Top 5 Private Sector Banks Promising Up To 6.75% Interest On Savings Accounts

Published: Tuesday, September 14, 2021, 15:26 [IST]

As a smart investor, you should be prepared for your short-term needs before investing for long-term wealth creation. For short-term investments, apart from good interest rates, the factor that matters the most is liquidity. Resulting from the same, having a savings account is a good place to park your money for short-term personal financial goals or emergencies. On savings accounts, the applicable interest rates are calculated on a daily balance and interest rates are paid on an annual basis compounded monthly. Although it is well known that interest rates on savings accounts are lower when compared to that of fixed deposits. However, here we have analysed the top 5 private sector banks which are now promising interest rates up to 6.75% on savings accounts which is unmatchable to the interest rates on fixed deposits of SBI as an instance.

DCB Bank

With effect from 25th August 2021, interest rates for Resident, NRE and NRO savings accounts are in force. The most recent interest rates of DCB Bank on savings accounts are as follows:

Balance Range In Rs	Rate of Interest p.a.
On balances up to 1 lakh in the account	2.75%
On balances above 1 lakh to less than 5 lakh in the account	4.00%
On balances from 5 lakh to less than 10 lakh in the account	4.50%
On balances from 10 lakh to less than 25 lakh in the account	5.00%
On balances from 25 lakh to less than 50 lakh in the account	6.00%
On balances from 50 lakh to less than 1 crore in the account	6.50%
On balances from 1 crore to less than 10 crore in the account	6.75%
On balances from 10 crore and above	6.50%
Source: Bank Website

RBL Bank

RBL Bank's savings account interest rates are in effect as of September 1, 2021. Savings Bank interest is determined regularly and paid quarterly on the 30th June, 30th September, 31st December, and 31st March of each year. Check out the bank's current savings account rates below.

Daily Balance	Rate of Interest (per annum)
Upto Rs. 1 lakh	4.25%
Above Rs. 1 lakh upto Rs. 10 lakh	5.75%
Above Rs. 10 lakh and upto Rs. 3 Crore	6.00%
Above Rs. 3 Crore upto Rs. 5 Crore	6.00%
Source: Bank Website

Bandhan Bank

Bandhan Bank's savings account interest rates have been in effect from June 7, 2021. Following the most recent modification, a 3% p.a. interest rate will be applied to balance up to Rs 1 lakh, a 4% p.a. rate will be applicable to incremental balance above Rs 1 lakh up to Rs 10 lakh, and a 6% p.a. rate will be applicable to incremental balance over Rs 10 lakh up to Rs 10 crore.

Daily Balance	Interest Rate (per annum)
Daily Balance up to Rs 1 lakh	3.00%
Daily Balance above Rs 1 lakh to Rs 10 lakh	4.00%
Daily Balance above Rs 10 lakh to Rs 10 crore	6.00%
Source: Bank Website

Yes Bank

With effect from May 13, 2021, Yes Bank has revised its interest rates on its savings account. For Resident & Non-resident customers, the latest interest rates on the savings account of the bank are as follows.

Daily Balance in the Savings Account (INR)	Applicable Interest Rates (p.a.)
<=1 Lac	4%
>1 Lac to < 10 lacs	4.50%
>=10 lacs to < 100 Cr	5.25%
Source: Bank Website

IDFC First Bank

Interest rates on IDFC First Bank savings account are in effect as of 01.05.2021. Check out the bank's most recent savings account interest rates below.