Bank Savings Account Interest Rate: Recently, the Reserve Bank of India had increased the repo rate from 4 per cent to 6.5 per cent. After this, many banks had increased the interest on the savings bank account. Some small private and small finance banks are offering up to 8 per cent interest on savings accounts. This is much more than common government and private banks.
BankBazaar has prepared this list of banks offering high interest on savings account. Let us tell you that financial experts insist that one should always keep some money in the savings bank account. This money comes in handy in difficult times.
DCB Bank gives up to 8% interest on savings account. This is the highest interest paying private bank. The minimum account balance required for this bank is Rs 2500 to Rs 5000.
Ujjivan Small Finance Bank offers up to 7.5 percent interest on savings accounts. It is the small finance bank which gives highest interest on savings account.
Federal Bank is the third bank to pay more interest. This bank gives up to 7.15 percent interest on savings account. The average balance of the month in this bank should be at least 5000.
DBS Bank offers up to 7% interest on savings account. This is the highest interest paying foreign bank. The average quarterly balance in this bank should be from 10 thousand to 25 thousand rupees.
AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank also offer up to 7 per cent interest on savings bank accounts. Similarly, IDFC First Bank, RBL Bank also give up to 7% interest on savings account.
Small private banks and small finance banks offer higher interest than major private and public sector banks so that new customers join these banks. Before choosing your bank, you have to look at its track record, service, branch network and ATM service.