Indian Banks that offer HIGHEST INTEREST RATE on your savings account
The 5%
interest rates are for balance up to 1 lakh. If a customer
maintains a balance between 1
lakh and 25
lakh, the rates are 6%. The highest rate, 7.25%, is available to those who
maintain a balance of over 25
lakh.
Among
private banks, Bandhan Bank, RBL Bank,
and IDFC First Bank offer the highest rates—7.15%, 6.5%, and 6%,
respectively. Most banks require customers to maintain an extremely high
balance for these rates.
Bandhan Bank offers the highest interest rate, 7.15%, to those who
maintain a daily balance of over 50 crore, according to its website. Customers who
maintain a daily balance of below 1 lakh get a 3% interest rate, and those who have
a balance between 1 lakh and 10 crore, get 6%.
IDFC First Bank, on the
other hand, offers a 6% interest rate for balances up to 1
crore. For higher amounts, the interest rates are lower. Between 1
crore and 5
crore, the bank offers a 5% rate, according to its website.
Government Banks Interest on Savings Account
None of the government
owned banks offer more than 4% interest on savings account.
|
Bank |
up
to 1 Lakh |
1
– 5 Lakhs |
5
– 10 Lakhs |
10+
Lakhs |
|
Bank of Baroda |
2.75% |
2.75% |
2.75% |
2.75% |
|
Bank of India |
2.90% |
2.90% |
2.90% |
2.90% |
|
Bank of Maharashtra |
2.75% |
2.75% |
2.75% |
2.75% |
|
Canara Bank |
2.90% |
2.90% |
2.90% |
2.90% |
|
Central Bank of India |
2.90% |
2.90% |
2.90% |
2.90% |
|
Indian Bank |
2.90% |
2.90% |
2.90% |
2.90% |
|
Indian Overseas Bank |
3.05% |
3.05% |
3.05% |
3.05% |
|
J&K Bank |
2.90% |
2.90% |
2.90% |
2.90% |
|
Post Office Savings Account |
4.00% |
4.00% |
4.00% |
4.00% |
|
Punjab and Sind Bank |
3.10% |
3.10% |
3.10% |
3.10% |
|
Punjab National Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
State Bank of India |
2.70% |
2.70% |
2.70% |
2.70% |
|
UCO Bank |
2.50% |
2.50% |
2.50% |
2.50% |
|
Union Bank of India |
3.00% |
3.00% |
3.00% |
3.00% |
Private Banks Interest on Savings Account
A few private banks
offer more than 4% on their savings account:
1.
Bandhan Bank
2.
IDFC First Bank
3.
Indus Ind Bank
4.
Ratnakar Bank
5.
Yes Bank
|
Banks |
up
to 1 Lakh |
1
– 5 lakhs |
5
– 10 Lakhs |
10+
Lakhs |
|
Axis Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
Bandhan Bank |
3.00% |
6.00% |
6.00% |
6.00% |
|
Catholic Syrian Bank |
2.10% |
2.75% |
2.75% |
2.75% |
|
City Union Bank |
3.50% |
3.75% |
3.75% |
4.00% |
|
DCB Bank |
3.25% |
3.25% |
3.25% |
3.25% |
|
Dhanalakshmi Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
Federal Bank |
2.50% |
2.50% |
2.50% |
2.50% |
|
HDFC Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
ICICI Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
IDBI Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
IDFC First Bank |
6.00% |
6.00% |
6.00% |
6.00% |
|
Indus Ind Bank |
4.00% |
5.00% |
5.00% |
6.00% |
|
Karnataka Bank |
2.75% |
2.75% |
2.75% |
2.75% |
|
Karur Vysya Bank |
2.75% |
2.75% |
3.25% |
3.50% |
|
Kotak Mahindra Bank |
3.50% |
4.00% |
4.00% |
4.00% |
|
Nainital Bank |
3.00% |
3.00% |
3.00% |
3.00% |
|
Ratnakar Bank |
4.75% |
6.00% |
6.00% |
6.50% |
|
South Indian Bank |
2.35% |
2.75% |
2.75% |
2.75% |
|
Tamilnad Mercantile Bank |
3.00% |
3.00% |
3.00% |
3.25% |
|
Yes Bank |
4.00% |
4.75% |
4.75% |
5.50% |
Small Financial Banks Interest on Savings
Account
Almost all Small
Finance Banks except Capital Small Finance Bank offers more than 4% on their
savings account.
|
Banks |
Up To 1 lakh |
1 – 5 Lakhs |
5 – 10 Lakhs |
10+ Lakhs |
|
AU Small Finance Bank |
3.50% |
5.00% |
6.00% |
7.00% |
|
Capital Small Finance Bank |
3.75% |
3.75% |
3.75% |
3.75% |
|
ESAF Small Finance Bank |
4.00% |
5.50% |
5.50% |
6.50% |
|
Fincare Small Finance Bank |
x |
x |
x |
x |
|
Jana Small Finance Bank |
3.50% |
6.00% |
6.00% |
7.00% |
|
North East Small Finance Bank |
4.00% |
4.00% |
5.00% |
5.00% |
|
Suryoday Small Finance Bank |
4.00% |
6.25% |
6.25% |
6.00% |
|
Ujjivan Small Finance Bank |
4.00% |
7.00% |
7.00% |
7.00% |
|
Utkarsh Small Finance Bank |
x |
7.00% |
7.00% |
7.00% |
|
Utkarsh Small Finance Bank |
5.00% |
6.00% |
6.00% |
7.25% |
Payment Banks Interest Rate on Savings Account
Payments banks are
allowed to hold deposit up to Rs 1 Lakh in their savings account. All of them
offer very low interest rate:
1.
Airtel Payment Bank –
2.50%
2.
Fino Payments Bank –
2.75%
3.
PayTm Payment Bank –
2.75%
4.
Post Office Payment
Bank – 2.75%
Reviewed by It's Trending
on
April 24, 2021
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