Ever since the fixed deposit rates have come down, people have started keeping their money in savings account.
This is because the savings account is getting more interest as compared to the FD rates. Savings account allows you to deposit, keep and withdraw money while earning interest.
Savings account has many benefits like cash, interest earning, safety of money, extra earning due to auto sweep facility between savings account and fixed deposits etc.
Private as well as public sector banks offer savings account facility. Small private banks offer higher interest rates on savings accounts for new retail customers as compared to major private banks like HDFC Bank and ICICI Bank.
Top 5 private banks which are paying highest interest on savings accounts
AU Small Finance Bank is offering an interest rate of up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000.
Ujjivan Small Finance Bank is offering up to 7 percent interest rates on savings accounts.
Equitas Small Finance Bank is offering up to 7 percent interest rate on savings accounts. Average monthly balance requirement is Rs 2,500 to Rs 10,000.
DCB Bank offers an interest rate of up to 6.5 percent on savings accounts. This bank is giving the highest interest rate among private banks. The minimum balance requirement is Rs 2,500 to Rs 5,000.
Suryoday Small Finance Bank is offering up to 6.25 percent interest rate on savings accounts. The average monthly balance is Rs 2,000. Small private banks offer higher interest rates on savings accounts than major private banks.
