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10 Banks Which Pay High Interest Rates On Savings Accounts

Large banks, both government-owned and from the private sector, give far lower interest rates to depositors. But some banks, especially smaller or newer ones, pay a higher interest rate on your balances in order to attract new business into banks.

Jul 4, 2020 / 01:25 PM IST
Your salary, investments and loan EMIs, are all managed from the savings accounts you maintain with banks. Money lying in our savings bank accounts fetches a nominal rate of interest. Large banks, both government-owned and from the private sector, give far lower interest rates to depositors. But some banks, especially smaller or newer ones, pay a higher interest rate on your balances in order to attract new business into banks. Let’s take a look at which bank pays the most on savings accounts. The below data is compiled by BankBazaar.com using the respective banks’ advertised as on July 1, 2020. Interest rate on savings account for all listed (BSE) public and private banks, foreign banks considered for data compilation. (Image: Moneycontrol)
Your salary, investments and loan EMIs, are all managed from the savings accounts you maintain with banks. Money lying in our savings bank accounts fetches a nominal rate of interest. Large banks, both government-owned and from the private sector, give far lower interest rates to depositors. But some banks, especially smaller or newer ones, pay a higher interest rate on your balances in order to attract new business into banks. Let’s take a look at which bank pays the most on savings accounts. The below data is compiled by BankBazaar.com using the respective banks’ advertised as on July 1, 2020. Interest rate on savings account for all listed (BSE) public and private banks, foreign banks considered for data compilation. (Image: Moneycontrol)
AU Small Finance Bank | Interest rate: 4 percent to 7 percent | Minimum balance: Rs 2,000 to Rs 5,000. (Image: CNBCTV18)
AU Small Finance Bank | Interest rate: 4 percent to 7 percent | Minimum balance: Rs 2,000 to Rs 5,000. (Image: CNBCTV18)
Bandhan Bank | Interest rate: 4 percent to 7.15 percent | Minimum balance: Rs 5,000. (Image: Moneycontrol)
Bandhan Bank | Interest rate: 4 percent to 7.15 percent | Minimum balance: Rs 5,000. (Image: Moneycontrol)
DCB Bank | Interest rate: 3.25 percent to 5.5 percent | Minimum balance: Rs 5,000. (Image: Wikimedia)
DCB Bank | Interest rate: 3.25 percent to 5.5 percent | Minimum balance: Rs 5,000. (Image: Wikimedia)
IDFC First Bank | Interest rate: 6 percent to 7 percent | Minimum balance: Rs 10,000. (Image: WIkipedia)
IDFC First Bank | Interest rate: 6 percent to 7 percent | Minimum balance: Rs 10,000. (Image: WIkipedia)
IndusInd Bank | Interest rate: 4 percent to 6 percent | Minimum balance: Rs 1,500 to Rs 2,500. (Image: PTI)
IndusInd Bank | Interest rate: 4 percent to 6 percent | Minimum balance: Rs 1,500 to Rs 2,500. (Image: PTI)
Lakshmi Vilas Bank | Interest rate: 3.25 percent to 6 percent | Minimum balance: Rs 500 to Rs 1,000. (Image: Moneycontrol)
Lakshmi Vilas Bank | Interest rate: 3.25 percent to 6 percent | Minimum balance: Rs 500 to Rs 1,000. (Image: Moneycontrol)
RBL Bank | Interest rate: 5 percent to 6.75 percent | Minimum balance: Rs 2,500 to 5,000. (Image: Moneycontrol)
RBL Bank | Interest rate: 5 percent to 6.75 percent | Minimum balance: Rs 2,500 to 5,000. (Image: Moneycontrol)
South Indian Bank | Interest rate: 2.35 percent to 4.6 percent | Minimum balance: Rs 1,000 to Rs 2,500. (Image: Wikimedia)
South Indian Bank | Interest rate: 2.35 percent to 4.6 percent | Minimum balance: Rs 1,000 to Rs 2,500. (Image: Wikimedia)
Ujjivan Small Finance Bank | Interest rate: 4 percent to 6.5 percent | Minimum balance: NIL. (Image: Moneycontrol)
Ujjivan Small Finance Bank | Interest rate: 4 percent to 6.5 percent | Minimum balance: NIL. (Image: Moneycontrol)
Yes Bank | Interest rate: 4 percent to 6 percent | Minimum balance: Rs 10,000. (Image: Reuters)
Yes Bank | Interest rate: 4 percent to 6 percent | Minimum balance: Rs 10,000. (Image: Reuters)
Moneycontrol News
first published: Jul 4, 2020 01:25 pm

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