Do you know which bank gives highest interest rate on saving account in India? Gone are the days when savings bank accounts are giving lowest interest rate compared to deposit schemes.
But now a days there are some banks in India, who are providing very good interest rate and even high interest rate compared to fixed deposit scheme. In this article I will be sharing about such top 6 banks in India who are providing high interest rate for the money you are depositing in their savings account.
Generally people consider savings account money as emergency fund and don’t want to invest for long term due to the locking period concept. In such a case a common savings bank account from HDFC bank or ICICI Bank or SBI will give you only 4% interest. When these banks will give much more than that with some conditions apply.
Highest Interest Rate on Savings Bank Account in India
|Savings Account||Interest Rate Offered|
|RBL Bank||7.1% p.a = Daily balance above Rs.10 lakhs|
6.1% p.a = Daily balance above Rs.1 lakh
5.1% p.a = Daily balance up to Rs.1 lakh
|Yes Bank||6% p.a. (On Savings Account balances below Rs.1 crore.)|
|Kotak Mahindra Bank||6% p.a|
|Lakshmi Vilas Bank||5% p.a = Daily Balance Up to Rs.5 lakh|
6% p.a = Above Rs.5 lakh
|IndusInd Bank||4% p.a = Daily balance up to Rs.1 lakh|
5% p.a = Daily balance above Rs.1 lakh but less than Rs.10 lakhs
6% p.a = Daily balance above Rs.10 lakhs
4% p.a = Non-resident NRO and NRE accounts
|Bandhan Bank||4.25% p.a = Daily balance up to Rs.1 lakh. Interest paid half yearly.|
5% p.a = Daily balance above Rs.1 lakh. Interest paid half yearly.
High interest rate fixed deposit and saving bank interest rates comparison
After demonetization in India, we have seen that the interest rate for fixed deposit schemes has been decreased and it will go down in near future. In such a scenario getting a 7% interest is far better compared to Fixed deposit scheme as you can withdraw the money at any time.
How to find saving account interest rate calculator online
You can easily find out the bank specific sbi saving account interest rate calculator on their official website with which you can calculate how much interest you could have earn from your idle money staying in bank account.
Although there are some rules to maintain to get the maximum interest rate form your deposits in savings account, but still I will say that is very reasonable. Many people have huge money staying bank and in such scenario, then can earn even more than 2% – 3% interest easily.
Before opening bank account with any of these banks, make sure How do banks calculate interest on your savings a/c so that you can make that balance and make sure you are getting the highest interest from your savings account as promised my the bank.
Do have a bank account with yes Bank or Kotak Bank or Bandhan Bank or RBL bank? Are you getting the promised highest interest rate on your deposited money? It would be great if you can share your experiences here or the process of opening bank account by writing a simple comment below.