Most banks in India provide several types of savings accounts that are designed to meet the demands of a diversified customer base. Banks offer a plethora of advantages that can assist a person in beginning to save and progressively building their investment portfolio. Public sector as well as private sector banks including Small Finance Banks offer a different range of interest rates for savings accounts. The interest rates usually range from 2.70% per annum to 8% per annum. Many big banks continue to provide low interest rates on savings accounts, while some banks offer interest rates of up to 7% on savings accounts.
3 banks special FDs with higher interest rates ending on December 31
Here is a look at banks that offer up to 8% interest rate on savings accounts.
DCB Bank savings account interest rates
DCB Bank offers up to 8% interest on savings accounts with balances ranging from Rs 10 lakh to less than Rs 2 crore. The bank pays 7.75% interest on savings account balances ranging from Rs 10 crore to less than Rs 200 crore. The rates are effective from September 27, 2023.
IDFC FIRST Bank savings account interest rate
IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 5 lakh to less than Rs 25 crore. The new rates are effective from October 1, 2023.
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Suryoday Small Finance Bank savings account interest rate
Suryoday Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs. 10 Lakh up to & including Rs 5 crore. The rates are effective from November 13, 2023.
ESAF Small Finance Bank savings account interest rate
ESAF Small Finance Bank pays the highest interest rate of 7.50% on savings account balances Above Rs.5 lakhs (i.e. for incremental amount above Rs.5 lakhs). The rate of interest effective from November 20, 2023.
AU Small Finance Bank savings account interest rate
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 rate of interest effective from September 11, 2023.
Fincare Small Finance Bank
AU Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs 25 lakhs to Rs 10 crores. The rate of interest effective from December 1, 2023.
FAQs
Currently, no banks offer an interest rate of 8% on savings accounts. However, some banks provide a 7% APY on checking accounts.
Which bank gives 8% interest? ›
Some banks offer interest rates of 8% or more, making them an appealing option for risk-averse investors. For instance, Unity Small Finance Bank offers 9% interest for 1,001 days, while YES Bank offers 8% for 18 months.
Which bank gives 7% interest on savings accounts in the USA? ›
A 7% interest savings account is hard to come by. The only institution we found offering such a high rate is Landmark Credit Union.
Which bank gives 6%? ›
Certificate of deposit with at least 6% interest
| Institution | Term | Highest APY Available |
|---|
| Financial Partners Credit Union | 8 months | 6.50% |
| BP Federal Credit Union | 9 months | 6.17% |
| Geismar Complex Federal Credit Union | 6 months | 6.17% |
Sep 5, 2024
Regular savers open to all – what we'd go for
| Provider | Rate (AER) | Max monthly deposit |
|---|
| Principality BS | 8% fixed for six months | £200 |
| Coventry BS | 6.25% variable for a year | £150 |
| Halifax | 5.5% fixed for one year | £250 |
Investments That Can Potentially Return 10% or More
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
Here are the 15 banks offering interest rates of 8% and more, according to Paisa Bazaar:
- AU Small Finance Bank.
- Equitas Small Finance Bank.
- ESAF Small Finance Bank.
- Jana Small Finance.
- NorthEast Small Finance Bank.
- Suryoday Small Finance Bank.
- Ujjivan Small Finance Bank.
- Unity Small Finance Bank.
In a fresh move, Unity Small Finance Bank has revised its interest rates on fixed deposits of amounts below Rs 2 crore. The small finance bank is now offering rates ranging from 4.5% and 9% per annum to its general customers and up to 9.5% per annum to senior citizens.
What banks are paying the highest interest right now? ›
Best High-Yield Savings Account Rates for September 2024
- Pibank – 5.50% APY.
- Poppy Bank – 5.50% APY.
- Western Alliance Bank – 5.31% APY.
- Forbright Bank – 5.30% APY.
- Vio Bank – 5.30% APY.
- BrioDirect – 5.30% APY.
- Ivy Bank – 5.30% APY.
- TotalBank – 5.26% APY.
OnPath Federal Credit Union customers can currently access a 7% APY on average daily checking account balances up to $10,000. Landmark Premium Credit Union is another credit union offering a high rate on checking deposits. You can earn 7.50% APY on deposits of up to $500.
Right now, there aren't any financial institutions offering 7% interest on a CD. However, California Coast Credit Union is offering a 5-month Celebration Certificate with a 9.50% APY. The credit union's membership eligibility requirements are limited to people who live or work in San Diego or Riverside counties.
Which bank is best for savings accounts? ›
Institutions such as HDFC Bank, ICICI Bank, and State Bank of India (SBI) are known for their attractive interest rates and substantial branch networks. Kotak Mahindra Bank is known for its digital financial services, whereas Axis Bank provides flexible savings alternatives.
Where can I get 6 percent on my money? ›
Currently, there's only two accounts that pay 6% APY — Digital Federal Credit Union's savings account and Boeing Employees' Credit Union's savings account — and they only pay 6.17% APY on a small portion of your balance. The rest of your balance will earn a comparatively low APY.
Can I get 6% on a CD? ›
You can get 6% on a CD by becoming a member of a credit union offering a certificate with this rate. Find out which credit unions have 6% CDs and who's eligible to open these accounts.
Who has the highest paying CD right now? ›
Best 1-Year CD Rates
- Mountain America Credit Union – 5.25% APY.
- Merchants Bank of Indiana – 5.25% APY.
- National Cooperative Bank — 5.18% APY.
- Abound Credit Union – 5.15% APY.
- Connexus Credit Union – 5.15% APY.
- Vibrant Credit Union – 5.15% APY.
- LendingClub – 5.10% APY.
- Northpointe Bank – 5.10% APY.
No banks currently offer 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.
Which bank has highest interest on savings accounts? ›
Best High-Yield Savings Account Rates for September 2024
- Pibank – 5.50% APY.
- Poppy Bank – 5.50% APY.
- Western Alliance Bank – 5.31% APY.
- Forbright Bank – 5.30% APY.
- Vio Bank – 5.30% APY.
- BrioDirect – 5.30% APY.
- Ivy Bank – 5.30% APY.
- TotalBank – 5.26% APY.
Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.
Which bank gives 9 percent interest? ›
Banks offering more than 7% Interest on FDs in 2024
| FDs paying more than 7% |
|---|
| Fincare Small Finance Bank | 1,000 days | 9.11% |
| Ujjivan Small Finance Bank | 12 months /560 days | 8.85% |
| Equitas Small Finance Bank | 888 days | 9.00% |
| Utkarsh Small Finance Bank | 700 days to 2 years | 8.85% |
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