Banks that offer up to 8% interest on savings accounts (2024)

Smaller private banks and small finance banks are offering higher interest rates compared to leading private banks

July 07, 2023 / 11:17 AM IST

Banks that offer up to 8% interest on savings accounts (1)

1/10

Following the Reserve Bank of India’s (RBI) repo rate hike in the last financial year from 4 percent to 6.50 percent, several banks raised interest rates on savings accounts. Smaller private banks and small finance banks offer rates up to 8 percent on savings account, which is higher compared to leading private banks.

Banks that offer up to 8% interest on savings accounts (2)

2/10

Make a practice to keep part of your surplus income in savings accounts for liquidity and emergencies during uncertain times. Here are the private banks offering the best interest rates on savings accounts. The data is compiled by BankBazaar.

Banks that offer up to 8% interest on savings accounts (3)

3/10

DCB Bank offers interest up to 8 percent on savings accounts. Among private banks, this bank offers the best interest rates. The minimum balance requirement is Rs 2,500 to Rs 5,000.

Banks that offer up to 8% interest on savings accounts (4)

4/10

Ujjivan Small Finance Bank is offering interest up to 7.5 percent on savings accounts. Among small finance banks, this bank offers the best interest rates.

Banks that offer up to 8% interest on savings accounts (5)

5/10

Federal Bank is offering interest up to 7.15 percent on savings accounts. The average monthly balance requirement is Rs 5,000.

Banks that offer up to 8% interest on savings accounts (6)

6/10

DBS Bank offers interest up to 7 percent on savings accounts. Among foreign banks, this bank offers the best interest rates. The average quarterly balance requirement is Rs 10,000 to Rs 25,000.

Banks that offer up to 8% interest on savings accounts (7)

7/10

AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.

Banks that offer up to 8% interest on savings accounts (8)

8/10

IDFC First Bank and RBL Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 10,000 and Rs 2,500 to Rs 5,000 respectively.

Banks that offer up to 8% interest on savings accounts (9)

9/10

Smaller private banks and small finance banks are offering higher interest rates on savings accounts compared to leading private and public sector banks to acquire new retail customers. You should choose a bank with a long-term track record, good service standards, a wide branch network, and ATM services across cities; a higher interest on savings accounts would be a bonus.

Banks that offer up to 8% interest on savings accounts (10)

10/10

The interest rate on savings accounts for all BSE-listed private banks and small finance banks are considered for data compilation. BankBazaar compiled the data as of July 5, 2023. Banks whose websites don't advertise the data are not considered. The minimum balance requirement for the regular savings account and excluding a basic savings bank deposit (BSBD) account is considered.

Banks that offer up to 8% interest on savings accounts (11)

Hiral Thanawala is a personal finance journalist with 9 years of reporting experience. Based in Mumbai, he covers financial planning, banking and fintech segments from personal finance team for Moneycontrol.

`); } if (res.stay_updated) { $(".stay-updated-ajax").html(res.stay_updated); } } catch (error) { console.log('Error in video', error); } } }) }, 8000); })

Banks that offer up to 8% interest on savings accounts (2024)
Top Articles
Evaluating Performance
Overvalued and Undervalued Securities | CFA Level 1 - AnalystPrep
Katy Perry's Best — and Most Outrageous — Outfits to Date
5 Ways to Rock Katy Perry’s Most Unique Looks for Halloween
2024 Yamaha TW200 ** Comin Soon , Reserve Yours Today ! **
American Sportworks Trail Wagon 200 - NO SPARK
V380 WiFi IP Camera 720P HD Two Way Audio Motion Detection Home Security Camera • EUR 21,05
Onkyo TXNR-5007-BS Service Manual
Craigslist Lebanon Va
Election latest: 'Days left to save Britain from Labour,' Sunak warns; Starmer tells voters to avoid more 'economic chaos'
The massive company that owns Panera Bread, Krispy Kreme, and Pret a Manger is buying another sandwich chain
Half Year Report 2021 - JAB Holding Company
Latest Posts
Are Stocks With Low P/E Ratios Always Better?
How Often Should You Check Your Stocks? (NOT every day)
Article information

Author: Gov. Deandrea McKenzie

Last Updated:

Views: 5486

Rating: 4.6 / 5 (66 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Gov. Deandrea McKenzie

Birthday: 2001-01-17

Address: Suite 769 2454 Marsha Coves, Debbieton, MS 95002

Phone: +813077629322

Job: Real-Estate Executive

Hobby: Archery, Metal detecting, Kitesurfing, Genealogy, Kitesurfing, Calligraphy, Roller skating

Introduction: My name is Gov. Deandrea McKenzie, I am a spotless, clean, glamorous, sparkling, adventurous, nice, brainy person who loves writing and wants to share my knowledge and understanding with you.