Everyone nowadays needs a savings account to keep his/her money safe. The number of savings bank accounts in India has skyrocketed especially after the Pradhan Mantri Jhan Dhan Account Scheme.
With so many savings account options, getting the best interest rate for your savings account keeps your hard-earned money safe and secured at the same time it appreciates the value of the currency over time.
Ideally, a savings account is used to save money which is completely different from investing money.
For investment, you’ll need an account that offers inflation-adjusted interest rates but with a savings account, the interest rate is comparatively low.
But, with Savings account transactions becomes easy and fast hence, the use of a savings account is to easily transfer money and store money.
Some savings account offers attractive interest rates which even after inflation adjustment provide good growth toward our wealth.
In this article, we will find the Best Bank Savings Interest Rate in India, and what are the factors that you should consider before applying for a Savings bank Account.
Top Savings Interest Rate in India 2024
The following are the top interest rates offered by the bank in India-
| Name of Bank | Rates of Interest (p.a.) |
| Kotak Mahindra Bank Savings Account | 3.50% to 4.00% |
| Yes Bank Savings Account | 4.00% to 5.25% |
| Axis Bank Savings Account | 3.00% to 3.50% |
| IndusInd Bank Savings Account | 3.50% to 5.50% |
| RBL Bank Savings Account | 4.00% to 7.00% |
| Unity Small Finance Bank | 6.00% to 7.00% |
| Ujjivan Small Finance Bank | Up to 7% |
| Digibank by DBS | Up to 7% |
| IDFC First Bank | Up to 6.75% |
| Bandhan Bank | Up to 6.5% |
Top 10 Savings Bank Accounts with Highest Interest Rates in India
The following is the list of the Top 10 Savings Bank Account with the Highest Interest Rate in India-
Kotak Mahindra Bank Savings Account
Kotak Mahindra Bank is a private bank offering an attractive banking experience with 15+ savings account option which suits a variety of individuals.
The interest rate offered here is 3.50% to 4.00% which is not a lot as compared to other competitors however, it makes up to you in other areas.
You can open your savings account digitally with the eKYC option within the comfort of your home. Apart from digital banking, Kotak Mahindra Bank also provides a home banking option enabling you to manage your bank account from home.
Yes Bank Savings Account
Yes, Bank Savings Account offers you a 4.00% to 5.25% interest rate and 8+ different types of savings account, you can choose any account based on your requirement.
The interest rate offered by the bank is not too low but not high as well, hence, it is a comfortable zone where you can park your money.
The digital banking experience is good with 99.99% uptime for a mobile app as well as Internet banking.
Axis Bank Savings Account
With an interest rate of 3.00% to 3.50%, it is not a very attractive interest rate, however, the services that you get from the bank are amazing.
With 15+ types of savings accounts, the need for premium, as well as general customers, has been taken care of. Some of the accounts are digitally opened and required a video KYC only.
IndusInd Bank Savings Account
IndusInd Bank is a private bank providing attractive interest rates for the savings account in which you want to invest. The interest rate for the savings account goes up to 5.50% and depends on the investment that you’ve made.
There are more than 15 savings accounts in IndusInd Bank which are as follows-
| Regular Savings Account | Special Savings Account | Premium Savings Account |
| Indus Privilege Savings Account | Indus Delite Zero Balance Savings Account | PIONEER Banking and Wealth Management Savings Account |
| Indus Privilege Max Savings Account | Indus Multiplier Max Savings Account | Indus Exclusive Savings Account |
| Indus Max Active Savings Account | Indus Diva Savings Account for women | Indus Partner Savings Account |
| Indus Digi Start Savings Account | Indus Senior Account for Senior Citizen | Indus PROgress Savings Account |
| Indus Maxima Savings Account | Indus Young Saver | Indus Select Savings Account |
| Indus Classic Savings Account | IndusStox 3-in-1 Account | |
| Indus Easy Savings Account | ||
| Indus Small Savings Account |
RBL Bank Savings Account
RBL Bank offers up to 7% on the savings account interest rate which is amazing as it will keep the interest rate higher or at the same level viz-a-viz inflation is concerned.
With7% interest rate, the bank provides an FD interest rate on Savings Accounts which is the best option for people who want to save their funds and at the same time get investment benefits.
There are 9+ types of savings accounts and you can choose any of the savings accounts based on your liking.
Unity Small Finance Bank
Unity Small Finance Bank is a small Finance Bank that provides digital banking features on your smart devices enabling you to enjoy a fully digital banking experience.
You can open a savings account without being confused about what type to choose as the bank only offers one account type.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is a leading small finance bank that offers saving bank account to individuals. The interest rate offered by them is attractive up to 7%, one of the highest in the savings bank category.
The bank offers a range of banking products and services, including digital banking which enables you to manage your bank account online.
Digibank by DBS
Digibank by DBS offers an innovative digital banking experience that includes a savings account with attractive interest rate. This bank offers a modern convenient banking solution by operating in a fully digital-only mode.
You can manage your finances conveniently through the Digibank app on your smartphone or tablet. By using the Digibank savings account you can earn up to 7% interest on the savings.
With this interest rate, you can save faster and grow your savings than what traditional banks have to offer.
One of the unique features of Digibank’s savings account is that it offers interest daily, which means you earn interest on your account balance every day.
IDFC First Bank
IDFC First Bank is a leading private sector bank in India and is one of the faster-growing banks as well. The interest rate offered by the bank is up to 7% which is one of the most attractive interest rates when you compare it with competitors.
Also, the features offered by the bank make it unique as well. This bank also offers a premium digital banking experience and assists you online as well as offline.
Bandhan Bank
Bandhan Bank is a leading private sector bank in India that offers a wide range of banking products and services, including savings accounts. The Bandhan Bank offers an interest rate of up to 6.50% which is attractive.
Conclusion
Selecting a savings account is an important decision as it is the account that will stick with your throughout. The savings account should be good, easy to access, and should offer an attractive interest rate.
The above list only considers interest rates however, you should select the savings bank account based on your own needs.
For instance, if you are not digitally savvy then choosing a fully digital savings account like Digibank by DBS is not a good idea so in this case, choosing something which is nearest to your home should be in your consideration.
If you are comfortable with digital banking, then you should choose any of the above-mentioned banks. If you have to choose one bank for your savings then you should go with the IDFC First Bank.
IDFC First Bank is an amazing bank that offers attractive interest rates but is also at the forefront when it comes to loans and credit cards.
If you go to purchase a car or bike or any kind of high asset, IDFC First Bank is one of the options you’ll be provided for financing.
If you’ll have an account with IDFC First Bank, then managing all the loans, credit cards, etc. will be easy.
