In the past, the Reserve Bank of India had increased the repo rate from 4 percent to 6.5 percent. After this, many banks had increased the interest of savings bank account. Some small private and small finance banks are offering up to 8 percent interest on savings accounts. This is much more than the common government and private banks.
Bank Bazaar has prepared this list of banks offering high interest on savings account. Let us tell you that financial experts insist that some money should always be kept in the savings bank account. This money comes in handy in difficult times.
DCB Bank gives up to 8 percent interest on savings account. This is the highest interest paying private bank. The minimum account balance required for this bank is Rs 2500 to Rs 5000.
Ujjivan Small Finance Bank offers up to 7.5 percent interest on savings accounts. This is the small finance bank that gives the highest interest on savings account.
Federal Bank is the third bank giving high interest. This bank gives up to 7.15 percent interest on savings account. The average balance of the month in this bank should be at least 5000.
DBS Bank gives up to 7 percent interest on savings account. This is the highest interest paying foreign bank. Average quarter balance in this bank should be from 10 thousand to 25 thousand rupees.
AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank also offer up to 7 percent interest on savings bank accounts. Similarly, IDFC First Bank, RBL Bank also offer up to 7 percent interest on savings account.
Small private banks and small finance banks offer higher interest than leading private and public sector banks, so that new customers join these banks. Before choosing your bank, you have to see how its track record is, how is the service, how is its branch network and ATM service.
