New Delhi | Jagran Business Office: Since banks have reduced the interest rate offered on Fixed Deposits (FDs), people have started to keep their money in a savings account as they get a higher interest rate from them compared to FD. There are many advantages to having a savings account. These include cash, high interest, ease of online transaction, help with getting loans, etc. Additionally, some small private banks pay higher interest rates on savings accounts than larger ones like HDFC Bank and ICICI Bank. Here is a look at 5 of them.
List of high interest rate banks on savings account:
1. Yes Bank
Yes Bank offers an interest rate of up to 5.25% on savings accounts. The average monthly balance is Rs 10,000 to Rs 25,000.
2. RBL Bank
For its digital savings account, RBL Bank requires customers to maintain a balance between Rs 3 crore and Rs 5 crore to qualify for the highest rate of 6.5%, according to its website. Balances up to Rs 1 lakh get an interest rate of 4.75 percent, and those who maintain between Rs 1 lakh and Rs 10 lakh get 6 percent.
3. DCB Bank
DCB Bank offers an interest rate of up to 6.75% on savings accounts. This bank gives the highest interest rate among private banks. In this, the monthly balance should be maintained from Rs 2,500 to Rs 5,000. For more information, you can visit the website of this bank.
4. Industrial bank
IndusInd Bank offers up to 5% interest rate on savings accounts. The average monthly balance is Rs 1,500 to Rs 10,000.
5. Bandhan Bank
Bandhan Bank offers the highest interest rate of 7.15%, to those who maintain a daily balance of over Rs 50 crore, according to its website. Customers who maintain a daily balance below Rs 1 lakh get an interest rate of 3%, and those with a balance between Rs 1 lakh and Rs 10 crore, get 6%.
Posted by: Sugandha Jha
