Public and private sector banks in India provide a variety of savings account options tailored to meet different needs.
The annual interest rates on these accounts typically range from 2.60% to 8%, depending on the account’s balance.
If you are planning to open a savings account, it is important to know how much interest different banks offer on savings accounts.
Make sure to understand the interest rates and specific features associated with the account before making a decision.
Here, you will find details about the interest rates offered by various banks and their savings account options.
Latest Interest Rates on Savings Accounts from Top Banks
Several banks provide relatively low interest rates, but here’s a list of banks offering the highest interest on savings balances up to ₹1 lakh.
| list of banks | interest rate |
| Jana Small Finance Bank Limited | 3.50% per annum |
| RBL Bank Limited | 4.25% per annum |
| yes bank | 3.00 per cent per annum |
| North East Small Finance Bank Limited | 4.00 per cent per annum |
| Utkarsh Small Finance Bank Limited | 4.00 per cent per annum |
| Suryodaya Small Finance Bank Limited | 3.00 per cent per annum |
| Fincare Small Finance Bank Limited | 3.51% per annum |
| Indusind Bank | 3.50% per annum |
| EAAF Small Finance Bank Limited | 3.50% per annum |
| IDFC First Bank Limited | 3.00 per cent per annum |
Interest Rates on Savings Account Deposits Between ₹1 Lakh and ₹5 Lakh
Several banks provide competitive interest rates on deposits ranging from ₹1 lakh to ₹5 lakh.
It’s important to note that deposits up to ₹5 lakh in any bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
In the event of a bank default, the account holder is protected up to this limit.
Below are some banks that offer the highest interest rates on savings accounts within this ₹5 lakh limit.
| Bank | interest rate |
| Bandhan Bank | 6.00 per cent per annum |
| Equitas Small Finance Bank | 5.00 per cent per annum |
| Ujjwal Small Finance Bank | 5.00 per cent per annum |
| DBS Bank | 7.00 per cent per annum (on balances above Rs 4 to 5 lakh) |
| Jana Small Finance Bank | 5.00% p.a. (on balance above Rs 1 lakh and up to Rs 5 lakh) |
| Utkarsh Small Finance Bank | 6.25% per annum |
| Suryodaya Small Finance Bank | 5.00 per cent per annum |
| Fincare Small Finance Bank | 7.11 per cent per annum (on balances above Rs 2 lakh and up to Rs 5 lakh) |
| yes bank | 4.00 per cent per annum |
| RBL Bank | 5.50% p.a. (on balance above Rs 1 lakh and up to Rs 10 lakh) |
