5 Private banks which offer up to 6.75% on savings accounts
There are several benefits to having a savings account: liquidity, earning interest, securities of funds, extra sweep due to auto sweep facility between savings account and term deposits etc. Smaller and newer private banks offer higher interest rates at lower interest rates per data collected by the banking market. Here are the top five private banks offering the best interest rates on savings accounts.
Smaller private banks offer higher interest rates on savings accounts than leading private banks like HDFC Bank and ICICI Bank to attract new retail customers. You should choose a bank with a long track record, good service standards, extensive branch network and ATM services in cities.
DCB Bank offers 6.75 per cent interest rate on savings accounts. This bank offers the best interest rates among private banks. The monthly balance requirement is Rs 2,500 to Rs 5,000.
RBL Bank is offering 6 per cent interest rate on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 5,000.
Bandhan Bank is offering 6 per cent interest rate on savings accounts. A monthly average balance of Rs 5,000 is required.
Yes Bank is offering an interest rate of 5.25 per cent on savings accounts. The average monthly balance requirement is Rs 10,000 to Rs 25,000.
IndusInd Bank is offering 5 per cent interest rate on savings accounts. The average monthly balance requirement is Rs 1,500 to Rs 10,000
Interest rates on savings accounts for all BSE listed private banks are considered for data collection. By September 1, 2021, the banking market had collected data. Banks whose websites do not advertise the data are not considered. The minimum balance requirement for a regular savings account and the basic savings bank deposit (BSBD) account are taken into consideration.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No World Technosys journalist was involved in the writing and production of this article.