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Top 5 Savings Accounts With Good Returns Up To 7%

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When it comes to saving for short-term needs or funding any financial crisis, opening a savings account is a smart bet. For investors who are going to start their investment journey as a beginner can open a savings account with any bank or post office which not only allows them to earn interest, make hassle-free cash withdrawals and deposits, apply for a loan, apply for a credit or debit card but also their deposits are insured up to Rs 5 lakhs by the Deposit Insurance and Credit Guarantee Corporation (DICGC) which is a subsidiary of RBI.

 

Although it is a fact that savings accounts offer lower interest rates than that of fixed deposits or recurring deposits, there are still some banks that are currently promising higher interest rates than fixed deposits of leading banks such as SBI on savings accounts. By keeping all these benefits and liquidity factors in mind here we have compiled the top 5 small finance banks that are now promising the best interest rates on savings accounts in 2021.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank

Here are the most recent interest rates on savings accounts of Utkarsh Small Finance Bank which are in force from July 1, 2021.

Balance In RsRate of interest
Balance up to 1 Lakh 5.00% p.a.
Incremental balance Above 1 Lakh up to 25 Lakhs 6.00% p.a.
Incremental Balance Above 25 Lakhs up to 10 Crores 7.00% p.a.
Incremental Balance Above 10 Crores 6.75% p.a.
Source: Bank Website

Ujjivan Small Finance Bank
 

Ujjivan Small Finance Bank

Below are the current interest rates on savings accounts provided by Ujjivan Small Finance Bank. These rates are in force from 5th March 2021.

AmountInterest Rates In % p.a.
Up to 1 lakh 4.00%
Above 1 Lakh to 25 Lakhs 7.00%
Above 25 lakhs to 10 Crores 6.00%
More than 10 crores 6.75%
Source: Bank Website

ESAF Small Finance Bank

ESAF Small Finance Bank

The current interest rates on savings accounts offered by ESAF Small Finance Bank are listed below. These rates are effective from 1st August 2020.

Day end balanceROI p.a.
Up to and including Rs.1 lakh 4.00%
Above Rs.1 lakh up to and including Rs.10 lakhs (i.e for incremental amount above Rs.1 lakh) 5.50%
Above Rs.10 lakhs (i.e for incremental amount above Rs.10 lakhs) 6.50%
Source: Bank Website

Suryoday Small Finance Bank

Suryoday Small Finance Bank

With effect from June 1 2020, Suryoday Small Finance Bank is offering the following interest rates on savings accounts.

Daily Closing Balance Slabs (Domestic)% rate per annum
Up to and including Rs. 1 Lakh 4.00%
Above Rs. 1 Lakh up to & including Rs. 10 Lakhs 6.25%
Above Rs. 10 Lakhs 6.00%
Source: Bank Website

North East Small Finance Bank

North East Small Finance Bank

North East Small Finance Bank is now offering the following savings account interest rates as of April 19, 2021.

BalanceROI in % p.a.
Rs 0 - upto 4.99 Lacs 4
5 Lacs - upto 25 Lacs 5
25 lacs- Upto 10 Crores 5.5
Above 10 Crores to 25 Crores 5.75
More than 25 Crores and above 6
Source: Bank Website

Read more about: savings account
Story first published: Tuesday, July 27, 2021, 17:37 [IST]
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