{"id":1233,"date":"2021-05-01T01:02:00","date_gmt":"2021-04-30T19:32:00","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=1233"},"modified":"2021-06-12T01:31:24","modified_gmt":"2021-06-11T20:01:24","slug":"which-bank-offers-highest-interest-rate-on-savings-account-in-india","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/which-bank-offers-highest-interest-rate-on-savings-account-in-india\/","title":{"rendered":"Which bank gives highest interest rate on saving account in India?"},"content":{"rendered":"\n

As of today most big banks like SBI, ICICI Bank, Union Bank of India, Punjab National Bank (PNB) offer less than 3% interest on savings account. <\/strong> Until October 2011, all banks had to offer minimum interest of 4%. However Reserve Bank of India deregulated the interest offered on Savings Account by banks in October 2011 with the expectation that it would make market more competitive. However with falling interest rates, almost all big banks have slashed their interest rate on savings account to below 3%.<\/p>\n\n\n\n

The highest Saving Account interest is being offered by<\/strong> Ratnakar Bank & Bandhan Bank at 6% for balance of more than Rs 1 lakh. <\/p>\n\n\n\n

Most of small finance banks also offer a higher interest on savings account. Utkarsh Small Finance Bank <\/strong>offers 7.25% on balance of above Rs 10 Lakhs. Utkarsh Small Finance Bank <\/strong>and Ujjivan Small Finance Bank<\/strong> offers 7.00% interest on savings account for balance of more than Rs 1 Lakh.<\/p>\n\n\n\n

Get Highest Fixed Deposit Interest Rates<\/strong><\/h4>

Fixed Deposit with Banks is one of the most popular and convenient investment option. To help you choose the best, we compare the interest rates on fixed deposit across all major 48 banks in India including government, private, foreign and small financial banks<\/a> in India every month. This may prove to be quite handy for you in choose the Best Bank FD scheme<\/a>.<\/p><\/div><\/div>\n\n\n\n

\"Best
Best interest rate on savings account in India<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n

Highest Interest on Savings Account<\/h2>\n\n\n\n

The table below shows the interest rate offered by banks on its saving account across different balances. We have highlighted<\/span> banks which offer more than 4% .<\/b>(X means no info was available on the bank’s website as of research date)<\/em><\/p>\n\n\n\n

Government Banks Interest on Savings Account<\/h3>\n\n\n\n

None of the government owned banks offer more than 4% interest on savings account.<\/p>\n\n\n\n

Bank<\/th>up to 1 Lakh<\/th>1 – 5 Lakhs<\/th>5 – 10 Lakhs<\/th>10+ Lakhs<\/th><\/tr><\/thead>
Bank of Baroda<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td><\/tr>
Bank of India<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td><\/tr>
Bank of Maharashtra<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td><\/tr>
Canara Bank<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td><\/tr>
Central Bank of India<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td><\/tr>
Indian Bank<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td><\/tr>
Indian Overseas Bank<\/td>3.05%<\/td>3.05%<\/td>3.05%<\/td>3.05%<\/td><\/tr>
J&K Bank<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td>2.90%<\/td><\/tr>
Post Office Savings Account<\/td>4.00%<\/td>4.00%<\/td>4.00%<\/td>4.00%<\/td><\/tr>
Punjab and Sind Bank<\/td>3.10%<\/td>3.10%<\/td>3.10%<\/td>3.10%<\/td><\/tr>
Punjab National Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
State Bank of India<\/td>2.70%<\/td>2.70%<\/td>2.70%<\/td>2.70%<\/td><\/tr>
UCO Bank<\/td>2.50%<\/td>2.50%<\/td>2.50%<\/td>2.50%<\/td><\/tr>
Union Bank of India<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr><\/tbody><\/table>
Government Banks Interest on Savings Account<\/strong><\/figcaption><\/figure>\n\n\n\n

Should you Invest in Gold?<\/strong><\/h4>

We looked at more than 55 years history of gold to see if its a good idea to invest in Gold. We concluded that its more volatile than perceived but investing in long term may provide you with more stable returns. You can look at the complete analysis and our conclusion here – Looking at Gold Price History in India \u2013 Should you Invest in Gold?<\/a><\/p><\/div><\/div>\n\n\n\n

Private Banks Interest on Savings Account<\/h3>\n\n\n\n

A few private banks offer more than 4% on their savings account: <\/p>\n\n\n\n

  1. Bandhan Bank<\/li>
  2. IDFC First Bank<\/li>
  3. Indus Ind Bank<\/li>
  4. Ratnakar Bank<\/li>
  5. Yes Bank<\/li><\/ol>\n\n\n\n
    Banks<\/th>up to 1 Lakh<\/th>1 – 5 lakhs<\/th>5 – 10 Lakhs<\/th>10+ Lakhs<\/th><\/tr><\/thead>
    Axis Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    Bandhan Bank<\/td>3.00%<\/td>6.00%<\/span><\/td>6.00%<\/span><\/td>6.00%<\/span><\/td><\/tr>
    Catholic Syrian Bank<\/td>2.10%<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td><\/tr>
    City Union Bank<\/td>3.50%<\/td>3.75%<\/td>3.75%<\/td>4.00%<\/td><\/tr>
    DCB Bank<\/td>3.25%<\/td>3.25%<\/td>3.25%<\/td>3.25%<\/td><\/tr>
    Dhanalakshmi Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    Federal Bank<\/td>2.50%<\/td>2.50%<\/td>2.50%<\/td>2.50%<\/td><\/tr>
    HDFC Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    ICICI Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    IDBI Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    IDFC First Bank<\/td>4.00%<\/span><\/td>4.50%<\/span><\/td>4.50%<\/span><\/td>5.00%<\/span><\/td><\/tr>
    Indus Ind Bank<\/td>4.00%<\/td>5.00%<\/span><\/td>5.00%<\/span><\/td>6.00%<\/span><\/td><\/tr>
    Karnataka Bank<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td><\/tr>
    Karur Vysya Bank<\/td>2.75%<\/td>2.75%<\/td>3.25%<\/td>3.50%<\/td><\/tr>
    Kotak Mahindra Bank<\/td>3.50%<\/td>4.00%<\/td>4.00%<\/td>4.00%<\/td><\/tr>
    Nainital Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td><\/tr>
    Ratnakar Bank<\/td>4.75%<\/td>6.00%<\/span><\/td>6.00%<\/span><\/td>6.50%<\/span><\/td><\/tr>
    South Indian Bank<\/td>2.35%<\/td>2.75%<\/td>2.75%<\/td>2.75%<\/td><\/tr>
    Tamilnad Mercantile Bank<\/td>3.00%<\/td>3.00%<\/td>3.00%<\/td>3.25%<\/td><\/tr>
    Yes Bank<\/td>4.00%<\/td>4.75%<\/span><\/td>4.75%<\/span><\/td>5.50%<\/span><\/td><\/tr><\/tbody><\/table>
    Private Banks Interest on Savings Account<\/strong><\/figcaption><\/figure>\n\n\n\n

    25 Best Tax Free Income & Investments in India<\/strong><\/h4>

    Everyone hates Taxes and go out in full force to save it \u2013 sometime legally and sometimes beyond the law. Fortunately there are still some tax Free incomes & investments<\/strong>. Learn about them here and use it to your advantage.<\/a><\/p><\/div><\/div>\n\n\n\n

    Small Financial Banks Interest on Savings Account<\/h3>\n\n\n\n

    Almost all Small Finance Banks except Capital Small Finance Bank offers more than 4% on their savings account.<\/p>\n\n\n\n

    Banks<\/th>Up To 1 lakh<\/th>1 – 5 Lakhs<\/th>5 – 10 Lakhs<\/th>10+ Lakhs<\/th><\/tr><\/thead>
    AU Small Finance Bank <\/td>3.50%<\/td>5.00%<\/td>6.00%<\/span><\/td>7.00%<\/span><\/td><\/tr>
    Capital Small Finance Bank <\/td>3.75%<\/td>3.75%<\/td>3.75%<\/td>3.75%<\/td><\/tr>
    ESAF Small Finance Bank <\/td>4.00%<\/td>5.50%<\/span><\/td>5.50%<\/span><\/td>6.50%<\/span><\/td><\/tr>
    Fincare Small Finance Bank <\/td>x<\/td>x<\/td>x<\/td>x<\/td><\/tr>
    Jana Small Finance Bank<\/td>3.50%<\/td>6.00%<\/span><\/td>6.00%<\/span><\/td>7.00%<\/span><\/td><\/tr>
    North East Small Finance Bank<\/td>4.00%<\/td>4.00%<\/td>5.00%<\/span><\/td>5.00%<\/span><\/td><\/tr>
    Suryoday Small Finance Bank <\/td>4.00%<\/td>6.25%<\/span><\/td>6.25%<\/span><\/td>6.00%<\/span><\/td><\/tr>
    Ujjivan Small Finance Bank<\/td>4.00%<\/td>7.00%<\/span><\/td>7.00%<\/span><\/td>7.00%<\/span><\/td><\/tr>
    Utkarsh Small Finance Bank<\/td>x<\/td>7.00%<\/span><\/td>7.00%<\/span><\/td>7.00%<\/span><\/td><\/tr>
    Utkarsh Small Finance Bank<\/td>5.00%<\/span><\/td>6.00%<\/span><\/td>6.00%<\/span><\/td>7.25%<\/span><\/td><\/tr><\/tbody><\/table>
    Small Financial Banks Interest on Savings Account<\/strong><\/figcaption><\/figure>\n\n\n\n

    How to Pay 0 Income Tax on Salary of Rs 20+ Lakh (FY 2020-21)?<\/strong><\/h4>

    As you can see with the above income tax calculation, salary components and salary structure plays a very important role in how much income tax you pay. We have come up with some optimised salary structure using which you pay NO income tax even with CTC of more than Rs 20 Lakhs<\/a>.<\/p><\/div><\/div>\n\n\n\n

    Payment Banks Interest Rate on Savings Account<\/h3>\n\n\n\n

    Payments banks are allowed to hold deposit up to Rs 1 Lakh in their savings account. All of them offer very low interest rate:<\/p>\n\n\n\n

    1. Airtel Payment Bank – 2.50%<\/li>
    2. Fino Payments Bank – 2.75%<\/li>
    3. PayTm Payment Bank – 2.75%<\/li>
    4. Post Office Payment Bank – 2.75%<\/li><\/ol>\n\n\n\n

       Updated on April 11, 2021<\/strong><\/p>\n\n\n\n

      How is Interest on Saving Account Calculated?<\/h2>\n\n\n\n

      We tell you how the interest on saving account is calculated and when it’s paid. As an example we have the interest rate offered by Bandhan bank. <\/p>\n\n\n\n

      \"Bandhan
      Bandhan Bank – Saving Account Interest Rate<\/strong><\/figcaption><\/figure><\/div>\n\n\n\n