Highest Savings Account Interest Rates 2024 in India (2024)

Andhra Bank

1. Minimum balance required is Rs.5

1. No charged for non-maintenance of minimum balance

1. No cheque book will be issued

1. No service charges

1. No ABB facility

1. No Automated Teller Machine (ATM) or debit card facility provided

1. There are no restrictions on the maximum number of withdrawals

Allahabad Bank

1. Designed for individuals

1. No initial deposit

1. No minimum balance

1. No charge levied for account closure

1. Non activation/ operation of in operative ‘All Bank Saral Savings Account’: NIL

1. It provides the option to switch general savings bank account and to maintain required minimum balance

AU Finance

1. Minimum Balance: Rs.5,000
2. RTGS, NEFT, locker facility, and demand draft facility for customers
3. Debit cards are provided with great discount offers on dining, shopping, travel, entertainment, business, or health and wellness
4. Minimal documentation

1. Insurance facility is provided
2. Cash deposit limit: Rs.10 lakh

Bank of Baroda

1. Free debit card
2. Zero balance facility

1. Interest paid on a quarterly basis
2. Unlimited cheque book facility
3. Individuals above 18 years of age are eligible to open savings account

Axis Bank

1. Zero balance account

1. Instant account number
2. Provides optional physical debit card/ complimentary online debit card
3. Get at least 15% off on their partner
4. Minimal charges on demat and lockers
5. Unlimited ATM transactions at all Axis Bank and other banks’ ATMs

Bank of India

1. Net banking facility
2. Provides free utility bills payment facility via Epay
3. Unlimited ATM transactions from Bank of India ATMs
4. Issues personalised cheque book on request

1. Online ITR facility

Bank of Maharashtra

1. Deposit insurance coverage of up to Rs.1 lakh
2. Provides free Mahabank VISA ATM cum debit card
3. TDS is not charged on interest earned

1. Internet Banking and mobile banking facilities are provided

Bandhan Bank

1. 24/7 customer care facility
2. Nomination facility is available
3. Monthly e-statement, complimentary passbook, mobile banking, net banking ATM cum debit card, and Electronic Fund Transfer

Canara Bank

1. Passbook facility, internet banking, telebanking, etc.
2. Outstation cheque of up to Rs.15,000

Citibank

1. Zero transaction charge at Citibank partnered Indian Oil outsets

1. Free email and SMS alerts
2. Citibank SMS and Online Mobile Banking and branch banking facilities

Central Bank of India

1. Initial deposit required is Rs.50
2. Minimum balance is Rs.50.

1. Total credits in a year will not exceed Rs.1 lakh and balance in the account will not exceed Rs.50,000
2. One cheque book is issued per year at free of cost

Dhanlaxmi Bank

1. Offers doorstep banking facility
2. Minimum balance: NIL

1. Free cash withdrawal facility from other banks’ ATM

Federal Bank

1. One free cheque book per year
2. Minimum balance: NIL
3. Internet banking facility

1. Proprietary ATM card
2. Aadhar based credit or government benefits can be availed at free of cost
3. One month statement for free
4. Four withdrawals per month are allowed including ATM, branch, and cheque clearing

Digibank

1. Make payments through Digibank App
2. Earn up to 7% interest per annum
3. First paperless, branchless, and signatureless of India
4. 24/7 virtual assistance
5. Unified Payment Interface (UPI) facility to manage bank accounts

1. Free Visa virtual debit card Intuitive budget optimizer
2. Open digital e-wallet within 90 seconds

HSBC Bank

1. Zero fee on debit card
2. Free four withdrawals on monthly transactions

1. No funds needed to open the account
2. Purchase limit: Rs.10,000
3. Cash withdrawal: Rs.25,000

HDFC Bank

1. Safe deposit lockers

1. Zero annual maintenance charge for the first year
2. Customized banking service
3. Offers and discounts through online shopping

IDBI Bank

1. Faster transfer of money

1. Gift and travel solutions
2. Best option to grow money at attractive interest rates
3. International debit card
4. Pay order Easy Payments and Demand Drafts
5. Profit received from your Account – Value Added Services

1. Online options to pay tax or bills

ICICI Bank

1. Choose your own account number
2. 24/7 banking service
3. Get benefits with ICICI EPF account

1. Contactless mobile payments and mobile banking

Indian Bank

1. NEFT/ RTGS/ ECS facilities are available
2. ATM cum debit cards for free for the first card
3. No fee is charged for Intra City transactions except cash withdrawal and cash deposit

1. No TDS on interest earned on savings bank deposits
2. 50 withdrawals are allowed or free per half year excluding debit entries related to ATM/ POS / mobile or internet transactions
3. Three transactions for free at ATMSs of other banks
4. Nomination facilities are available

India Post Payments Bank

1. Open account with Aadhar
2. Account statement via SMS
3. Zero monthly balance
4. Scan and Pay feature for bill payment
5. Funds transfer via the IMPS service

1. Interest provided on quarterly basis

IndusInd Bank

1. Get free monthly e-statement
2. Discounts in medical and insurance
3. Receive reward points on every card transaction

1. Get cashback via Indus Money Program

Jammu and Kashmir Bank

1. Free e-banking facility
2. Free instant debit provided with an ATM withdrawal limit of Rs.0.40 lakh per day
3. Nomination facility is available

1. e-Banking facility is available for free

Jana Small Finance Bank

1. Maintenance charge of Rs.10 to Rs.20
2. Initial deposits: Rs.2,500
3. Average monthly balance: Rs.2,500

1. Digital account can be opened in a few minutes which has e-KYC features

Kotak Bank

1. Digital Bank Account
2. Facilities such as NEFT, RTGS, and IMPS will help the customers to go cashless
3. Instant account opening using Aadhar card

1. Open savings account through Kotak 811 Plan.

Oriental Bank of Commerce

1. Free net banking facility
2. Nomination facility is provided
3. Free ATM cash withdrawal

Lakshmi Vilas Bank

1. Free passbook facility
2. Nomination facility is available
3. Bank provides standing instructions facility at a minimal charge
4. There are no restrictions on the deposit amount

Punjab National Bank

1. Interest is calculated on a daily product basis payable quarterly
2. Free internet banking
3. 20 free personalized multi city cheque leaf each year
4. Free net banking

1. Deposits are insured by DICGC ATM cum debit card
2. Free fund transfer within PNB ACCOUNTS
3. Online account facility
4. Safe deposit lockers available online
5. Fast remittance of funds via NEFT or RTGS

Punjab and Sind Bank

1. Minimum balance: NIL
2. Basic banking services available for free
3. Interest is paid on quarterly basis
4. ATM cum debit card facility

South Indian Bank

1. First ten cheque leaves for free
2. Accounts can also be opened in joint names of family members
3. Unlimited cash withdrawal facilities
4. Nomination facilities

1. Standing instruction for remittance of insurance premium and similar payments

RBL Bank

1. No charge is levied on non-maintenance of savings account
2. Savings account can be opened RBL Mobile 2.0 app
3. Instant account opening without paperwork

1. Online payment and funds transfer facilities

State Bank of India (SBI)

1. E-statement facility and SMS Alerts
2. Nomination facility
3. Customers can avail safe deposit lockers

1. Internet and mobile banking facilities
2. ATM cum debit card
3. Auto sweep facility
4. Health insurance and personal accident insurance coverage
5. Special salary accounts

1. Missed call services

UCO Bank

1. Free ATM cum debit card
2. Nomination facility is available
3. No charge on closure of accounts within 14 days

Union Bank of India

1. Free ATM cum debit card
2. Free accidental insurance coverage via debit card
3. First free 20 cheque leaves per year

1. Enjoy exciting Rewards points on debit card spends
2. Tabulous banking facility
3. Free net banking facility

Utkarsh Small Finance Bank

1. Unlimited ATM withdrawals

1. Rate of interest ranging between 7% and 7.75%
2. Rs.25 is charged as maintenance charge of savings account
3. Unlimited ATM withdrawals
4. Minimum balance needed in half yearly or quarterly basis instead of monthly basis
5. Withdrawal limit: Rs.40,000

1. Minimum half yearly balance for people staying in rural and semi urban areas: Rs.5,000

United Bank of India

1. Nomination facility for quick disposal of balance in case of account holder’s death
2. Passbook or chequebook facility is available
3. Passbook or chequebook facility

1. Opening joint account with partners or relatives
2. Instant credit up to Rs.15,000 against collection of outstanding cheques
3. ATM cum debit card
4. Insurance coverage of up to Rs1.25 lakhs by paying nominal premium of Rs.17 per year under United Suraksha Scheme

Yes Bank

1. Higher rate of interest
2. Customized savings account facility
3. SMS and mobile banking
4. Internet banking facility
5. Savings rewards facility

1. Free utility bill payments

There are a significant number of banks in India that allow customers to open Savings Accounts. Some of the major banks that have done so are listed below:

Savings Bank Account Interest Rates of Banks:

• Kotak Mahindra Bank Savings Account Interest Rate :Kotak Mahindra caters to a diverse consumer base, offering Savings Accounts based on their resident status. Domestic and non-resident Savings Account holders can earn interest rates ranging from 3.50% to 4.00% per annum.
• State Bank of India (SBI) Savings Account Interest Rate :SBI offers a variety of Savings Accounts, including Basic Savings Accounts, Savings Plus Accounts, Yuva Savings Bank Accounts, and others, aimed at distinct consumer segments. SBI Savings Accounts provide an annual interest rate of 2.70%.
• Yes Bank Savings Account Interest Rate:Yes Bank offers one of the most attractive interest rates when it comes to Savings Accounts. Having revised their interest rates, the bank will now offer an interest rate of 4.00% p.a. for all Savings Accounts with a balanceof up to Re.1 lakh. The interest rates are between 4.00% p.a. to 5.25% p.a.
• Citibank Savings Account Interest Rate: Citibank, one of the most important foreign banks operating in India, provides a variety of Savings Accounts to customers, including the Citibank Savings Account, Citibank Suvidha Salary Account, Citibank Savings Account for Expatriates, and others. The bank's interest rate on these savings accounts is 2.50% per year, earned on the daily balance and credited semi-annually.
• Axis Bank Savings Account Interest Rate: One of the premier banking institutions of India, Axis Bank offers a varied choice of Saving Accounts which have been specifically designed to meet specific sets of customer needs. Axis Bank offers an interest rate of from 3.00% p.a. onwards and 3.50% p.a. on all its Savings Accounts.
• IndusInd Bank Savings Account Interest Rate: To fulfil the demands of a wide customer base, IndusInd Bank provides a selection of Savings Accounts tailored to specific financial requirements. The bank provides an interest rate of 3.50% p.a. on savings accounts with a daily balance of up to Rs.10 lakh; 4.50% p.a. is applicable to savings accounts with a daily value more than Rs.10 lakh.
• DCB Bank Savings Account Interest Rate: DCB Bank is a leading scheduled commercial bank that allows consumers to open several sorts of savings accounts. The bank offers exceptionally competitive interest rates on these accounts, which can help account holders get the most out of their funds. The interest rates for DCB Bank Savings Accounts range from 2.25% to 7.00% per annum.
• RBL Bank Savings Account Interest Rate: RBL is one of the nation's emerging scheduled commercial banks which offers its customers the facility of customized savings account schemes. The bank offers competitive interest rates to savings account holders which are credited on a half-yearly basis and vary depending on the daily balance maintained in the account. Currently, the highest interest offered is 6.00% p.a. for daily balances of more than Rs.3 crore and up to Rs.5 crore.
• HDFC Bank Savings Account Interest Rate: HDFC provides a variety of feature-rich savings account alternatives. For customers to select from. Each account includes some unique features and benefits that make money management much easier. HDFC offers interest rates ranging from 3.00% to 3.50% per annum.
• Unity Small Finance Bank Savings Account Interest Rate: Unity Small Finance Bank offers attractive interest rates to retail customers. Effective 30 September 2023, the interest rate for deposits of up to Rs.1 lakh is 6.00% p.a. while for deposits ranging from Rs.1 lakh to above Rs.1 crore, the interest rate is 7.00% p.a.
• Karnataka Gramin Bank Savings Account Interest Rate:Karnataka Gramin Bank offers an interest rate of 3.00% p.a. on its savings accounts. The interest is paid every quarter on 1 February, 1 May, 1 August, and 1 November.

Savings Account Interest Rates for Deposits up to Rs.1 Lakh:

The following is the list of interest rates on savings accounts for deposits up to Rs.1 lakh:

Savings Account Interest Rates for Deposits from Rs.1 Lakh to Rs.5 Lakh:

Here is the list of savings accounts from different banks and their corresponding interest rates for deposit amounts ranging between Rs.1 lakh to Rs.5 lakh:

Savings Account Interest Rates for Deposits from Rs.5 Lakh to Rs.10 Lakh:

The following is the list of savings accounts interest rates for deposits ranging between Rs.5 lakh to Rs.10 lakh:

Savings Account Interest Rates for Deposits from Rs.10 Lakh to Rs.1 Crore:

The following is the list of savings accounts interest rates for deposits ranging between Rs.10 lakh to Rs.1 crore:

Savings Account Interest Rates for Deposits above Rs.1 Crore:

The following is the list of savings accounts and the corresponding interest rates for deposits above Rs.1 crore:

Benefits of Savings Account:

The following benefits come with a savings account:

1. Savings accounts are a secure way to save money. The process of withdrawing and depositing money is simple and straightforward. Because you do not need to carry cash, the possibility of theft is eliminated.

1. If you want to benefit from government schemes and receive subsidies, you must have a savings account. To cut out the middlemen, the government encourages direct benefit transfer systems, which deposit benefits directly to your savings account. Several banks provide Zero Balance Savings Accounts, which have no minimum balance requirements.

1. When you deposit money in a savings account, you will earn interest. The interest rates may vary from bank to another. While some banks only pay 4% interest, others can charge as much as 6% per year.

1. A savings account can be used to make daily purchases and travel and entertainment purchases. You can avail exciting offers, discounts, and rebates through internet banking and debit cards.

1. The government's recent drive for digital payments has cleared the door for more use of savings accounts. Your savings account allows you to use a variety of online payment channels, including NEFT, UPI, IMPS, RTGS, and internet banking.

1. With a savings account, you can send and receive money at your convenience. This allows you to manage payments easily and without concern.

1. A savings account keeps a record of your payments and receipts. This enables you to understand and manage your money well.

Types of Savings Accounts:

There are numerous savings accounts and you must choose the one that aligns with your financial objectives. The different types of savings accounts are as follows:

Savings Account (Traditional or Regular):

Regular savings accounts, also known as basic savings accounts, allow you to earn a lower return on your money than other savings products. This sort of savings account allows you to withdraw up to six times per month without incurring any fees.

Money Market Account:

Money Market Accounts (MMAs) combine the advantages of a savings and checking account. You can open this account with both traditional and online banks. These accounts offer a higher rate of interest than normal savings accounts. A cheque facility is offered, and money can be withdrawn via a debit card or an ATM.

Cash Management Account:

Cash management accounts are different from savings accounts. The money can be retained in this account until you can transfer it to a retirement or taxable brokerage account. When compared to regular savings accounts, these accounts earn higher interest rates.

High-Yield Savings Account:

Deposits who wish to earn higher interests can open high-yield savings accounts offered by online banks. Along with higher rates, online banks often charge lower withdrawal fines and monthly maintenance.

Specialty Savings Account:

Specialty savings accounts are designed to assist you in meeting specific savings goals. In other cases, they may be tailored for a specific type of person instead of a particular function. Some specialty savings accounts include student, home-down payment, and health savings accounts.

Certificate of Deposit Account:

A certificate of deposit account (CD) is a time deposit, which means you agree to keep your money in the account for a specific period. During that time, your money accumulates interest. When it matures, you have the option of withdrawing it or transferring it to another CD. These accounts can be created at both online and traditional banks, however online banks typically provide greater interest rates.

Process to Open a Savings Account Online:

The steps to open a savings account online are listed below:

Step 1: Explore the various banks and their interest rates to find the one that meets your requirements.

Step 2: Choose the type of savings account you wish to book at your preferred bank.

Step 3: Visit the official website of the bank with which you wish to open an account.

Step 4: Fill out the application for your preferred savings account.

Step 5: Please submit the application with a digital copy of your identity, income, age, address, and pictures. Some banks may want physical copies of your documents, in which case you will be contacted by an executive.

Step 6: After the bank has validated your details, you can start using your savings account.

Process to Open a Savings Account Offline:

The steps to open a savings account offline are listed below:

Step 1: Check the interest rates offered by different banks and find the one that meets your requirements.

Step 2: Choose the type of savings account you wish to book at a bank of your choice.

Step 3: Visit the nearest branch of the bank.

Step 4: Fill out the application form and submit it along with your identity proof, income proof, age proof, address proof, and photographs.

Step 5: Upon submission, the bank will process your request. Typically, it takes 1 to 12 working days for your savings account to be operational.

How to Choose a Savings Account?

It can be difficult to select a savings account considering the myriad options available in the market. Here are some factors you should consider before selecting a savings account:

1. Rate of interest: One of the most important aspects is the interest rate on your savings account. Banks normally provide interest rates ranging from 2.70% to 7.00% per annum. Also, be sure you can meet the minimum balance requirements and any other terms and restrictions.
2. Service/transaction charges: Examine the terms and conditions of your savings account to check if any charges and fees associated with it. You can choose to disregard expenses for features that you don’t use frequently. If your account balance surpasses a certain amount, you will pay an administrative fee.
3. Debit card offers:When you open a savings account, you will receive a chequebook and additional cards. You can use your debit card to get discounts and special offers on movie tickets, restaurants, and groceries. Check to discover if these freebies are right for you.
4. Minimum balance: Check to see if your savings account is zero-balance or has a minimum level. If the balance in your account is less than the specified amount, the bank may impose a penalty.

1. Online accessibility: Before opening a savings account, make sure that the bank has good digital banking facilities.

GST of 18% is applicable on all banking products and services from 15 September 2023 onwards.