Interest on Savings Accounts: People typically use savings accounts to safeguard resources. The ability to deposit or withdraw money at any moment is its primary benefit. The bank also pays interest on the money you deposit in your savings account.
Banks offer different rates of interest on the money placed in savings accounts. Depending on the savings account balance, some banks provide 7 to 8 percent interest rates. Today, we will inform you about some institutions that provide the best interest rates on savings accounts.
DCB Bank (up to 8 percent)
Depending on the balance in the savings account, DCB Bank offers interest rates between 7 and 8 percent. On account balances between Rs. 10 crore and Rs. 200 crore, this bank is showing an interest rate of 8%. These interest rates will take effect on May 8, 2023.
Fincare Small Finance Bank (up to 7.5 percent)
Fincare Small Finance Bank is offering a 7.5% return on savings accounts. The interest rates have changed as of August 1. Maximum interest rates for accounts with balances between Rs. 5 lakh and Rs. 25 lahks are 7.25 percent. On the remaining sum between Rs 25 lakh and Rs 50 lakh, interest at 7.25 percent would be charged. The interest rate will be as high as 7.5 percent if the remaining balance is between Rs. 50 lakh and Rs. 2 crore.
IDFC FIRST Bank (up to 7%)
On balances greater than Rs. 10 lahks and less than Rs. 5 crores, IDFC First Bank provides up to 7% interest. These new prices will take effect on July 1, 2023.
Suryoday Small Finance Bank (up to 7 percent)
Savings accounts at Suryoday Small Finance Bank are eligible for 7% interest on balances between Rs 5 lakh and Rs 2 crore. Between Rs. 1 lakh and Rs. 5 lakh, interest of 6.75 percent is also accessible.
ESAF Small Finance Bank (up to 7.5 percent)
On balances in savings accounts between Rs 10 crore and less than Rs 2 crore, ESAF Small Finance Bank is offering up to 7.5% interest. The bank pays 7.25 percent interest on balances in savings accounts between 50 lakhs to 2 crores and 7 percent interest between 5 crores to 10 crores.