Keep a part of your surplus income in savings accounts for liquidity and emergencies during uncertain times. Amid falling interest rates, smaller and new private banks are offering higher interest rates, as per data compiled by BankBazaar. Here are the private banks offering the best interest rates on savings accounts.
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Small and new private banks are offering higher interest rates on savings accounts compared to leading private banks, which include HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, to acquire new retail customers. You should choose a bank with a long-term track record, good service standards, wide branch network and ATM services across cities; a higher interest on savings accounts would be a bonus.
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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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Bandhan Bank offers interest rates of up to 6 percent on savings accounts. The monthly average balance requirement is Rs 5,000.
RBL Bank is offering interest rates up to 6 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 5,000.
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Yes Bank is offering interest rates up to 5.25 percent on savings accounts. The average monthly balance requirement is Rs 10,000 to Rs 25,000.
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IDFC First Bank and IndusInd Bank offer interest rates up to 5 percent on savings account. The average monthly balance requirement is Rs 10,000 at IDFC First Bank. Similarly, the monthly average balance requirement is Rs 1,500 to Rs 10,000 at IndusInd Bank.
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The interest rate on savings accounts for all BSE listed private banks are considered for data compilation. BankBazaar compiled the data as of December 22, 2021. 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) accounts are 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.
