Most banks in India provide several types of savings accounts that are designed to meet the demands of a diversified customer base. Banks offer a plethora of advantages that can assist a person in beginning to save and progressively building their investment portfolio. Public sector as well as private sector banks including Small Finance Banks offer a different range of interest rates for savings accounts. The interest rates usually range from 2.70% per annum to 8% per annum. Many big banks continue to provide low interest rates on savings accounts, while some banks offer interest rates of up to 7% on savings accounts.
3 banks special FDs with higher interest rates ending on December 31
Here is a look at banks that offer up to 8% interest rate on savings accounts.
DCB Bank savings account interest rates
DCB Bank offers up to 8% interest on savings accounts with balances ranging from Rs 10 lakh to less than Rs 2 crore. The bank pays 7.75% interest on savings account balances ranging from Rs 10 crore to less than Rs 200 crore. The rates are effective from September 27, 2023.
IDFC FIRST Bank savings account interest rate
IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 5 lakh to less than Rs 25 crore. The new rates are effective from October 1, 2023.
Suryoday Small Finance Bank savings account interest rate
Suryoday Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs. 10 Lakh up to & including Rs 5 crore. The rates are effective from November 13, 2023.
ESAF Small Finance Bank savings account interest rate
ESAF Small Finance Bank pays the highest interest rate of 7.50% on savings account balances Above Rs.5 lakhs (i.e. for incremental amount above Rs.5 lakhs). The rate of interest effective from November 20, 2023.
AU Small Finance Bank savings account interest rate
AU Small Finance Bank pays the highest interest rate of 7.25% on savings account balances from Rs 1 Crore to less than Rs 5 crores. The rate of interest effective from September 11, 2023.
Fincare Small Finance Bank
AU Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs 25 lakhs to Rs 10 crores. The rate of interest effective from December 1, 2023.
FAQs
Top 20 Scheduled Banks offering Best FD Rates
| Banks | Highest FD rate (% p.a.) | 5-year FD rate (% p.a.) |
|---|
| RBL Bank | 8.10 | 7.10 |
| AU Small Finance Bank | 8.00 | 7.25 |
| Fincare Small Finance Bank | 8.00 | 7.25 |
| DCB Bank | 8.00 | 7.40 |
16 more rowsCurrently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.
What bank currently has the highest savings interest rate? ›
Best High-Yield Online Savings Accounts of April 2024
- BrioDirect High Yield Savings Account: 5.35% APY.
- Ivy Bank High-Yield Savings Account: 5.30% APY.
- TAB Bank High Yield Savings: 5.27% APY.
- UFB Secure Savings: Up to 5.25% APY.
- EverBank Performance℠ Savings: 5.15% APY.
- Bask Interest Savings Account: 5.10% APY.
Where can I get 10 percent return on investment?
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Unity Small Finance Bank offers FD interest rates ranging from 4.50% to 9% for tenures maturing between 7 days and 10 years to general citizens. The highest interest rate of 9% is offered on FDs maturing in 1001 Days. The rates are effective from October 9, 2023.
Where can I make 7% on my money? ›
Banks that offer 7% interest on savings accounts
- Landmark Credit Union Premium Checking (7.50% APY) ...
- Digital Credit Union Primary Savings (6.17% APY) ...
- Popular Direct High-Yield Savings (5.20% APY) ...
- TAB Bank High Yield Savings (5.27% APY) ...
- High-yield savings accounts. ...
- Certificates of deposit (CDs) ...
- Money market accounts (MMAs)
What banks are offering 7% interest on CDs? Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.
Can you get 7% on a CD? ›
Right now, there aren't any financial institutions offering 7% interest on a CD. Alpena Alcona Area Credit Union, a local financial institution in Michigan, previously offered a 7.19% APY on a 7-month CD special, but that offer has ended. There are a few financial institutions with CDs paying 6% APY or more, though.
Where can I get 6% interest on my money? ›
These 6% Checking Accounts Are Available Nationwide
- Pelican State Credit Union - 6.05% APY on balances up to $10,000. ...
- Credit Union of New Jersey - 6.00% APY on balances up to $25,000. ...
- Fitness Bank - 6.00% APY on balances up to $25,000. ...
- Orion Federal Credit Union - 6.00% APY on balances up to $10,000.
No, USAA doesn't offer a high-yield savings account.
What interest rates are the big banks paying on a savings account? ›
Still Only Want to Use a Bigger Bank?
| Big Banks That Offer Competitive Rates | U.S. Rank by Size (Assets) | Savings Account Rate (APY) |
|---|
| Marcus by Goldman Sachs7 | 8 | 4.30% |
| Capital One8 | 9 | 4.30% |
| Ally Bank9 | 20 | 4.25% |
| BMO Alto10 | 21 | 4.85% |
3 more rowsSep 12, 2023
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Where can I get 12% interest on my money? ›
Where can I find a 12% interest savings account?
| Bank name | Account name | APY |
|---|
| Khan Bank | 365-day, 18-month and 24-month Ordinary Term Savings Account | 12.3% to 12.8% |
| Khan Bank | 12-month, 18-month and 24-month Online Term Deposit Account | 12.4% to 12.9% |
| Yield | N/A | Up to 12% |
| Crypto.com | Crypto.com Earn | Up to 14.5% |
6 more rowsJun 1, 2023
The Basic Rate: The California Constitution allows parties to contract for interest on a loan primarily for personal, family or household purposes at a rate not exceeding 10% per year.
Which bank gives 8.75 interest rate? ›
Ujjivan Small Finance Bank
Ujjivan SFB offers an interest rate between 3.75% to 8.25% for general citizens on domestic fixed deposits and Sampoorna Nidhi. For senior citizens, the bank offers 4.25% to 8.75%. These rates are effective from June 1, 2023.
Is 8 percent interest high? ›
A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
How much money is 8 percent interest? ›
For instance, an 8% interest rate for borrowing $100 a year will obligate a person to pay $108 at year-end. As can be seen in this brief example, the interest rate directly affects the total interest paid on any loan.
