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Check Out 10 Private Banks Offering The Highest Interest Rates On Savings Accounts

Team BankBazaar
·2-min read

Savings accounts offer safety of savings, easy accessibility, high liquidity and interest income. However, their interest rates are usually lower than fixed deposits. That being said, there are some banks that offer higher rates than others on savings accounts. Parking your funds in such a savings account that offers higher rates after thorough risk assessment might be a good way to grow your money while maintaining high liquidity. However, do note, the interest rates linked to a savings account are subject to the bank’s terms and conditions pertaining to account type, minimum account balance riders, etc. Ensure you have complete clarity about all these things before finalising your decision.

So, if you’re planning to open a savings account, here are the 10 private banks which are currently offering the highest interest rates.

Bank Name

Interest Rates on Savings Accounts (in % p.a.)

Minimum Balance Requirement

Bandhan Bank

3%-7.15%

Rs.5,000 MAB*

RBL Bank

4.75%-6.50%

Rs.500 – Rs.2,500 AMB**

IndusInd Bank

4%-6%

Rs.1,500 – Rs.10,000 MAB*

IDFC First Bank

3.5%-6%

Rs.10,000 AMB**

Yes Bank

4%-5.5%

Rs.2,500 – Rs.10,000 AMB**

DCB Bank

3.25%-5.5%

Rs.2,500 – Rs.5,000 MB***

Karnataka Bank

2.75%-4.5%

Rs.1,000 – Rs.2,000 MAB*

South Indian Bank

2.35%-4.5%

Rs.1,000 – Rs.2,500 AMB**

Kotak Mahindra Bank

3.5%-4%

Rs.2,000 – Rs.10,000 AMB**

City Union Bank

3.5%-4%

Rs.7,500 MAB*

Disclaimer: Data collected from respective bank websites on February 17, 2021. Minimum balance requirement have been considered only for regular savings accounts, excluding BSBD accounts. *MAB: Monthly Average Balance, **AMB: Average Monthly Balance; ***MB: Minimum Balance. Data compiled by BankBazaar.com.

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