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AU Small Finance and Ujjivan Small Finance banks offer 7% on savings accounts

The interest rates offered by small finance banks are now higher compared to private banks.

June 30, 2021 / 11:44 AM IST

Amid falling interest rates, newer private banks and small finance banks offer higher interest rates as per data compiled by BankBazaar. DCB bank gives up to 6.75 percent. This is followed by RBL Bank offering up to 6.25 percent and Bandhan Bank at 6 percent.

The interest rates offered by small finance banks are now higher compared to private banks. For instance, AU Small Finance Bank, Equitas Small Finance Bank and Ujjivan Small Finance Bank are offering interest rates of up to 7 percent.

The interest rates offered by small finance banks on savings account are higher compared to leading private and large public sector banks. For instance, HDFC Bank, ICICI Bank and Axis Bank offer 3 percent to 3.5 percent interest. The Kotak Mahindra Bank is offering up to 4 percent interest. The State Bank of India (SBI) is offering 2.70 percent interest and Bank of Baroda is offering up to 3.20 percent interest respectively on their savings account.

Also read: DCB Bank, RBL Bank and Yes Bank offer 6.50% interest on tax-saving deposits