List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2020

List of Savings Bank Accounts Offering 6%, 7% and More Interest Rate in 2020

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, cheque books, pre-approved Credit Card offers, discounts on other bank products & many more.

Yet, in the current falling interest rate regime, top banks such as State Bank of India, HDFC Bank, Axis Bank, and PNB have slashed bank account yields drastically. The return on Savings Account is as low as 2.75 % to 3.5 % with many of these top 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.

So let’s find out which are these high yielding Saving Account options that can let you earn 6% -7 % 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 6%

IDFC First Bank

About: In 2018, IDFC Bank and Capital First merged to form IDFC First Bank. It is one of the popular commercial banks of the country with good infrastructure back up. Currently the bank is offering the best interest rate 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 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 7% interest per annum on Savings Account. It is the only main stream bank to offer such high yield. The accounts with lower than Rs. 1 Lakh deposit earn 6% p.a while the accounts with over Rs 1 Lakh balance earn Rs 7% interest rate.

The Interest is capitalised to your account on quarterly basis.

Minimum Balance Required: Average Monthly Balance should be Rs. 25000. If the account holder fails to maintain minimum balance, a charge will be applied.

Features & Benefits:

  • 6-7% interest return per annuam
  • 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 a diverse customers’ 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% interest on your savings bank account balance. The rate of interest will vary as per the balance in the account. Here are the details:

Balance Rate of Interest

Up to Rs 1 Lakh

5.50%

1 lakh to 5 lakh

6.50%

5 Lakh to 5 crore

7.00%

5 crore to 15 crore

7.10%

 20-30 Cr

6.50% 

Above 30 cr 

5.50% 

Types of Savings Accounts:

Let’s run through the types of savings account you can open with Fincare Small Finance and yield 7% or more interest rate annually.

S.No. Product Name Rate of Interest Minimum Balance Required (Rs.) Debit Card Other Benefits 

 1

Smart Saver Account

 5.5 to 7.25%

10000

Silver (RuPay classic ) Debit Card

  • Internet banking
  • Mobile banking
  • Debit card
  • Insta Account Opening
  • Monthly interest payout

 2

Priority Account

 5.5 to 7.25%

10000

 NA

Same as above 

 3

Priority Plus Account

 6 % on Balance Up to 1 Lakh

7% on balance above 1Lakh

1 lakh

Premium (RuPay Platinum) Debit card

Same as above

+ Doorstep service

+ Optional benefit: By opting for a Rs 4 Lakhs FD, get waiver on monthly balance requirement

 4

Pro Priority Account

 5.5 to 7.25%

Waiver on minimum balance requirement

 NA

Account for Doctors & chartered accountants 

All benefits included

 5

101 First Account

 5.5 to 7.25%

Zero balance account

Gold (RuPay Classic ) Debit card

  • Mobile banking facility
  • Free debit card
  • 12 free ATM transactios per month
  • 50 online transactios free each month

 6

101 Priority

 5.5 to 7.25%

Rs 25000 

Premium (RuPay Platinum) Debit card

 All benefits + 24X7 concierge service

 7

BSBDA
Basic Savings Bank Deposit Account

5.5 to 7.25%

 Zero Balance Acount

Silver (RuPay classic ) Debit card

 All benefits

+ No annual maintenance charge for card

 8

Shakti Account 

 5.5 to 7.25%

No Minimum Balance Requirement 

 NA

All benefits

+ 5 Min Insta Account opening

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 country. Prior 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 segment of customers yielding high interest rates.

Rating: NA

Intereset Rates: The saving bank holder can earn rate of interest as per the account balance. Currently return on Saving Account range from 4 % to 7 % p.a.

Saving Account Rate of Interest by ESAF Small Finance Bank

Up to Rs.1 Lakh

4.00%

Above Rs. 1 Lakh to Rs.10 Lakhs

6.50%

Above Rs. 10 Lakhs

7.00%

Types of Accounts:

1.Regular Savings Account

  • Account can be opened with minimum opening balance of Rs 1,000.
  • Average quarterly balance of Rs.2,000 needs to be maintained.
  • No cap on cash deposits and withdrawals; No cap on ESAF ATM withdrawals
  • Cash withdrawal limit: Rs.30,000 per day; At POS: Rs 2,000/- in Tier II to VI Cities & Rs 1,000 in Tier 1 & II cities
  • Internet banking facility

2. Premium Savings Account

  • Account can be opened with minimum balance of Rs 10,000
  • Unlimited Cash transactions in Base and Non Base branches
  • Classic/ Platinum Debit Card
  • Unlimited transactions & Rs 50000 limit for daily withdrawal at ESAF all ATMs
  • Anywhere banking
  • Internet banking
  • Mobile banking
  • SMS alert & banking services
  • Missed call banking facility & many more

3. Pradhan Mantri Jan Dhan Yojana (PMJDY)

  • Offers basic banking facilities
  • Zero-Balance Account
  • Eligibility: 10 years or above
  • Rs 10000 per day ATM withdrawal limit
  • Insurance & all applicable benefits on PMJDY

4. Senior Citizen Savings Account

  • Minimum account opening balance: Rs 1000
  • Dedicated relationship officer
  • Daily cash withdrawal limit of Rs 50000
  • All other banking benefits & facilities included

5. Mahila Savings Account

  • Account can be opened with Min balance of Rs 100
  • Average quarter min limit Rs 1000
  • Daily withdrawal limit of Rs 20000
  • All other benefits included

6. Student Saving Account

  • Minimum initial balance of Rs 100.
  • Joint account holder & nomination facility
  • Passbook/statement issuance on request
  • Daily cash withdrawal limit from ATM: Rs 5000
  • All other benefits included

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 dreams and needs of low-income group. Currently bank meets banking and credit need of a vast base of customers.

Rating: CARE A (by ICRA)

Interest Rate: Utkarsh Small Finance Bank offers 7% annual return on balance up to Rs 25 Lakh. 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 Account Features & benefits Rate of Interest

Standard Savings Account

  • Free & Unlimited ATM transactions across India
  • low Average Quarterly Balance (AQB) requirement
  • Free NEFT/RTGS

7.00% p.a ROI on Balance Up to Rs. 25 Lakh

7.25% p.a on

Incremental balance above Rs. 25 Lakhs to Rs. 10 Crores

7.75% p.a. on incremental balance above  Rs. 10 Crores

Premium Savings Account

  • Access to Premium Airport Lounges
  • Lifestyle Privileges
  • Doorstep Banking Services
  • Free online transaction
  • Unlimited Free ATM transactions across India
  • Platinum Rupay Debit Card with Personal Accidental Insurance Cover of 2 Lakh*
 

Gen-Nex Savings Account

  • Auto transfer funds to Minor’s Account
  • Classic Rupay Debit Card
  • Unlimited Free ATM access across India
  • Lower ATM withdrawal and purchase limits as protection against misuse
  • Free SMS Alerts
 

Salary Accounts:

Two variants:

  • Standard Salary Account
  • Premium Salary Account
  • Zero Balance Savings Account
  • Free and Unlimited ATM Access
  • Discounts on Banking Facilities
 

BSBDA

  • Zero Balance Savings Account
  • Free Debit Card
  • Unlimited ATM access
  • Internet Banking
  • Passbook Facilities
 

BSBDA Small

  • Zero Balance Account
  • Free Debit Card
  • Unlimited ATM access
  • Internet Banking
  • Passbook Facilities
 

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 rate 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 3.5% to 6% p.a.
  • NRE and NRO accounts are also available

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

Daily Balance Rate of Interest

Up to Rs. 1 Lakh

3.5%

Above Rs. 1 Lakh to Rs 2 Lakh

6%

Above Rs. 2 Lakh to Rs 5 Lakh

4%

Above Rs. 5 Lakh

4%

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 customer-friendly services.

Interest Rate: Bandhan Bank is one of the few banks that offer 6% interest rate on Savings Account. The details of savings account interest rates are shared below:

Daily Balance Interest Rate

Up to Rs. 1 Lakh

4.00%

Above Rs. 1 Lakh to 10 Crore

6.00%

Above 10 Crore to 50 Crore

6.55%

Above 50 Crore

7.15%

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

The different types of Saving Account options are:

  • Elite Savings Account
  • Advantage Savings Account
  • Sanchay
  • Premium Savings Account
  • Standard
  • Special Savings Bank Account
  • GOS
  • TASC
  • BSBDA
  • BSBDA-small

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
  • High rate of interest
  • Net banking
  • Debit Card
  • Mobile App
  • Unlimited transactions
  • All state-of-the-art banking facilities

 

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

 

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Category: Saving Account