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Top 5 Private Sector Banks With Highest Interest Rates On Savings Accounts

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When it comes to a risk-free investment decision combined with an initial phase of personal finance, opening a savings account is all that works for you as an interest-bearing place to park your money. Savings accounts are highly recommended for short-term investment goals owing to the liquidity option that allows you to make deposits and withdrawals at any time. Although savings account interest rates are typically lower than fixed deposit interest rates, having a savings account is a smart way to build savings that may be utilised for a variety of purposes. As it is a great place to keep your emergency fund or money for a short-term or medium-term goal with a deposit insurance coverage of up to Rs 5 lakhs, here are the top 5 private sector banks that are currently promising the highest interest rates on savings accounts in the market.

 

DCB Bank

DCB Bank

DCB Bank's resident, NRE, and NRO Savings Bank Account interest rates are listed below (with effect from October 1, 2021).

Balance Range (INR)Rate of Interest p.a. W.E.F October 1, 2021
On balances up to 1 lakh in the account2.75%
On balances above 1 lakh to less than 25 lakh in the account5.00%
On balances from 25 lakh to less than 50 lakh in the account6.00%
On balances from 50 lakh to less than 2 crore in the account6.50%
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

Below are the interest rates on savings deposits including NRE/NRO Savings of RBL Bank which are in force from September 01, 2021.

Daily balanceRate of Interest (p.a.)
Upto Rs. 1 lakh4.25%
Above Rs. 1 lakh upto Rs. 10 lakh5.75%
Above Rs. 10 lakh and upto Rs. 3 Crore6.00%
Above Rs. 3 Crore upto Rs. 5 Crore6.00%
Source: Bank Website

Bandhan Bank
 

Bandhan Bank

Bandhan Bank's Domestic / Non-Resident Rupee Savings Deposit interest rates, effective from November 1, 2021, are listed below.

Daily balance In RsRate 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

Yes Bank

Yes Bank

With the introduction from May 13, 2021, the interest rates on savings accounts of Yes Bank for resident and non-resident customers are stated below.

Daily Balance in the Savings Account (INR)Applicable Interest Rates (p.a.)
<=1 Lac4%
>1 Lac to < 10 lacs4.50%
>=10 lacs to < 100 Cr5.25%
Source: Bank Website

IDFC First Bank

IDFC First Bank

Here are the most recent interest rates on savings accounts of IDFC First Bank which are in force from 01/05/2021.

On Balances (in Rs)Rate of Interest (% p.a.)
<= 1Lac4.00%
>1lac <= 10lac4.50%
>10lac <= 2Cr5.00%
>2Cr <=10Cr4.00%
>10Cr <=100Cr3.50%
>100 Cr3.00%
Source: Bank Website

Story first published: Monday, November 22, 2021, 15:49 [IST]
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