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Top 10 Banks Promising Returns Up To 7% On Savings Accounts

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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

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.BanksInterest rates (p.a.)W.e.f.
1Indian Overseas Bank3.05%09.11.2020
2Punjab & Sind Bank3.00%16th September 2021
3Canara Bank2.90% to 3.20%28.09.2020
4Indian Overseas Bank3.05%09.11.2020
5Union Bank of India2.90%01.10.2021
6Bank of India2.90%01.10.2020
7Indian Bank2.90%21.11.2020
8Punjab National Bank2.80% to 2.85%01.12.2021
9Central Bank of India2.75% to 2.90%10.11.2021
10Bank of Baroda2.75% to 3.20%19/07/2021
Source: Bank Websites

Top 10 Private Sector Banks Offering Highest Interest Rates On Savings Accounts
 

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.BanksInterest rates (p.a.)W.e.f.
1DCB Bank2.75% to 6.50%1st October 2021
2RBL Bank4.25% to 6.00%01.12.2021
3Bandhan Bank3% to 6%November 1, 2021
4Yes Bank4% to 5.25%15.12.2021
5IndusInd Bank4% to 5%23rd July 2021
6IDFC First Bank3% to 5%01/05/2021
7City Union Bank3.00% to 5.00%01.11.2021
8Karnataka Bank2.75% to 4.50%01.06.2020
9South Indian Bank2.35% to 4.50%21st October 2021
10Dhanlaxmi Bank3.00% to 4.00%01.06.2020)
Source: Bank Websites

Top 10 Small Finance Banks Promising Best Interest Rates On Savings Accounts

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.BanksInterest rates (p.a.)W.e.f.
1Ujjivan Small Finance Bank4.00% to 7.00%6th March 2021
2Utkarsh Small Finance Bank3.75% to 7.00%October 1, 2021
3Shivalik Small Finance Bank3.50% to 7.00%01.12.2021
4Equitas Small Finance Bank3.50% to 7.00%15th November 2021
5AU Small Finance Bank3.50% to 7.00%5th October 2021
6Fincare Small Finance Bank3.00% to 7.00%01.07.2021
7ESAF Small Finance Bank4.00% to 6.50%01.08.2020
8Jana Small Finance Bank3.00% to 6.50%11/10/2021
9North East Small Finance Bank4.00% to 6.00%19th April 2021
10Suryoday Small Finance Bank4.00% to 6.00%01.06.2020
Source: Bank Websites

Story first published: Saturday, December 18, 2021, 14:05 [IST]
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