Which bank give the highest interest rate on savings account in India?

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Which banks give the highest interest rate on savings account in India? : The answer of this question is explained here in this article. A saving account is the simplest type of bank account in which we can deposit money to the bank and bank keep it safe. All the banks in India provide the facility of saving account from which we can withdraw money at any time whenever we want. Most of the salaried persons preferred saving account because at the end of the month salary goes into the bank account. The banks pay the interest rate on the deposited money. These interest rate may vary from banks to the bank so if you want to open a saving account than compare its interest rate also on the deposited money.

India is a developing country, population increases day by day and having a saving account in any particular in common nowadays. Banks provide different-different varieties of offers to attract the customers, as a result, competition in the banking sector increases day by day.

highest interest rate savings account

Banks provide our highest interest rate to the customers on the deposited money pay by them, the range of the interest rate varies due to the amount of money deposited in a bank account.

The concept of saving account is good for short term goals like buying a car or something else, it provides benefit to the customer for his short term goal with the ease. Before opening a saving account you must know about your needs and for your needs choose an appropriate type of saving account.

How banks provide high-interest rate to the customers on the saving account?

Every bank provide different-different interest rate to the customer on their deposited money into the saving account.

A big question always carries in mind that how bank provide interest rate to the account holders or how the process to credited interest rate done?

So, This article can clear you all doubt about the process of occupying interest rate on the saving account.

high interest savings account

According to the RBI mandate, Bank should have to calculate the interest rate on a saving account daily based on the closing amount.

These interest rate by the banks is credited on your bank account on the half-yearly basis or quarterly basis, it depends upon the which type of savings account you have.

Nowadays most banks offered an interest rate of 3.5% to 4% credited to your bank account every quarter or half-yearly basis.

Is saving account is beneficial?

Let’s explore more about the saving account.

  • When you deposited money to the saving account, you feel more secure than carrying your money at home.
  • You can access your money at any time from anywhere by using the debit card.
  • As you open a saving account in the bank, banks provide us Internet Banking facilities, with the help of internet banking we can do a transaction, pay a utility bill and you also link a credit card with the saving bank account.
  • You can start or open your bank account with a minimum amount of cash.
  • With the account of deposited money in your saving account provides your interest rate with may vary from banks to bank.
best savings account interest rates

Top 10 bank offering highest interest rate on savings account in India

The list of top 10 banks in India offering the highest interest rate is given below-

  1. Kotak Mahindra Bank
  2. ICICI  Bank
  3. HDFC Bank
  4. Axis Bank
  5. Citi Bank
  6. IndusInd Bank
  7. Digibank  by DBS
  8. IDFC Bank
  9. RBL Bank
  10. Yes Bank

Let’s explore one by one each of the following bank listed above.

1. Kotak Mahindra Bank

Kotak Mahindra Bank started an online banking platform which is known as Kotak 811, you can open a bank account instantly with zero paperwork.The Kotak Mahindra Bank is well known for his service among the customers. It provides a high-interest rate on saving account than other banks.

Kotak Mahindra Bank offers two ways to open a saving account

  1. Open process
  2. Offline process
best high interest savings account

Kotak Mahindra Bank saving account interest rate are as follows:

  1. Interest rate 5% per annum, If the balance in the account is up to Rs 1 lakhs
  2. The Interest rate 6% per annum, if the balance in the saving account Rs 1lakhs to Rs 1 crore.
  3. Interest rate of 5.5%, If the balance in the saving account above Rs 1 crore.

2. ICICI  Bank

ICICI banks are well known across India very well. It famous for its customer satisfactory service and provide a good rate of interest on the saving account. ICICI bank is reliable because its branches are located in every part of the country and its ATMs is also found in every city of the states so it is reliable in case of emergency. It required a minimum balance to open a saving account with 4% of interest rate in all type of saving account and offers a large variety of savings account, according to need customer can select the type of saving account.

icici bank saving account interest rate

Types of saving accounts ICICI Bank offers are as follows:

  1. Titanium privilege saving account
  2. Gold privilege saving account
  3. Silver privilege saving account
  4. Regular saving account
  5. Pocket saving account
  6. Young stars saving account
  7. Advantage women’s saving account
  8. Senior citizens saving account
  9. Basic saving account

3. HDFC Bank

HDFC bank provides world-class facilities to customer and well known for its good relationship with customers. The HDFC bank provides a saving account of different section you can choose one of them which suits you. HDFC Bank has more than 11000 ATMs across the country and you can access your money 24*7.

HDFC bank savings account interest rate

  1. Interest rate of 3.5%, if the balance in the saving account below Rs 50 lakhs.
  2. Interest rate of 4%, if the balance in the saving account above Rs 50 lakhs.
hdfc bank saving account interest rate

4. Axis Bank

Axis Bank provides customer two-mode to open a saving account for the ease of the customers.

  1. Online Account
  2. Offline Account

Axis Bank having vast category of saving account, you can choose as per your need. Minimum amount in the saving account may vary for each type.

axis bank saving account interest rate

Axis bank savings account interest rate

  1. Interest rate of 3.50%, If the balance in the saving account is less than Rs 50 lakhs.
  2. The Interest rate of 4%, if the balance in the saving account from Rs 50 lakhs and less than 100 crore
  3. Interest rate of 6%, If the balance in the saving account is more than Rs 100 crore.

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5. Citi Bank

Citi bank provides instant account opening facility and offers a high rate of interest on the deposited money, which attracts customer to open a saving account.The Citi bank maintain good customer relationship.

It offers a variety of saving an account with a high rate of interest of 4% and for the senior citizen, it is about 4.5% quarterly.

Citi bank saving account interest rate

6. IndusInd Bank

IndusInd Bank provides us online as well as offline facilities to open a saving account. The IndusInd bank wants to cover the needs of all the customer belonging to a different section. The IndusInd bank provides an attractive interest rate on the saving account and the rate of interest may vary from the amount of deposited money.

IndusInd bank saving account interest rate

IndusInd Bank Savings Account interest rate

  1. Interest rate of 4% per annum, if the balance in the saving account is less than Rs 10 lakhs.
  2. The Interest rate of 5% per annum, if the balance in the saving account above Rs 10 lakhs and up to 1 crore.
  3. Interest rate of 6% per annum, if the balance in the saving account is over Rs 10 crore.

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7. Digibank by DBS

Opening a DBS account is an easy and convenient method to open a saving account, provides good services, 24*7 ATMs service to access your money, provide mobile banking facility. DBS provides a high rate of interest to the customers.

Digi Bank Savings account interest rate

  1. Interest rate of 5 %, if the balance in the account is up to Rs 1 lakh.
  2. Interest rate of 7%, if the balance in the account is above Rs 1 lakh and up to 2 lakhs.
  3. Interest rate of  5.5%, if the balance in the account is above 2 lakhs and up to 5 lakhs.
  4. Interest rate of 4%, if the balance in the account is above 5 lakhs.
dbs savings account interest rate

8. IDFC Bank

IDFC bank saving account is great in term of rate of interest. It provides the rate of interest up to 8.5% per annum which is a great deal for a customer.

IDFC Bank provides free multiple transfers of funds and free visa debit card.

idfc bank saving account interest rate

List of rate of interest

  1. Interest rate of 6%, if the balance in the bank account is less than Rs 1 lakh.
  2. Interest rate of 7%, if the balance in the saving account is above 1 lakh and up to 1 crore.
  3. Interest rate of 7.25%, if the balance in the bank account is above 1 crore and up to 50 crore.
  4. Interest rate of 8.5%, if the balance in the bank account is above Rs 250 crore.

9. RBL Bank

The RBL bank also provides a great rate of interest on customer saving account.

RBL bank savings account Interest rate

  1. Interest rate of 6.75%, if the balance in the account is above Rs 10 lakhs and up to Rs 5 crore’
  2. The Interest rate of 6%, if the balance in the account is above Rs 1 lakh and up to Rs 10 lakhs.
  3. Interest rate of 5%, if the balance in the account is less than 1 lakh.

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SBI bank saving account interest rate

10. Yes Bank

Yes bank interface is simply applied for the online saving account and provide the rate of interest of 6% with high-quality service.

yes bank saving account interest rate

Rate of interest for savings account

  1. Interest rate of 5%, If the balance in the account is up to Rs 1 lakh.
  2. Interest rate of 6%, if the balance in the account is between Rs 1 lakh to Rs 1 crore.

Interest rate of 6.25%, if the balance in the account is above Rs 1 crore.

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