In this article you will find the interest rates provided by major banks in India on their savings account. These interest rates are as on last updated by the respective websites.
Digi bank by DBS (DBS Bank) offers the highest interest rate on savings account. The interest rates are as follows:-
(Balances up to 1 lakh will get 6% interest rates. Any balances over and above 1 lakh & up to 2 lakhs will get 7% on the incremental amount, 2 lakhs & up to 5 lakhs will get 5% on the incremental amount & 4% on the remaining balances.)
The list of banks below offer the following interest rate:-
Some banks offer the following interest rates on their savings account:-
- We can see that most of the major banks in India offer almost same interest rates. The most basic interest rates offered by the maximum bank ranges around 4%.
- DBS Bank is the one that provides the highest interest rates on the balance in your savings account. But, DBS has very limited reach. They are only based in metropolitan cities and some other few cities. It is only beneficial to choose DBS Bank if you have a branch near you. Otherwise, opting for another bank would be better as getting services and other advantages from DBS Bank will be an issue.
- After DBS Bank, Bandhan Bank and RBL Bank (formerly known as The Ratnakar Bank limited) offer higher interest rates on your balance in savings account.
- Kotak Mahindra Bank also provides high and competitive interest rates on their savings account. In comparison with top banks in India, Kotak Mahindra Bank has the widest reach across India. Their branches and ATM’s are spread all over India. It has quite high reachability.