Newer and small private banks are offering higher interest rates on savings accounts to acquire 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.
Savings accounts with the banks are opened for multiple reasons: liquidity, safety of funds, earning interest on the deposited amount, fund transfer facility, etc. Amid falling interest rates, newer private banks offer higher interest rates as per data compiled by BankBazaar. Here are the top five private banks offering the best interest rates on savings accounts.
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DCB Bank is offering interest rates up to 6.75 percent on savings accounts. Among private banks, the best interest rates are offered by this bank. The monthly minimum balance requirement is Rs 2,500 to Rs 5,000.
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.
Bandhan Bank is offering interest rates up to 6 percent on savings accounts. The monthly average balance requirement is Rs 5,000.
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.
IndusInd Bank is offering interest rates up to 5 percent on savings accounts. The monthly average balance requirement is Rs 1,500 to Rs 10,000.
The interest rate on savings accounts for all BSE listed public sector banks and private banks are considered for data compilation. The data as of 3rd August 2021 is compiled by BankBazaar. Banks whose websites don’t advertise the data are not considered. The minimum balance requirement for the regular savings account and excluding a