Hello,

Guest!

List of Savings Bank Accounts Offering 6% and More Interest Rate in 2023

Updated on: 26 Jul 2023 // 9 min read // Saving Account
Author :(524 posts)
image

Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month. Besides high liquidity, you also enjoy multiple free & nominally charged benefits on your Bank Account such as a Debit Card, internet banking facility, chequebooks, pre-approved Credit Card offers, discounts on other bank products & many more.

Yet, in the current falling interest rate regime, top banks such as the State Bank of India, HDFC Bank, Axis Bank, and PNB have slashed bank account yields drastically. The return on Savings Accounts is low with many banks. The markets are highly volatile to invest funds for your short-term needs. Amidst falling gleam of debt funds, bank FDs and other short term saving plans, it is no brain teaser to opt for a Savings Bank Account promising 6-7% return & enjoy 100% liquidity.

Also: Apply Personal Loan Online.

So let’s find out which are these high-yielding Saving Account options that can let you earn at least 6% returns on your bank account balance while enjoying liquidity, safety, security & convenience all along.

  • IDFC first
  • Fincare Small Finance Bank
  • ESAF Small Finance Bank
  • Utkarsh Small Finance Bank
  • DBS
  • Bandhan bank

IDFC First Bank 

About: In 2018, IDFC Bank and Capital First merged to form IDFC First Bank.  It is one of the most popular commercial banks in the country, with good infrastructure backup. Currently, the bank is offering the best interest rates on Savings Accounts and Fixed Deposits, making it one of the first choices for anyone who wants to earn interest while keeping the money idle. It is also the first bank in India to launch an Aadhaar-linked cashless merchant solution.

Rating: CRISIL has rated IDFC First as FAAA, i.e safe for banking and fixed deposits.

Rate of Interest: With IDFC Bank, customers enjoy up to 6.75% interest per annum on a Savings Account. It is the only mainstream bank to offer such a high yield. The accounts with above Rs. 10 Lakhs up to Rs. 50 Crores deposit earns 6.75% p.a while the accounts with over Rs. 200 Crores balance earn a 3.50% interest rate. The Interest is capitalised to your account on quarterly basis.

Minimum Balance Required: Average Monthly Balance should be Rs. 25,000. If the account holder fails to maintain a minimum balance, a charge will be applied.

Additional Read: Check Best banks for personal loan

Features & Benefits:

  • 3.50% to 6.75% interest return per annum
  • Digital transactions facility
  • Free Visa Debit Card
  • Whatsapp banking facility

Indian Residents & NRI can open the account, subject to GOI’s specific norms.

Fincare Small Finance Bank

About: Fincare Small Finance Bank is a scheduled commercial bank that offers a host of bank account options for catering to a diverse customer base. You can choose the best account as per your needs. You can also open an instant bank account through Aadhar-based verification online with Fincare Small Finance Bank.

Rating:  Short-Term Ratings by CRISIL is A1+

Rate of Interest: With Fincare Small Finance Bank, you can earn up to 7.11% interest on your savings bank account balance. The rate of interest will vary as per the balance in the account. Here are the details:

BalanceRate of Interest
Up to Rs 1 Lakh4.11%
Above Rs. 1 Lakh to Rs. 5 Lakhs6.11%
Above Rs. 5 Lakhs to Rs. 25 Lakhs7.11%
Above Rs. 25 Lakhs to Rs. 20 Crores7%
Above Rs. 20 Crores to Rs. 25 Crores4% 
Above Rs. 25 Crores to Rs. 30 Crores3.25% 
Above Rs. 30 Crores 3%

Types of Savings Accounts:

Let’s run through the types of savings account you can open with Fincare Small Finance and yield upto 7.11% interest rate annually.

S.No.Product NameRate of InterestMinimum Balance Required (Rs.)Debit CardOther Benefits 
 1Smart Saver Account3% to 7.11%Average Monthly Balance (AMB) of Rs. 1,000Silver (Rupay Classic ) Debit Card
  • Exciting offers on travel, e-commerce & entertainment
  • Free 5 transactions per month at non-metro & 3 at metro
  • Internet banking
  • Mobile banking
  • Instant account opening
  • Monthly interest payout
     
2IMPERIAL Savings Account3% to 7.11%Initial payment of Rs. 5,00,000Premier (Rupay Platinum) Debit Card
  • Exciting offers on travel, e-commerce & entertainment
  • Personal insurance cover of Rs. 2 Lakhs & more
  • Internet banking
  • Mobile banking
     
 3Priority Account3% to 7.11%AMB of Rs. 10,000 NA
  • Limited free banking services for transactions 
  • AMB waiver on fixed deposit of Rs. 1 Lakh or above
  • Seamless fund transfer
  • Instant account opening
 4Prime Savings Account3% to 7.11%AMB of Rs. 50,000Premier (Rupay Platinum) Debit Card
  • Free banking transactions
  • Seamless fund transfer
  • Instant account opening
  • Personal insurance cover of Rs. 2 Lakhs & more
     
5Priority Plus Account3% to 7.11%AMB of Rs. 1 LakhPremier (Rupay Platinum) Debit Card
  • Unlimited free trsansactions
  • Doorstep service
  • AMB waiver on fixed deposit of Rs. 4 Lakhs & more
  • Seamless fund transfer
  • Instant account opening
  • Personal insurance cover of Rs. 2 Lakhs & more
 6Pro Priority Account3% to 7.11% Waiver on AMB requirementRupay Gold Card
  • Account for doctors, chartered accountants & government officials
  • Quarterly interest payouts
  • Seamless fund transfer
  • Exciting offers on travel, e-commerce & entertainment
     
 7101-First Account3% to 7.11%NilGold (Rupay Classic) Debit Card
  • Zero balance account
  • Account opening in less than 5 minutes
  • Free virtual debit card
    8.71% p.a. interest on FD
  • 8 free ATM transactios per month
     
 8101-Priority3% to 7.11%AMB of Rs. 10,000 Premier (Rupay Platinum) Debit Card
  • Account opening in less than 5 minutes
  • Bill pay, flexible standing instruction & fund transfer options
  • 12 free ATM transactions per month
  • 50 free NEFT/IMPS/RTGS transactions per month
  • Zero debit card maintenance charges
9101-Priority Plus3% to 7.11%AMB of Rs. 25,000 Premier (Rupay Platinum) Debit Card
  • 7% p.a. interest on FD
  • 15 free ATM transactions per month
  • 50 free NEFT/IMPS/RTGS transactions per month
  • Bill pay, flexible standing instruction & fund transfer options
 10Basic Savings Bank Deposit Account (BSBDA)3% to 7.11%NilSilver (Rupay Classic) Debit Card
  • No annual maintenance charge for card
  • Free 5 transactions per month at non-metro & 3 at metro
  • Exciting offers on travel, e-commerce & entertainment
 11Shakti Account 3% to 7.11%Nil NA
  • Insta account opening
  • Quarterly interest payout
  • Free 5 transactions per month at non-metro & 3 at metro
  • Zero AMB requirement

ESAF Small Finance Bank 

About: ESAF Small Finance Bank is an SFB headquartered in Kerela and offers banking services and loan & credit facilities for underbanked population across the country. Prior to its incorporation in 2017, ESAF was a Non-Banking Finance Company and microfinance institution (NBFC-MFI). This small finance bank offers different types of Savings Accounts for different segments of customers yielding high-interest rates.

Rating: NA

Interest Rates: The savings bank holder can earn a rate of interest as per the account balance. Currently, return on Saving Account range from 4% to 6.50% p.a.

**You can check FREE Credit Score online by PAN number on our MyMoneyMantra website.

Saving Account Rate of Interest by ESAF Small Finance Bank

Up to Rs. 5 Lakhs4.00%
Above Rs. 5 Lakhs up to Rs. 15 Lakhs5.50%
Above Rs. 15 Lakhs6.50%

Types of Accounts: 

Some of the most popular Savings Account options available with ESAF Small Finance Bank are mentioned below with their key features:
 

1. Eleganza

  • Minimum AMB of Rs. 1,00,000 needs to be maintained.
  • Unlimited free financial/non-financial transactions at other bank ATMs.
  • Unlimited non-cash transactions, cheque leaves per half year and cash deposit/withdrawal charges at home/non-home branches.
  • Rupay Platinum Debit Card with free exclusive insurance package for accidental/ fraud/ purchase protection and travel, lounge access program, seasonal offers and 2 times per year international/domestic airport lounge access.

2. Pradham

  • Free transactions at ESAF Bank ATMs.
  • 12 free transactions at other bank ATMs.
  • Minimum AMB of Rs. 25,000 needs to be maintained.
  • Unlimited non-cash transactions.
  • 50 cheque leaves per half year.
  • Nil cash deposit/withdrawal charges at home/non-home branches.
  • Rupay Platinum/Classic Debit Card with free exclusive insurance package for accidental/ fraud/ purchase protection and travel, lounge access program, seasonal offers and 2 times per year international/domestic airport lounge access.

3. Royale

  • Free transactions at ESAF Bank ATMs.
  • 8 free transactions at other bank ATMs.
  • Minimum AMB of Rs. 10,000 needs to be maintained.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.30 cheque leaves per half year.
  • Rupay Platinum/Classic Debit Card with free exclusive insurance package for accidental/ fraud/ purchase protection and travel, lounge access program, seasonal offers and 2 times per year international/domestic airport lounge access.

4. Esteem

  • Free transactions at ESAF Bank ATMs.
  • 8 free transactions at other bank ATMs.
  • Minimum AMB of Rs. 5,000 needs to be maintained.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.
  • 20 cheque leaves per half year.
  • Rupay Platinum/Classic Debit Card with attractive features and benefits.

5. Mahila Sree

  • Free transactions at ESAF Bank ATMs.
  • 8 free transactions at other bank ATMs.
  • Minimum AMB of Rs. 5,000 needs to be maintained.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.
  • 20 cheque leaves per half year.
  • Rupay Platinum/Classic Debit Card with attractive features and benefits.

6. Regular Savings Account

  • Free transactions at ESAF Bank ATMs.
  • 3 Metro & 5 Non-metro free transactions at other bank ATMs.
  • AMB of Rs. 2,000 needs to be maintained.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.
  • 10 cheque leaves per half year.
  • Rupay Platinum/Classic Debit Card with attractive features and benefits.

7. Senior Citizen Savings Account

  • Free transactions at ESAF Bank ATMs.
  • 5 Metro & 8 Non-metro free transactions at other bank ATMs.
  • AMB of Rs. 2,000 needs to be maintained.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.
  • 20 cheque leaves per half year.
  • Rupay Platinum/Classic Debit Card with attractive features and benefits.

8. Student Saving Account

  • Free transactions at ESAF Bank ATMs.
  • 3 Metro & 5 Non-metro free transactions at other bank ATMs.
  • Minimum AMB of Rs. 1,000 is required.
  • Unlimited non-cash transactions and nil cash deposit/withdrawal charges at home/non-home branches.
  • Rupay Classic Debit Card with attractive features and benefits.
     

Utkarsh Small Finance Bank

About: Utkarsh Small Finance Bank was established in 2009. It is primarily a small finance bank from Varanasi that has a mission to fulfil the dreams and needs of low-income groups. Currently, bank meets the banking and credit need of a vast base of customers.

Rating: CARE A (by ICRA) 

Interest Rate: Utkarsh Small Finance Bank offers a 7.50% annual return on the balance of Rs. 25 Crores and above. This is the maximum return on Saving Accounts.

Types of Saving Accounts: Let’s take a quick overview on different Saving Account Options and features below:

Savings AccountFeatures & benefitsRate of Interest
Classic Savings Account
  • Minimum AMB of Rs. 5,000
  • RuPay Classic Debit Card/ RuPay Platinum Debit Card
  • Unlimited free transactions at Ujjivan SFB ATMs
  • Free cash deposit limit of Rs. 3.5 Lakhs per month
  • 10 free cheque leaves per quarter
3.50% - 7.50%
Garima Savings Account
  • Minimum AMB of Rs. 5,000
  • Flexible eligibility criteria & balance maintenance options
  • Free RuPay Classic Debit Card specially designed for women
  • Higher withdrawal & transaction limits within India
  • No extra charges levied at any Ujjivan SFB branches
  • Over 1000+ offers and benefits
3.50% - 7.50%
Regular Savings Account
  • RuPay Classic Debit Card
  • No charges on non-maintenance of AMB
  • No extra charges levied at any Bank branches
     
3.50% - 7.50%
Privilege Savings Account
  • Minimum AMB of Rs. 25,000 & above
  • Unlimited free transactions across any bank ATM
  • Free Personalized RuPay Platinum debit card 
  • Enhanced limits of Rs. 1 Lakh per day in ATM & Rs.2 Lakhs per day in Shopping
  • 2 free lounge access per quarter across 30+ Domestic lounges PAN India
  • Instant discounts 
  • Higher accidental insurance up to Rs. 2 Lakhs per annum
3.50% - 7.50%
Senior Citizen Savings Account
  • Special assistance at branches with dedicated senior citizen desk
  • Priority service at branchesLifetime Free RuPay Classic Debit Card with host of benefits
  • No charges o AMB non-maintenance 
  • Free 25 Cheque leaves per quarter
  • No extra charges levied at any Bank branches
3.50% - 7.50%
Minor Savings Account
  • No AMB required 
  • An account can be opened jointly with the guardian only & operated by the guardian until the minor becomes a major
  • Can be converted into a regular savings account when child turns into a major (18 Years)
  • Provision of debit card for minors above 10 years
3.50% - 7.50%

DBS Bank

About: DBS Bank India Limited is a subsidiary of DBS Bank, which is a well-known multi-national bank that offers high Savings Account Interest Rates. The DBS is headquartered in Singapore. It is one of the popular choices among millennials.

Rating: DBS Bank India Limited is rated as A1+ by Crisil

Benefits: DBS bank offers seamless banking services at attractive interest rates. Benefits of DBS Savings Account are:

  • Access your account as per convenience, online, mobile or via ATM
  • Attractive interest rates ranging from 3.25% to 5% p.a.
  • NRE and NRO accounts are also available

Rate of Interest: The rate of interest is calculated as below:

Daily BalanceRate of Interest
Up to Rs. 1 Lakh3.25%
Above Rs. 1 Lakh to Rs 2 Lakh3.5%
Above Rs. 2 Lakh to Rs 5 Lakh4%
Above Rs. 5 Lakh5%

Bandhan Bank

About: Bandhan Bank is one of the mainstream banks to offer high-interest rate to its Savings Account holders. Bandhan bank was incorporated in 2014 and is popular for its customer-friendly services.

Interest Rate: Bandhan Bank is one of the few banks that offer up to 6.50% interest rate on Savings Accounts. The details of savings account interest rates are shared below:

Daily BalanceInterest Rate
Up to Rs. 1 Lakh3%
Above Rs. 1 Lakh to Rs. 10 Lakhs6%
Above Rs. 10 Laks to Rs. 10 Crores6.25%
Above Rs. 10 Crores to Rs. 50 Crores6.50%
Above Rs. 50 CroresContact the Branch Manager to know the rates

Types of Account:  Bandhan Bank caters to a diversified base of customers. Thus, the bank offers a host of choice for its customers.

The different types of Saving Account options are:

  • Neo+ Digital Savings Account - KYC
  • Elite Savings Account
  • Advantage Savings Account
  • Sanchay Savings Account
  • Premium Savings Account
  • Respect Programme – For Senior Citizens
  • Standard Savings Account
  • Special Savings Bank Account
  • Corporate Savings Account
  • BSBDA Savings Account
  • BSBDA - Small Savings Account
     

Benefits: A customer enjoys seamless banking service with Bandhan Bank. The benefits can be briefly listed as:

  • One bandhan- one bank- access account from any branch across the country
  • Account opening with initial balance as low as ₹5,000Open account in just a few steps
  • Contactless, paperless, hassle-free process
  • KYC verification via video call
  • High rate of interest
  • Net banking
  • Debit Card
  • Mobile App
  • Unlimited transactions
     

Also Read: Step by Step Process to Open Saving Account Online in Different Banks