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Savings Account Interest Rates: Private Sector Banks Offering More Than 6% Interest

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Having an investment plan that allows you to earn returns while also providing you with adequate liquidity to deal with financial crises is a must in your portfolio. As a result, both salaried and non-salaried individuals should establish a savings account. Savings bank account interest rates are computed on a daily balance basis and paid quarterly on the 30th June, 30th September, 31st December, and 31st March annually. There are numerous different types of savings accounts that may be used for various purposes, but the primary objective of having a savings account is to cope with short-term financial goals.

 

Another factor to consider is that the Deposit Insurance and Credit Guarantee Corporation (DICGC) insures Savings Accounts up to Rs. 5 lakh. However, it is worth mentioning savings accounts may enhance our financial life by providing convenient access to cash as well as a benefit from interest rates. When it comes to interest rates, we've created a list of the top three private sector banks that pay more than 6% interest on savings accounts. Note that we are calling these banks the top three only because of their interest rates, not because of their market capitalization.

DCB Bank

DCB Bank

DCB is the only private sector bank currently offering the highest interest rate on savings accounts. A maximum interest rate of 6.75 percent is being offered by the bank on account balances ranging from 50 lakh to less than 2 crores. The bank is giving the following interest rates on Resident, NRE, and NRO Savings Bank Accounts as of February 7, 2022.

Balance Range (INR)Rate of Interest p.a. W.E.F February 7, 2022
On balances up to 1 lakh in the account2.50%
On balances above 1 lakh to less than 2 lakh in the account4.50%
On balances from 2 lakh to less than 10 lakh in the account5.00%
On balances from 10 lakh to less than 25 lakh in the account6.25%
On balances from 25 lakh to less than 50 lakh in the account6.50%
On balances from 50 lakh to less than 2 crore in the account6.75%
On balances from 2 crore to less than 50 crore in the account5.50%
On balances from 50 crore and above5.00%
Source: Bank Website 
RBL Bank
 

RBL Bank

Following the above-mentioned bank, RBL Bank is the second private sector bank in India to provide higher interest rates on savings accounts. RBL Bank is now paying a maximum interest rate of 6.25 percent on savings account balances of more than Rs. 10 lakh and less than Rs. 5 crores. The bank is giving the following rate of interest on Savings Deposits (including NRE/NRO Savings) as of February 3, 2022.

Daily balanceRate of Interest (p.a.) w.e.f. February 03, 2022
Upto Rs. 1 lakh4.25%
Above Rs. 1 lakh upto Rs. 10 lakh5.50%
Above Rs. 10 lakh and upto Rs. 3 Crore6.25%
Above Rs. 3 Crore upto Rs. 5 Crore6.25%
Source: Bank Website 
Bandhan Bank

Bandhan Bank

Bandhan Bank ranked third on our list, offers a maximum interest rate of 6% on daily balances between Rs 10 lakh and Rs 2 crore. As of November 1, 2021, the bank is giving the following interest rates on domestic and non-resident rupee savings bank accounts.

Balance slabsRate p.a
Daily Balance up to ₹1 lakh3.00%
Daily Balance above ₹1 lakh to ₹10 lakh5.00%
Daily Balance above ₹10 lakh to ₹2 crore6.00%
Daily Balance above ₹2 crore to ₹10 crore5.00%
Source: Bank Website 

Read more about: savings account interest rates
Story first published: Saturday, March 19, 2022, 14:58 [IST]
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