In India, almost all the banks facilitate different types of savings accounts which are designed to fulfill the needs of every individual in a country.
Recently the Reserve Bank of India (RBI) raised the repo rate by 50 bps to 4.90 percent, it is a clear signal to rise more in lending and fixed deposit rates that people may see in the near future.
Customers who are planning to open a savings account can choose the nine banks offering the highest interest rates on saving bank deposits in India.
|Name of Bank||Rates of Interest (p.a.)|
|Kotak Mahindra Bank||3.50% p.a.|
|State Bank of India||2.70% p.a.|
|Yes Bank||4.00% p.a. to 5.25% p.a.|
|Axis Bank||3.00% p.a. to 3.50% p.a.|
|IndusInd Bank||4.00% p.a. to 5.00% p.a.|
|DCB Bank||2.75% p.a. to 6.50% p.a.|
|RBL Bank||4.25% p.a. to 6.00% p.a.|
|HDFC Bank||3.00% p.a. to 3.50% p.a.|
RBL bank offering the highest interest which is 6.00% p.a. for daily balances more than ₹3 crore and up to ₹5 crore. Similarly, Yes bank offers an interest rate of 4.00% p.a. for all savings accounts with a balance up to ₹1 lakh.
The new-generation Indusind bank offers an interest rate of 4% p.a. on accounts maintaining a daily balance of up to ₹10 lakh; 5% p.a. is applicable for savings accounts which maintain a daily balance exceeding ₹10 lakh.
Apart from the highest savings account interest rates it is necessary to check some other important aspects like terms and conditions, transactions or service charges, interest rates, digital banking services, ATM and branch density.