Savings account: These banks are offering the best rates

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A savings bank account is the first step in financial inclusion. One has to open an account before entering into any transaction in a bank. Among several other benefits one can also earn interest from a savings bank account. Amid falling interest rates, some small finance and private banks are still offering interest rates on savings accounts that are better than many in the peer group. One can even get up to 7% interest per annum on a savings account which is significantly higher than top lenders like State Bank of India (SBI), HDFC Bank and ICICI Bank. These major lenders of our country offer interest rates between 2.5% to 3.5% in savings bank accounts.

These banks are offering the best interest rates on savings accounts. Let’s take a look:

Ujjivan Small Finance Bank

According to Ujjivan Small Finance Bank official website, it is offering a minimum 4% interest rate on balance up to Rs 1 lakh. The rate goes up to 7% for amounts between Rs 1 lakh and Rs 25 lakh. This rate is applicable from March 6, 2021. Among all commercial and small finance banks, this is the highest rate.

AU Small Finance Bank

AU Small Finance Bank, another small finance bank, is offering a minimum rate of 3.50% and a maximum rate of 7% on savings accounts. Customers can get maximum interest on balances from Rs 25 lakh to less than Rs 2 crores.

Equitas Small Finance Bank

This small finance bank is offering interest rates up to 7% on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 5,000. They are offering maximum 7% interest on balance of above 1 lakh and up to 1 crore.

DCB Bank

DCB Bank, one of the prominent private sector banks in the country, offers interest rates of up to 6.75% on savings accounts. Among private banks, this bank offers the best rates.

Suryoday Small Finance Bank

Suryoday Small Finance Bank is offering interest rates from 4% to 6.25% on savings accounts balance. This highest interest on balance above Rs 1 lakh and up to Rs 10 lakh.