With the start of the new financial year, make a practice to keep part of your surplus income in savings accounts for liquidity and emergencies during uncertain times. Amid falling interest rates, small finance banks top the charts in offering higher interest rates, as per data compiled by BankBazaar. Here are the banks offering the best interest rates on savings accounts.
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Small finance banks and small private banks are offering higher interest rates on savings accounts compared to leading private and public sector banks to acquire new retail customers. You should choose a bank with a long-term track record, good service standards, a wide branch network, and ATM services across cities; a higher interest on savings accounts would be a bonus.
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AU Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000.
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Equitas Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 10,000.
DCB Bank offers interest rates of up to 6.5 percent on savings accounts. Among private banks, this bank offers the best interest rates. The minimum balance requirement is Rs 2,500 to Rs 5,000.
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RBL Bank is offering interest rates up to 6.25 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 5,000.
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Suryoday Small Finance Bank is offering interest rates up to 6.25 percent on savings accounts. The average monthly balance requirement is Rs 2,000.
The interest rate on savings accounts for all BSE listed small finance banks and private banks are considered for data compilation. BankBazaar compiled the data as of March 23, 2022. Banks whose websites don't advertise the data are not considered. The minimum balance requirement for the regular savings account and excluding a basic savings bank deposit (BSBD) account is considered.
Hiral Thanawala is a personal finance journalist with 9 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.
