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Top 10 Banks With Higher Interest Rates On Savings Accounts

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Savings accounts are essential in your portfolio if you intend to use the accrued savings for urgent or emergency requirements. The interest rates in savings accounts are low and are not inflation-beating, implying that investing in a savings account is not for generating significant wealth, long financial objectives, or a corpus of post-retirement days. During the current low-interest-rate regime there are some banks that are providing higher returns on savings accounts than interest rates of fixed deposits. However, fixed deposits require a lump-sum amount and do not allow you to make premature withdrawals. But on the other hand, a savings account offers you higher liquidity which means that you can withdraw your funds whenever required. Keeping the liquidity nature and interest rates in mind, here we have compiled the top 10 private, public and small finance banks that are currently promising higher interest rates on savings accounts and are also insured up to Rs 5 lakhs by DICGC.

 

Top 10 Private Sector Banks With Higher Interest On Savings Accounts

Top 10 Private Sector Banks With Higher Interest On Savings Accounts

Among the private sector banks, RBL Bank followed by IndusInd Bank and Yes Bank is currently promising higher interest rates on savings accounts. Here are the top 10 banks which are providing the best returns on savings accounts.

BanksInterest RatesW.e.f.
RBL Bank4.25% to 6.00%July 2, 2021
Yes Bank4.00% to 5.25%13 May 2021
IndusInd Bank4.00% to 5.50%June 4, 2021
Kotak Mahindra Bank3.5% to 4.00%June 19, 2021
DCB Bank3.00% to 6.75%10th June, 2021
Bandhan Bank3.00% to 6.00%June 7, 2021
IDFC First Bank3.00% to 5.00%1.05.2021
DBS Bank3.00% to 4.00%12 February 2021
HDFC Bank3.00% to 3.50%11 June 2020
Axis Bank3.00% to 3.50%1st April 2021
Source: Bank Websites  
Top 10 Public Sector Banks With Higher Interest Rates On Savings Accounts
 

Top 10 Public Sector Banks With Higher Interest Rates On Savings Accounts

Among the public sector banks, Punjab & Sind Bank followed by Indian Overseas Bank and IDBI Bank are currently promising higher interest rates on savings accounts. See the table below to check the interest rates on savings accounts provided by the top 10 leading commercial banks of India.

BanksInterest RatesW.e.f.
Punjab & Sind Bank3.10%12.11.2020
Indian Overseas Bank3.05%09.11.2020
IDBI Bank3.00% to 3.35%July 14, 2021
Punjab National Bank3.00%1st July 2021
Union Bank3.00%31.03.2020
Canara Bank2.90% to 3.20%28.09.2020
Bank of India2.90%01.10.2020
Indian Bank2.90%21.11.2020
Bank of Baroda2.75% to 3.20%26.05.2021
Central Bank of India2.75% to 2.90%10.04.2021
Source: Bank Websites  
Top 10 Small Finance Bank Providing Higher Interest Rates On Savings Accounts

Top 10 Small Finance Bank Providing Higher Interest Rates On Savings Accounts

Currently, Utkarsh Small Finance Bank followed by Ujjivan Small Finance Bank is providing higher interest rates on savings accounts up to 7.00%. Here are the top 10 small finance banks promising the best interest rates on savings accounts.

BanksInterest RatesW.e.f.
Utkarsh Small Finance Bank5.00% to 7.00%July 1, 2021
Ujjivan Small Finance Bank4.00% to 7.00%6th March 2021
ESAF Small Finance Bank4.00% to 6.50%1st August 2020
North East Small Finance Bank4.00% to 6.00%1st March 2021
Suryoday Small Finance Bank4.00 to 6.25%June 1, 2020
AU Small Finance Bank3.50% to 7.00%17 May 2021
Equitas Small Finance Bank3.50% to 7.00%1st June 2021
Capital Small Finance Bank3.50%June 3, 2021
Fincare Small Finance Bank3.00% to 7.00%01 July 2021
Jana Small Finance Bank3.00% to 6.75%06.05.2021
Source: Bank Websites  

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