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5 Banks That Offer Highest Interest Rate On Savings Account; Have You Opened Account?
An interest-bearing deposit account kept at a bank or other financial institution is referred to as a savings account. Savings and other deposit accounts are significant sources of funding for loans made by financial organisations.
Although the interest rates on these accounts are often low, their dependability and safety make them a smart choice for storing cash that you wish to have on hand for urgent situations. Most people keep their savings account balances between 1 lakh and 10 lakh. This article will help you identify the top Banks that give the highest interest rates if you want to open a savings account.
1. Unity Small Finance Bank
Unity Small Finance Bank is a newly formed Small Finance Bank, promoted by Centrum Financial Services (Centrum Group) with Resilient Innovations (BharatPe). In saving accounts, the bank gives one of the highest interest rates on daily balances up to Rs 1 lakh. The bank primarily offers 6% and 7% interest rates on savings account balances.
Interest rates on Savings Accounts on Daily Balance
| Particulars | Rate of Interest (% p.a.) |
|---|---|
| Savings account balance up to 1 Lakh | 6.00% |
| Savings account balance above 1 Lak | 7.00% |
Source - theunitybank.com
2. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is the second Small Finance Bank on the list that offers the highest interest rates on savings account deposits. The bank offers a maximum 4.25% interest on daily balance up to Rs 1 lakh, and a maximum 7.50% on Incremental Balances above Rs 10 Crore. According to the bank's official website, the bank has revised its interest rates on savings accounts; the new rates are effective as of December 1, 2022.
Interest rates on Savings Accounts on Daily Balance
| Balance in Rs | Rate of Interest (% p.a.) |
|---|---|
| Balance Upto Rs 1 Lakh | 4.25% |
| Incremental balance above Rs 1 Lakh upto Rs 25 Lakh | 6.50% |
| Incremental Balance above Rs 25 Lakhs up to Rs 10 crore | 7.25% |
| Incremental Balance above Rs 10 Crore | 7.50% |
Source - Utkarsh.bank
3. RBL Bank
Leading private sector lender, RBL Bank offers high-interest rates on savings accounts. The bank's savings account interest rates were recently altered. After the revision, the bank offer interest rates on savings accounts ranging from 4.25% to 7.50%. According to the bank's official website, the revised interest rates will take effect on August 21, 2023.
Interest Rates On Savings Account Deposit (including NRE/NRO Savings)
| Daily balance | Rate of Interest (% p.a.) |
|---|---|
| Upto INR 1 lakh | 4.25% |
| Above INR 1 lakh upto INR 10 lakh* | 5.50% |
| Above INR 10 lakh upto INR 25 lakh* | 6.00% |
| Above INR 25 lakh and upto INR 2 Crore* | 7.50% |
| Above INR 2 Crore and upto INR 3 Crore* | 7.00% |
| Above INR 3 Crore upto INR 7.5 Crore* | 6.50% |
| Above INR 7.5 Crore upto INR 25 Crore* | 6.25% |
| Above INR 25 Crore upto INR 50 Crore* | 6.25% |
| Above INR 50 Crore upto INR 100 Crore* | 5.25% |
| Above INR 100 Crore upto INR 200 Crore* | 6.00% |
| Above INR 200 Crore upto INR 400 Crore* | 4.00% |
| Above INR 400 Crore* | 6.75% |
Source - rblbank.com
4. IDFC First Bank
IDFC First Bank, one of the top lenders in the private sector, is 4th bank on the list that offers high interest rates on savings account deposits. To serve customers seeking savings accounts with higher interest rates, the bank recently revised interest rates on July 01, 2023. Following the revision, the bank offers interest rates ranging from 4% to 7% on daily balance. According to the bank, interest on savings accounts would be calculated on a progressive basis.
Interest rate on savings account
| On Balances (in Rs) | Rate of Interest (% p.a.) |
|---|---|
| 4.00% | |
| > 1lac | 4.00% |
| > 10lac | 7.00% |
| >5 crs | 6.75% |
| >50 crs | 5.00% |
| >100 crs | 4.50% |
| >200 crs | 3.50% |
Source - idfcfirstbank.com
5. ESAF Small Finance Bank
ESAF Small Finance Bank is another Small Finance Bank on the list that offers high interest rates on daily balances up to 1 lakh. The bank has recently revised its interest rates on its savings accounts. The bank offers savings account interest rates ranging from 4% to 7.50%.The rates are effective from July 1, 2023, according to the bank's official website.
According to the ESAF SFB's website, "Interest on Savings Bank accounts will be calculated on the end of the day balance and credited to the accounts on a monthly basis."
Interest Rates on Savings Account Deposits
| Savings Bank Account- Slab | Rate of Interest (%P.A.) |
|---|---|
| Up to and including Rs.5 lakh | 4.00% |
| Above Rs.5 lakh up to and including Rs.15 lakhs (i.e. for incremental amount above Rs.5 lakh) | 5.50% |
| Above Rs.15 lakh up to and including Rs.50 lakhs (i.e. for incremental amount above Rs.15 lakh) | 7.00% |
| Above Rs.50 lakhs (i.e. for incremental amount above Rs.50 lakhs) | 7.50% |
Source - esafbank.com
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