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List of Banks Providing Higher Interest Rates On Savings Accounts

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Savings accounts are the most popular banking instrument in our country due to their safety, usability, and liquidity. These lay the groundwork for all of our financial priorities, including retirement strategies, spending goals, and so on. Based on your predicted returns, risk tolerance and wealth creation objectives savings accounts are a must bet for your personal finance. Interest rates on savings bank accounts are typically lower than those on fixed deposits. In comparison to major private banks, some private and small finance banks pay higher interest rates on savings accounts. It's crucial to consider how much interest banks offer for keeping the money in a savings account. Following a rigorous risk analysis, investors should always consider parking their money in a savings account. If you're seeking to open a savings account, below are some of the banks that are currently providing the best rates.

 

 List of Banks Providing Higher Interest Rates On Savings Accounts

Savings Account Interest Rates

Currently, some private banks and small finance banks are promising higher interest rates in savings accounts. Bandhan Bank, RBL Bank and IndusInd Bank are for instance currently providing interest rates up to 7.15%, 6.5% and 6% respectively across the list of private sector banks. On the other hand there are some small finance banks such as Utkarsh Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank which are currently providing interest rates up to 7.25 and 7% respectively. In comparison to major private and large public sector banks, small finance banks pay higher interest rates on savings accounts. HDFC Bank and ICICI Bank, for example, pay 3 percent to 3.5 percent interest. Axis Bank and Kotak Mahindra Bank are now providing interest rates of up to 4%. On their savings accounts, the State Bank of India (SBI) is paying 2.70 percent interest and the Bank of Baroda is promising up to 3.20 percent interest. Here's the list of banks that are currently providing higher interest rates on savings accounts.

How Interest Earned From A Savings Account Is Taxed?

Sr No.BanksInterest Rates In % p.a.
1Utkarsh Small Finance Bank5 to 7.25
2Equitas Small Finance Bank3.5 to 7.25
3Bandhan Bank3 to 7.15
4Ujjivan Small Finance Bank4 to 7
5AU Small Finance Bank3.5 to 7
6Fincare Small Finance Bank3 to 7
7ESAF Small Finance Bank4 to 6.5
8RBL Bank4.75 to 6.5
9Suryoday Small Finance Bank4 to 6.25
10IndusInd Bank4 to 6
11IDFC First Bank3.5 to 6
12Yes Bank4 to 5.5
13DCB Bank3.25 to 5.5
14City Union Bank3.5 to 4
15Kotak Mahindra Bank3.5 to 4
16DBS Bank3 to 4
17Union Bank of India3 to 4
18Dhanlaxmi Bank3 to 4
19Punjab National Bank3 to 3.5
20Axis Bank3 to 3.5
21HDFC Bank3 to 3.5
22ICICI Bank3 to 3.5
23Punjab & Sind Bank3.1
24Indian Overseas Bank3.05
Source: Bank Websites

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