback when transacting online and much more. Savings account interest rates are typically lower than fixed deposit interest rates, but we've identified six small finance banks that offer 7% interest rates on savings accounts, which is higher than the fixed deposit interest rates offered by some of India's major banks, including SBI, HDFC, ICICI, and Axis Bank.
Ujjivan Small Finance Bank
With effect from March 6, 2021, Ujjivan Small Finance Bank is offering a savings account interest rate of up to 7%. The interest rates for Domestic and Non-Resident Accounts are listed below. These interest rates are based on the day-end balances in the savings account and are payable on a quarterly basis.
| Amount | Interest Rate (p.a.) |
|---|---|
| Up to 1 lakh | 4.00% |
| > 1 Lakh to 25 Lakhs | 7.00% |
| > 25 lakhs to 10 Crores | 6.00% |
| > 10 crores | 6.75% |
| Source: Bank Website |
Equitas Small Finance Bank
On savings accounts, the bank is providing a rate of up to 7.00 percent starting November 15, 2021. Interest will be calculated based on the account's daily closing balance and paid quarterly by the bank.
| Daily Closing Balance | Rate Slab |
|---|---|
| Up to Rs 1 lakh | 3.50% |
| Above Rs 1 lakh and upto Rs 5 lakhs | 6.00% |
| Above Rs 5 lakhs and upto Rs 50 lakhs | 7.00% |
| Above Rs 50 lakhs | 5.50% |
| Source: Bank Website |
AU Small Finance Bank
AU Small Finance Bank is offering an interest rate of up to 7.00 percent on savings accounts as of October 5, 2021. The bank will determine savings account interest on a daily basis and pay it out at monthly intervals.
| Savings Account Incremental Amount slab | Rate of Interest Applicable (per annum) |
|---|---|
| Balances less than INR 1 Lac | 3.50% |
| Balances from INR 1 Lac to less than INR 10 Lacs | 5.00% |
| Balances from INR 10 Lacs to less than INR 25 Lacs | 6.00% |
| Balances from INR 25 Lacs to less than INR 1 Crore | 7.00% |
| Balances from INR 1 Crore to less than INR 10 Crores | 6.00% |
| Source: Bank Website |
Fincare Small Finance Bank
Fincare Small Finance Bank is providing up to 7% interest rate on savings accounts. The bank is offering the interest rates stated below on savings accounts effective as of July 1, 2021.
| Savings Account Slab In Rs | Interest Rates In % (p.a.) |
|---|---|
| Up to and including Rs 1 lakh | 4.50% |
| Above 1 lakh & including 5 lakh | 6.00% |
| Above 5 lakh & including 1 Cr | 7.00% |
| Above 1 Cr & including 2 Cr | 6.00% |
| Above 2 Cr & including 5 Cr | 5.75% |
| Above 5 Cr & including 15 Cr | 4.50% |
| Above 15 Cr & including 20 Cr | 4.00% |
| Above 20 Cr & including 30 Cr | 3.25% |
| Above 30 Cr & including 50 Cr | 3.00% |
| Above 50 Cr | 3.00% |
| Source: Bank Website |
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering a savings account interest rate of up to 7% effective October 1, 2021. Interest is determined on a daily basis and credited quarterly on savings accounts by the bank.
| Balance in Rs | Rate of Interest w.e.f October 1, 2021 |
|---|---|
| Balance Upto 1 Lakh | 3.75% p.a. |
| Incremental balance above 1 Lakh upto 25 Lakh | 6.00% p.a. |
| Incremental Balance above 25 Lakh upto 10 Crores | 7.00% p.a. |
| Incremental Balance above 10 Crores | 6.75% p.a. |
| Source: Bank Website |
Shivalik Small Finance Bank
The bank is offering an interest rate of up to 7% on savings accounts effective as of 1st December 2021. Interest is determined on the savings account's day-end balances and paid out on a quarterly basis by the bank.
| Balance slabs | Rate of interest p.a. |
|---|---|
| Balance upto 1 Lac | 3.50% |
| Above 1 Lac to 5 Lacs | 3.50% |
| Above 5 Lacs to 10 Lacs | 3.50% |
| Above 10 Lacs to 25 Lacs | 4.00% |
| Above 25 Lacs to 50 Lacs | 4.00% |
| Above 50 Lacs to 1 Crore | 4.50% |
| Above 1 Crore to 2 Crore | 5.00% |
| Above 2 Crore to 5 Crore | 7.00% |
| Above 5 Crore to 7 Crore | 7.00% |
| 7 Crore and above | 7.00% |
| Source: Bank Website |
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