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2 Banks Offers More Than 4% Interest On Balance Up To Rs 1 Lakh
One of the first methods of earning interest to make money is through a simple savings account. Savings accounts are regarded as the safest and least risky investment possibilities to earn easy returns. This is due to the fact that managing and transferring money is safe and practical with a savings account.
If you want to open a savings account, this article will assist you in finding the top Indian banks that offer the highest interest rates.
RBL Bank
RBL Bank, a leading private sector lender, offers high-interest rates on up to 1 lakh daily balance in savings accounts.
The bank has recently hiked the interest rates on its savings accounts including NRE/NRO Savings by up to 50 bps on select amounts. The bank has also reduced interest rates on select amounts, as per the bank's official website. The revised interest rates are applicable from August 21, 2023, according to the bank's official website.
The bank will provide an interest rate of 4.25% for a daily balance of up to Rs 1 lakh in savings accounts, and an interest rate of 5.50% for a daily balance of over Rs 1 lakh and up to Rs 10 lakh in savings accounts.
Savings accounts with daily balances of more than Rs. 10 lakh and up to Rs. 25 lakh would earn interest at a rate of 6.00%. The bank has increased the interest rate by 50 bps i.e. from 7% to 7.50% for accounts with daily balances of more than Rs. 25 lakh and up to Rs 2 Crore. On a daily balance above 2 Crore up to 3 Crore, the bank will now provide an interest rate of 7%.
With daily balances of over Rs 3 Crore and up to Rs 50 crore will now get an interest rate of 6.25%. While on savings accounts with daily balances of more than Rs 50 Crore and up to Rs 100 crore, the bank will now provide 5.25% interest. For the daily balance above 100 Crore up to Rs 400 Crore, the bank will provide interest rates ranging between 4% to 6.75%
Interest rates on Savings Deposit (including NRE/NRO Savings) w.e.f. August 21, 2023
| Daily balance | Rate of Interest (p.a.) Effective till August 20, 2023 | Rate of Interest (p.a.) Effective from August 21, 2023 |
|---|---|---|
| Upto Rs. 1 lakh | 4.25% | 4.25% |
| Above Rs. 1 lakh upto Rs. 10 lakh* | 5.50% | 5.50% |
| Above Rs. 10 lakh upto Rs. 25 lakh* | 6.00% | 6.00% |
| Above Rs. 25 lakh and upto Rs. 2 Crore* | 7.00% | 7.50% |
| Above Rs. 2 Crore and upto Rs. 3 Crore* | 7.00% | 7.00% |
| Above Rs. 3 Crore upto Rs. 7.5 Crore* | 7.00% | 6.50% |
| Above Rs. 7.5 Crore upto Rs. 25 Crore* | 6.25% | 6.25% |
| Above Rs. 25 Crore upto Rs. 50 Crore* | 6.25% | 6.25% |
| Above Rs. 50 Crore upto Rs. 100 Crore* | 5.25% | 5.25% |
| Above Rs. 100 Crore upto Rs. 200 Crore* | 6.00% | 6.00% |
| Above Rs. 200 Crore upto Rs. 400 Crore* | 4.00% | 4.00% |
| Above Rs. 400 Crore* | 5.25% | 6.75% |
Source - rblbank.com
Unity Small Finance Bank
Unity Small Finance Bank is a newly formed Small Finance Bank that offers the highest interest rate on saving accounts on balances up to Rs 1 lakh. The bank offers 6% to 7% interest rates on a balance balance in a savings account. For Savings Accounts, the Bank offers an interest of 6% p.a. for deposits up to Rs 1 lakh and 7% p.a. for deposits greater than Rs 1 lakh.
Interest rates on Savings Accounts on Daily Balance
| Particulars | Rate of Interest |
|---|---|
| Savings account balance up to 1 Lakh | 6.00% |
| Savings account balance above 1 Lakh | 7.00% |
Source - theunitybank.com
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