Highest Interest-Rate Savings Accounts in 2024
A savings account is a type of bank account where individuals can deposit their money for safekeeping and earn interest on their deposits over time. This account is primarily used for storing funds rather than frequent transactions, and it typically offers a lower interest rate compared to other types of accounts like fixed deposits or investment accounts. The Banks that provide Highest Interest-Rate Savings Accounts in 2024 are mentioned in this article. Savings accounts are commonly used by individuals to save money for short-term goals, emergencies, or future expenses.
Savings accounts are a simple and old-fashioned way to earn some extra money. They’re safe and easy to use, making them a popular choice for keeping track of your funds.
If you are planning to open a Saving Account, this article will help you to explore the top banks in India that provide the Highest Interest-Rate Savings Accounts in 2024.
| BANKS | INTEREST RATE ON SAVING ACCOUNT |
| DCB Bank | Up to 8% |
| Ujjivan Small Finance Bank | Up to 7.50% |
| DBS Bank | Up to 7% |
| RBL Bank | Up to 7.50% |
| IDFC First Bank | Up to 7% |
DCB Bank
DCB Bank is a financial institution that provides banking services to individuals and businesses. They offer various products such as savings accounts, current accounts, loans, credit cards, and other banking services tailored to meet the financial needs of their customers. This bank provides interest rates of up to 8% on savings accounts, making it the top choice among private banks in terms of interest rates. The minimum balance requirement ranges from ₹2,500 to ₹5,000.
| DCB Savings Account Balance | Rate of Interest |
| On Balances up to Rs. 1 Lakh | 1.75% |
| On Balance above Rs. 1 Lakh to Less than Rs. 2 Lakh | 3.00% |
| On Balance above Rs. 2 Lakh to Less than Rs. 5 Lakh | 3.00% |
| On Balance above Rs. 5 Lakh to Less than Rs. 10 Lakh | 5.25% |
| On Balance above Rs. 10 Lakh to Less than Rs.2 Crore | 8.00% |
| On Balance above Rs. 2 Crore to Less than Rs. 5 Crore | 5.50% |
| On Balance above Rs. 5 Crore to Less than Rs. 10 Crore | 7.00% |
| On Balance above Rs. 10 crore to Less than Rs. 50 Crore | 7.75% |
| On Balance above Rs. 50 Crore to Less than Rs. 200 Crore | 7.75% |
| On Balance Rs. 200 Crore and above | 5.50% |
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank is a financial institution that offers banking services primarily aimed at providing financial inclusion to underserved and unbanked segments of the population. It provides various banking products and services, including savings accounts, current accounts, fixed deposits, loans, insurance, and other financial services tailored to meet the needs of its customers, particularly those in rural and semi-urban areas. This bank provides competitive interest rates for savings accounts, reaching up to 7.50 per cent for specific balance tiers. This positions them as a leading choice among small finance banks in terms of interest rates.
Savings Account Interest Rates
| Ujjivan Small Finance Bank Savings Account Balance | Rate of Interest |
| Up to ₹1 lakh: | 3.50% |
| Above ₹1 lakh and up to ₹5 lakh | 5.00% |
| Above ₹5 lakh to ₹5 Crore | 7.50% |
DBS Bank
DBS savings accounts offer various features such as competitive interest rates, easy access to funds through ATM withdrawals and online banking, and options for personalized banking services. Customers can choose from different types of savings accounts tailored to their financial needs, such as basic savings accounts, high-interest savings accounts, and accounts with additional perks like cashback rewards or discounts on banking fees. Additionally, DBS may provide tools and resources to help customers manage their savings effectively, such as budgeting tools and automatic savings plans.
DCB Bank provide interest rates for savings accounts, reaching up to 7% for specific balance tiers.
Savings Account Interest Rates
| DBS Bank Savings Account Balance | Interest Rate |
|---|---|
| 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% |
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RBL Bank
RBL Bank is a financial institution that offers a wide range of banking services to individuals and businesses. They provide services such as savings accounts, current accounts, loans, credit cards, and various other banking products to meet the diverse financial needs of their customers. This bank provides competitive interest rates for savings accounts, reaching up to 7.50 per cent for specific balance tiers.
Savings Account Interest Rates
| RBL Bank Savings Account Balance | Interest Rate |
|---|---|
| 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% |
IDFC First Bank
IDFC First Bank is a bank that offers a range of financial services to both individuals and businesses. They provide services like savings accounts, current accounts, loans, credit cards, and more to help meet the various banking needs of their customers. This bank provides competitive interest rates for savings accounts, reaching up to 7% for specific balance tiers.
Savings Account Interest Rates
| IDFC First Bank Savings Account Balance | Interest Rate |
|---|---|
| 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% |
