Bank Savings Account: Opening a savings account is the first thing you should do while starting your financial journey as it offers deposit security and suitable interest rates. Savings account interest is generally calculated daily based on the total balance as on the day the account closes and is paid quarterly. Your first step in wealth management that meets all your personal banking and financial demands is through a savings account.
Debit cards, low monthly balance limits, high interest rates, attractive cashback and discounts, amazing rewards on debit card transactions and many more benefits come with savings accounts.
Along with these key benefits, a savings account also enables you to earn interest on the money you deposit and also allows free withdrawals whenever you need them, making it a good option for short-term purposes goes. Whereas now for those who want to open a deposit account to get good interest with all the benefits, here is a list of some banks, where the interest rate up to 7.50% is being provided.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is now the only bank to pay the highest interest rate of 7.50% on savings bank deposits above ₹25 crore. Listed below are the Ujjivan Small Finance Bank interest rates for domestic and non-resident accounts, which are effective from November 1, 2022.
Interest rates for savings accounts in DCB Bank are effective from August 22, 2022. The bank is now offering an interest rate of 7.00% on account balances below 25 lakhs and 2 crores. Know about NRE and NRO savings accounts.
Jana Small Finance Bank
Jana Small Finance Bank’s savings account interest rates are effective from November 15, 2022. On savings bank deposits above Rs 1 lakh and up to Rs 50 crore, the bank is now offering an interest rate of 7.00%.
Equitas Small Finance Bank
Equitas Small Finance Bank’s savings account interest rates come into effect from November 9, 2022. The bank is paying an interest rate of 7.00% on savings bank deposits above Rs.5 lakh and up to Rs.5 crore. Also on balance slab above ₹ 30 crore.
AU Small Finance Bank
Interest rates applicable to AU Small Finance Bank savings bank deposits are effective from October 10, 2022. The bank is offering an interest rate of 7% on savings account balance between Rs 25 lakh to less than Rs 1 crore.
AU Small Finance Bank mentioned on its website, ‘The interest on the savings account will be calculated on a daily basis and paid at monthly intervals (i.e. at the end of each month). The mentioned interest rates are applicable for the existing incremental balance corresponding to the mentioned amount slab.
Fincare Small Finance Bank
Interest rates applicable on Fincare Small Finance Bank’s savings bank deposits are effective from July 1, 2021. The bank is offering an interest rate of 7% on savings account balances below Rs 5 lakh and Rs 1 crore.
Utkarsh Small Finance Bank
Interest rates applicable on Utkarsh Small Finance Bank’s Savings Bank Deposit are effective from June 01, 2022. On incremental balance above ₹25 lakh in savings account, the bank is offering an interest rate of 7.00% p.a.
Shivalik Small Finance Bank
Interest rates applicable to savings bank accounts in Shivalik Small Finance Bank are effective from November 10, 2022. The bank is offering 7% interest rate on balances in savings accounts from Rs 2 crore to Rs 7 crore and above.
Unity Small Finance Bank
Interest rates applicable on savings bank accounts in Unity Small Finance Bank are applicable from January 22, 2022. The bank is offering 7% interest on savings account balances of Rs 1 lakh to Rs 10 crore and above.