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Top 10 Banks Promising Returns Up To 7% On Savings Accounts
Opening a savings account is a safe bet for meeting your short-term goals when it comes to your initial step towards saving. Opening a savings account not only earns you a consistent interest rate but also protects your funds. Additionally, the built-in liquidity function on a savings account has several advantages, as you can deposit and withdraw funds at any time. Another factor to take into account is that the Deposit Insurance and Credit Guarantee Corporation insures savings account deposits up to Rs. 5 lakh.
However, apart from deposit safety, interest rates, and liquidity, a savings account provides additional value-added benefits such as ease of opening, online transactions, helps in opening a net banking or mobile banking account, free debit cards, making online bill payments, applying for a loan, applying for a fixed deposit account or any other investment instrument, and much more. Despite the fact that banks have been reducing interest rates on savings accounts and term deposits, some banks are still giving interest rates of up to 7%. Most banks provide savings accounts with interest rates ranging from 3 to 6%, with certain savings accounts offering interest rates as high as 7%, which are briefly covered below.
Top 10 Public Sector Banks Offering Highest Interest Rates On Savings Accounts
Here are the top ten public sector banks now providing the best savings account interest rates in the market, based on my personal research and analysis.
| Sr No. | Banks | Interest rates (p.a.) | W.e.f. |
|---|---|---|---|
| 1 | Indian Overseas Bank | 3.05% | 09.11.2020 |
| 2 | Punjab & Sind Bank | 3.00% | 16th September 2021 |
| 3 | Canara Bank | 2.90% to 3.20% | 28.09.2020 |
| 4 | Indian Overseas Bank | 3.05% | 09.11.2020 |
| 5 | Union Bank of India | 2.90% | 01.10.2021 |
| 6 | Bank of India | 2.90% | 01.10.2020 |
| 7 | Indian Bank | 2.90% | 21.11.2020 |
| 8 | Punjab National Bank | 2.80% to 2.85% | 01.12.2021 |
| 9 | Central Bank of India | 2.75% to 2.90% | 10.11.2021 |
| 10 | Bank of Baroda | 2.75% to 3.20% | 19/07/2021 |
| Source: Bank Websites |
Top 10 Private Sector Banks Offering Highest Interest Rates On Savings Accounts
Based on my own analysis, the top ten private sector banks presently providing the highest savings account interest rates in the market are as follows.
| Sr No. | Banks | Interest rates (p.a.) | W.e.f. |
|---|---|---|---|
| 1 | DCB Bank | 2.75% to 6.50% | 1st October 2021 |
| 2 | RBL Bank | 4.25% to 6.00% | 01.12.2021 |
| 3 | Bandhan Bank | 3% to 6% | November 1, 2021 |
| 4 | Yes Bank | 4% to 5.25% | 15.12.2021 |
| 5 | IndusInd Bank | 4% to 5% | 23rd July 2021 |
| 6 | IDFC First Bank | 3% to 5% | 01/05/2021 |
| 7 | City Union Bank | 3.00% to 5.00% | 01.11.2021 |
| 8 | Karnataka Bank | 2.75% to 4.50% | 01.06.2020 |
| 9 | South Indian Bank | 2.35% to 4.50% | 21st October 2021 |
| 10 | Dhanlaxmi Bank | 3.00% to 4.00% | 01.06.2020) |
| Source: Bank Websites |
Top 10 Small Finance Banks Promising Best Interest Rates On Savings Accounts
Based on my own study and research, these are the top 10 small finance banks now offering the highest savings account interest rates in the market.
| Sr No. | Banks | Interest rates (p.a.) | W.e.f. |
|---|---|---|---|
| 1 | Ujjivan Small Finance Bank | 4.00% to 7.00% | 6th March 2021 |
| 2 | Utkarsh Small Finance Bank | 3.75% to 7.00% | October 1, 2021 |
| 3 | Shivalik Small Finance Bank | 3.50% to 7.00% | 01.12.2021 |
| 4 | Equitas Small Finance Bank | 3.50% to 7.00% | 15th November 2021 |
| 5 | AU Small Finance Bank | 3.50% to 7.00% | 5th October 2021 |
| 6 | Fincare Small Finance Bank | 3.00% to 7.00% | 01.07.2021 |
| 7 | ESAF Small Finance Bank | 4.00% to 6.50% | 01.08.2020 |
| 8 | Jana Small Finance Bank | 3.00% to 6.50% | 11/10/2021 |
| 9 | North East Small Finance Bank | 4.00% to 6.00% | 19th April 2021 |
| 10 | Suryoday Small Finance Bank | 4.00% to 6.00% | 01.06.2020 |
| Source: Bank Websites |
