It is wise to give liquidity and returns equal weight when considering an investment because no one can foretell when a financial emergency will occur. This is why having a savings account is essential whether you are a salaried or self-employed individual. Savings accounts are interest-bearing investments that offer unfettered access to deposits and withdrawals. Savings accounts are crucial to our daily financial lives, and nowadays opening one is a requirement to begin any financial journey, whether it’s for investments or fulfilling short-term necessities. It is preferable to hold a savings account with the bank guaranteeing higher interest rates in its sector in an environment of rising interest rates. Consequently, some private sector banks are giving savings account interest rates of up to 7% which are briefly discussed here.
DCB Bank
Currently, DCB Bank is the only bank in the private sector category that offers savings accounts with an interest rate of up to 7%. The bank’s savings account interest rates are put in effect as of August 22, 2022, and they apply to resident, NRE, and NRO savings bank accounts. Savings account interest rates at DCB Bank are determined daily based on the account’s end-of-day balance and are paid quarterly. DCB Bank is giving a 7% interest rate on savings account balances of ₹25 lakh and less than 2 crore.
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Bandhan Bank
On September 16, 2022, Bandhan Bank, a private sector lender, revised the rates on its savings accounts. According to the bank, the increased interest rates apply to both Domestic and Non-Resident Rupee Savings Bank Accounts. At Bandhan Bank, interest is determined daily based on the account’s end-of-day clear balance. Since the modification, Bandhan Bank has moved up to the number two spot on our list among banks that give a savings account interest rate of 6.50% on daily balances exceeding ₹50 crore to ₹100 crore.
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RBL Bank
The interest rates on savings accounts have been recently modified at the private sector lender RBL Bank. According to the bank’s official website, the new interest rates are applicable to domestic savings deposits (including NRE/NRO savings) and go into effect on September 5, 2022. Savings bank interest determined on a daily product basis will be paid at RBL Bank on the following dates per year: 30 June, 30 September, 31 December, and 31 March. RBL Bank is now third on our list after the modification, paying an interest rate of up to 6.25% on savings bank deposits of more than Rs. 25 lakh and up to Rs. 7.5 crore.
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IDFC First Bank
The IDFC First Bank’s savings account interest rates are in effect as of July 20, 2022. IDFC First Bank has mentioned on its website that “As per Reserve Bank of India directives, Savings Bank account interest will be calculated on daily end of day balances at the rate of interest as specified by IDFC FIRST Bank from time to time. The periodicity of payment of interest on Savings Bank accounts will be on a monthly basis from 1st July 2021. Interest will be calculated on progressive balances in each Interest Rate Slab as applicable.” Since the most recent adjustment, IDFC First Bank has moved up to the fourth spot on our list and is now allowing savings bank deposits of more than ₹10 lac and up to ₹25 crore at an interest rate of up to 6.00%.
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