Many banks are offering higher than 7% interest rate on the savings account. Retail investors can easily get swayed away by such lucrative rates amid the falling fixed deposit (FD) interest rates in the last few months. IDFC First Bank, Bandhan Bank and small finance banks like Equitas and Utkarsh offer better interest rates on savings account as compared to top lenders like State Bank of India (SBI), ICICI and HDFC Bank. For instance, HDFC Bank and ICICI Bank offer 3% to 3.5 per% on their savings account, SBI offers 2.70% on their savings account.
IDFC First Bank savings account interest rates
IDFC First Bank offers an interest rate of up to 6% on a balance amount of up to ₹1 lakh, 7% on balance amount more than 1 lakh to less than or equal to 10 crore.
<=1 lakh 6%
>1 lakh <=10 crore 7 %
>10 crore<= 50 crore 4.5%
> 50 crore <= 100 crore 4%
>100 crore 3.50%
Bandhan Bank savings account interest rates
Bandhan Bank offers interest rates of 3% on a balance amount of up to ₹1 lakh, 6% on daily balance above ₹1 lakh to ₹10 crore, 6.55% on daily balance above ₹10 crore to ₹50 crore and 7.15% on aaily balance above ₹50 crore.
Daily balance up to ₹1 lakh 3 %
Daily balance above ₹1 lakh to ₹10 crore 6%
Daily balance above Rs10 crore to ₹50 crore 6.55%
Daily balance above ₹50 crore 7.15%
Equitas Small Finance Bank savings account interest rates
Equitas Small Finance Bank offers a rate of 3.5% on balances up to ₹1 lakh. It offers 7% rate on balances above ₹1 lakh and up to ₹30 crore. For balance above 30 crore and up to ₹30 crore, it offers a rate of 7.25%.
Up to ₹1 lakh 3.5%
Above ₹1 lakh and up to ₹30 crore 7%
Above ₹30 crore and up to ₹50 crore 7.25%
Utkarsh Small Finance Bank savings account interest rates
Utkarsh Small Finance Bank offers interest rates of 5% on a balance amount of up to ₹1 lakh, 6% on incremental balance above ₹1 lakh and up to ₹25 lakh and 7.25% on incremental balance above ₹25 lakh.
Balance Upto ₹1 lakh 5%
Incremental balance above ₹1 Lakh to ₹25 Lakh 6 %
Incremental balance above ₹25 Lakh 7.25%
All deposits in savings bank or fixed deposits or recurring deposits with commercial banks are insured up to a maximum of ₹5 lakh for both principal and interest amount.
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