Bank fixed deposit interest rates have come down by a lot in the past couple of months. Amid falling rates, mnow any banks are offering over 7% interest rate on the savings account. Lenders like IDFC First Bank, Bandhan Bank and small finance banks like Equitas and Utkarsh offer better interest rates on savings account comparied to top lenders like State Bank of India (SBI), ICICI Bank and HDFC Bank.
For comparison, top private lenders HDFC Bank and ICICI Bank offer 3% to 3.5 per% on their savings account. SBI offers 2.70% on their savings account.
Here are some lenders that offer over 7% interest on savings account:
1. IDFC First Bank
IDFC First Bank offers an interest rate of up to 6% on a balance amount of up to Rs 1 lakh. 7% interest is offered on balance amount more than 1 lakh to less than or equal to 10 crore.
<=1 lakh 6%
>1 lakh <=10 crore 7 %
>10 crore<= 50 crore 4.5%
> 50 crore <= 100 crore 4%
>100 crore 3.50%
2. Bandhan Bank
Bandhan Bank offers interest rates of 3% on a balance amount of up to Rs 1 lakh, 6% on daily balance above Rs 1 lakh to Rs 10 crore, 6.55% on daily balance above Rs 10 crore to Rs 50 crore and 7.15% on daily balance above Rs 50 crore.
3. Equitas Small Finance Bank
Equitas Small Finance Bank offers a rate of 3.5% on balances up to Rs 1 lakh. It offers 7% rate on balances above Rs 1 lakh and up to Rs 30 crore. For balance above 30 crore and up to Rs 30 crore, it offers a rate of 7.25%.
4. Utkarsh Small Finance Bank
Utkarsh Small Finance Bank offers interest rates of 5% on a balance amount of up to Rs 1 lakh, 6% on incremental balance above Rs 1 lakh and up to Rs 25 lakh and 7.25% on incremental balance above Rs 25 lakh.
It is worth noting that all deposits in savings account or fixed deposits or recurring deposits with commercial banks are insured up to a maximum of Rs 5 lakh for both principal and interest amount.
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