If there’s something common amongst us, it will have to be a savings account where we keep our hard-earned money in it. The money you keep accumulates interest on a daily basis. While most banks offer interest rates in the range of 3%-4% per annum, there are some that offer as much as 7%. This post will tell you the banks where you can get the maximum interest rate on saving account.
Which Bank Gives Highest Interest Rate on Saving Account?
Let’s compare the banks that earn you the maximum interest on your savings account.
IDFC First Bank – It lets you earn interest at the rate of as much as 7% per annum. This rate applies to a regular savings account, a corporate salary account and senior citizen account.
IndusInd Bank – The Mumbai-headquartered private sector bank offers various types of savings accounts. These include a regular savings account, an online savings account, corporate salary account, and an account for defence personnel. It offers an interest rate of 4%-6% per annum.
Bandhan Bank – It may be new in the banking area but giving a competition of sorts to others. The bank offers an interest rate of 4% on daily balance upto ₹ 1 lakh, 6% on balance above ₹ 1 lakh to ₹ 10 Cr, 6.55% on balance above ₹ 10 Cr to ₹ 50 Cr and 7% on balance above ₹ 50 Cr.
Jana Small Finance Bank – The bank may not be big in stature, but it’s savings account is worth having it. Balances upto ₹ 1 lakh, above ₹ 1 lakh-10 lakh, above ₹ 10 lakh-5 Crore, above ₹ 5-25 Crore and above ₹25 Crore attract an interest rate of 5%, 6%, 7%, 7.5% and 8%, respectively.
DBS Bank – The bank is gaining prominence by offering attractive interest rates to savings account holders. You will be paid 5% on balances upto ₹ 1 lakh, 7% on the amount above 1 lakh to 2 lakh, 5.5% on the incremental amount above ₹ 2 lakh to ₹ 5 lakh and 4% on the incremental amount over and above ₹ 5 lakh.
RBL Bank – It is also a frontrunner as far as offering maximum rate is concerned. The bank offers 5% on balance upto ₹ 1 lakh, 6% on balance above ₹ 1 lakh to 10 lakh, 6.75% on balance above ₹ 10 lakh to ₹ 3 Crore and above.
YES Bank – The bank is popular for the rich vein of products and services it offers to the customers. One of them is a savings account where it offers an interest rate of as much as 6% per annum.
Kotak Mahindra Bank – Of late, the bank that has grabbed more headlines is Kotak Mahindra Bank, a Mumbai-based private lender that offers attractive interest rates of 4%-6% on savings accounts.
Savings Bank Interest Rates Comparison
Now that you’ve got to know the savings account rates of different banks, you can thus compare them and choose the one that can earn you more on this traditional banking service. A carefully chosen savings account will ensure you enjoy good rates as well as privileges. All these make your savings account journey a memorable one.