Savings accounts are nothing fancy and are one of the oldest ways to earn interest to make money. Some consider them the most trusted and lesser risk-taking investment options! That’s because a savings account is a secure and convenient way to track and transact funds.
If you are planning to open a savings account, this article will help you to explore the top banks in India that provide the best interest rates on their savings account. Further, look at the top ten savings accounts with the highest interest rates in India.
Table of Content
- 1List of Savings Accounts with Highest Interest Rates
- 2Best Savings Account with Their Interest Rates
- 3Why is Freo Save the Best Savings Account in India?
List of Savings Accounts with Highest Interest Rates
| Sr. No | Savings Account | Interest Rate |
|---|---|---|
| 1 | Freo Save | Up to 7% |
| 2 | Ujjivan Small Finance Bank | Up to 7.50% [w.e.f. 15th November, 2023] |
| 3 | RBL | Up to 7.50% [w.e.f. 21st August, 2023] |
| 4 | Digibank by DBS | Up to 7% [w.e.f. 10th October, 2023] |
| 5 | IDFC | Up to 7% [w.e.f. 1st October, 2023] |
| 6 | Bandhan Bank | Up to 8.05% [w.e.f. 5th September, 2023] |
| 7 | Yes Bank | Up to 7% [w.e.f. 1st November, 2023] |
| 8 | IndusInd Bank | Up to 6.75% [w.e.f. 5th December, 2023] |
| 9 | Kotak Mahindra Bank | Up to 4% [w.e.f. 13th June, 2022] |
| 10 | Canara bank | Up to 4% [w.e.f. 21st December, 2021] |
| 11 | ICICI | Up to 3.5% [w.e.f. 4th June, 2020] |
| 12 | Axis Bank | Up to 3.5% [w.e.f. 1st June, 2022] |
| 13 | HDFC | Up to 3.5% [w.e.f. 6th April, 2022] |
| 14 | Bank of Baroda | Up to 3.35% [w.e.f. 15th June, 2022] |
| 15 | Union Bank of India | Up to 4% [w.e.f. 20th November, 2023] |
| 16 | SBI | Up to 3% [w.e.f. 15th October, 2022] |
| 17 | Indian Bank | Up to 2.90% [w.e.f. 1st April, 2022] |
| 18 | Bank of India | Up to 2.90% [w.e.f. 1st May, 2022] |
| 19 | Punjab National Bank | Up to 2.90% [w.e.f. 1st January, 2023] |
*Updated January 2024
Best Savings Account with Their Interest Rates
Several public and private sector banks in India today offer different forms of savings accounts that cater to different needs of individuals. There are several interest rates available for a savings account, and this is our handpicked list of some of the highest interest rates bearing savings accounts:
1. Freosave
1
Savings Account Interest Rates
- Up to ₹1 lakh: 3.50%
- Above ₹1 lakh and up to ₹5 lakh: 5.25%
- Above ₹5 lakh: 7.00%
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Get Freo Save2. Ujjivan Small Finance Bank
2
Savings Account Interest Rates
- Up to ₹1 lakh: 3.50%
- Above ₹1 lakh and up to ₹5 lakh: 5%
- Above ₹5 lakh to ₹5 Crore: 7.50%
3. RBL Bank
3
Savings Account Interest Rates
- Up to ₹1 lakh: 4.25%
- Above ₹1 lakh to ₹25 lakh*: 5.50%
- Above ₹10 lakh to ₹25 lakh*: 6.00%
- Above ₹25 lakh to ₹2 crore*: 7.50%
- Above ₹2 crore to ₹3 crore*: 7.00%
- Above ₹3 crore to ₹7.5 crore*: 6.50%
- Above ₹7.5 crore to ₹25 crore*: 6.25%
- Above ₹25 crore to ₹50 crore*: 6.25%
- Above ₹50 crore to ₹100 crore*: 5.25%
- Above ₹100 crore to ₹200 crore*: 6.00%
- Above ₹200 crore to ₹400 crore*: 4.00%
- Above ₹400 crore*: 6.75%
4. Digibank by DBS
4
Savings Account Interest Rates
- Up to ₹1 lakh: 3.25%
- ₹1 lakh and up to ₹2 lakhs: 3.50%
- ₹2 lakhs and up to ₹3 lakhs: 3.25%
- ₹3 lakhs and up to ₹4 lakhs: 3.50%
- ₹4 lakhs and up to ₹5 lakhs: 7.00%
- ₹5 lakhs and up to ₹10 lakh: 5.00%
- ₹10 lakhs and up to ₹50 lakh: 4.00%
- ₹50 lakhs and up to ₹1 crore: 5.00%
- Above ₹1 Crore: 3.00%
5. IDFC Bank
5
Savings Account Interest Rates
- Up to ₹1 lakh: 3.00%
- Above ₹1 lakh to ₹5 lakh: 4.00%
- Above ₹5 lakh to ₹25 crore: 7.00%
- Above ₹50 crore to ₹100 crore: 5.00%
- Above ₹100 crore to ₹200 crore: 4.50%
- Above ₹200 crore: 3.50%
6. Bandhan Bank
6
- Up to ₹1 lakh: 3.00%
- Above ₹1 lakh to ₹10 lakh: 6.00%
- Above ₹10 lakh to ₹2 crore: 7.00%
- Above ₹2 crore to ₹10 crore: 6.25%
- Above ₹10 crore to ₹50 crore: 6.50%
- Above ₹50 crore to ₹100 crore: 8.00%
- Above ₹100 crore to ₹250 crore: 8.00%
- Above ₹250 crore: 8.05%
7. Yes Bank
7
Savings Account Interest Rates
- Up to ₹1 lakh: 4.00%
- Above ₹1 lakh to ₹5 lakh: 4.25%
- Above ₹5 lakh to ₹10 lakh: 5.00%
- Above ₹10 lakh to ₹25 lakh: 5.50%
- Above ₹25 lakh to ₹1 crore: 6.00%
- Above ₹1 crore to ₹10 crore: 6.25%
- Above ₹10 crore to ₹25 crore: 6.00%
8. IndusInd Bank
8
Savings Account Interest Rates
- Up to ₹1 lakh: 3.50%
- Above ₹1 lakh to ₹10 lakh: 5.00%
- Above ₹10 lakh to ₹25 lakh: 6.00%
- Above ₹25 lakh to ₹5 crore: 6.75%
- Above ₹5 crore to ₹50 crore: 6.75%
- Above ₹50 crore to ₹100 crore: 6.00%
9. Kotak Mahindra Bank
9
Savings Account Interest Rates
- Up to ₹50 lakh: 3.50%
- Above ₹50 lakh: 4.00%
Why is Freo Save the Best Savings Account in India?
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Set Reminders to Repay on TimeWe believe in the power of 7%*. Our customers can enjoy up to 7% interest rate with our digital savings account, which is the highest compared to most savings accounts!
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100% Digital Experience:Say goodbye to the conventional paperwork and embrace a 100% digital experience. Open an account online within minutes and start banking on our app!
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Zero Balance:Unlike other banks, Freo Save follows the model of azero-balance savings account. So, you are free from any charges required if the minimum balance is not met!
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