CES 5 Banks Offer 7% Interest Rate on Savings Accounts | Personal finance news
There are various benefits of having a savings account, including liquidity, interest income, safety of funds, and additional profits through the automatic swipe option between a savings account and a fixed deposit, among others. According to statistics provided by BankBazaar, smaller financial institutions offer higher interest rates in the face of falling interest rates.
To attract new retail customers, smaller financing banks charge higher interest rates on savings accounts than private and public sector banks. Choose a bank with a long history of exceptional service, an extensive branch network and ATMs in multiple locations; a higher interest rate on savings accounts would be a plus.
- Ujjivan Small Finance Bank: On savings accounts, Ujjivan Small Finance Bank gives interest rates of up to 7%. This bank offers the best interest rates among the smaller finance banks.
- AU Small Finance Bank: On savings accounts, AU Small Finance Bank offers interest rates of up to 7%. The monthly balance requirements vary from Rs 2,000 to Rs 5,000.
- Equitas Small Finance Bank: On savings accounts, Equitas Small Finance Bank offers interest rates of up to 7%. The monthly balance requirements vary from Rs 2,500 to Rs 5,000.
- DCB Bank: DCB Bank savings accounts can earn up to 6.75% interest. This bank has the best interest rates among private banks. The monthly amount required is Rs 2,500 to Rs 5,000.
- Suryoday Small Finance Bank: Suryoday Small Finance Bank offers savings accounts with interest rates of up to 6.25%. The average monthly amount required is Rs 2,000.