6 banks offering up to 8% interest rate on savings accounts

IDFC FIRST Bank offers interest rates up to 7% on balances more than Rs 5 lakh to less than Rs 25 crore. The interest rates on savings accounts range from 3% to 7%. The new rates are effective from October 1, 2023.

According to the IDFC FIRST website, “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 is on a monthly basis. Interest will be calculated on progressive balances in each Interest Rate Slab as applicable.”

Getty Images

Suryoday Small Finance Bank offers the highest interest rate of 7.50% on savings account balances above Rs. 10 lakh but not exceeding Rs 5 crore. The interest rates on savings accounts range from 3% to 7.50%. The tariffs go into effect on November 13, 2023.

According to the Suryoday SFB website, “Interest will be calculated on the daily closing balance in the Savings Account, as per extant guidelines from the Reserve Bank of India. Slab rates are applicable on the incremental amount based on the daily closing balance in the Savings Account. Interest payout will be made on a monthly basis on the last day of the calendar month.”

Getty Images

ESAF Small Finance Bank pays the highest interest rate of 7.50% on savings account balances Above Rs.5 lakhs (i.e. for incremental amounts above Rs.5 lakhs). The interest rates on savings accounts range from 3.5% to 7.50%. The rate of interest effective from November 20, 2023.

Getty Images

AU Small Finance Bank pays the highest interest rate of 7.25% on savings account balances from Rs 1 Crore to less than Rs 5 crores. The interest rates on savings accounts range from 3.5% to 7.25%. The rate of interest effective from September 11, 2023.

Getty Images

Fincare Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs 25 lakhs to Rs 10 crores. The interest rates on savings accounts range from 3.51% to 7.50%. The rate of interest effective from December 1, 2023.

Getty Images