A savings account is a must for every customer with a regular source of earnings. Customers can deposit a specific amount in the savings account over the years and get high returns. The savings account improves the individual’s income and aids them financially during emergencies.
Different banks provide multiple interest rates ranging from 2.50% to 7.00% per annum. However, customers should select the bank offering the best investment deal. You can select the best banks in India from the list below to get maximum rates and attractive services on investment.
Top 5 Banks in India Offering Highest Interest Rate in Savings Account
Here is a list of the top 5 banks in India that offer high-interest rates on a savings account.
Kotak Mahindra Bank
Kotak Mahindra Bank is one of the best banks in India. It provides users with 11 saving account options like Pro, Edge, My Family, Nova, Alpha, Silk Women, Basic, Classic, Sanman, Grand and Ace. Each variant has different features. Users can choose any variant they prefer based on their characteristics. Besides this, anybody who makes an account in the Kotak Mahindra Bank can withdraw unlimited cash without paying additional fees. On a deposit of ₹1,00,000, users can get a 5% p.a. If they deposit more than this amount, they can get a 6% savings account interest rate.
Another bank in India that provides high-interest rates is Induslnd Bank. Here, you can open Indus Exclusive, Indus Maxima, Indus Privilege, Indus Diva Women, Indus 3 in 1, Indus Young Saver, or Indus Classic savings accounts. On balance upto ₹1,00,000, you can get 4% savings account interest rate per annum; between ₹1,00,000 to ₹10,00,000, you can get 5% per annum, and above ₹10,00,000, you will receive 6% p.a. All these make Induslnd Bank, the best bank in India.
IDFC First Bank
IDFC First Bank started its operations on October 1, 2015. Today, it provides upto a 6% saving account interest rate. On balances of more than 200 crores in the savings account, the Bank offers 3.50% interest per annum. For credits between 100 to 200 crore, a 4.50% interest rate is provided. Visit their official website to learn about the new rates they have started delivering to the users from June 1, 2022.
The best Bank in India list is incomplete without RBL bank. Like other banks, this Bank also provides many saving account options to the users. The starting saving account interest rate offered by this Bank is 4.25% per annum. If you choose RBL to open up a savings account, you can get unlimited free transactions, replacement of damaged cards at zero costs, a free RuPay debit card and options for mobile banking.
Yes Bank offers many benefits and services to the users. On a deposit below ₹10,00,000, you can get 5% interest; on a deposit above this balance, you will get 6% interest per annum. You can choose to create a savings value account or a customizable savings account based on the features provided by the bank.
How to Create a Savings Account?
To claim the interest rates above, you must make the required deposits, and to make the necessary deposits in the best Bank in India; you must create a saving account. Follow the four steps below to create a saving account in your preferred account.
- Keep the required documents ready with you, which you need to create a saving account. Ensure that you have address proof, contact information, passport, and bank account information to open a saving account.
- Select whether you want to create a joint or single account and make an initial deposit to open the account.
- Fill up the application form for opening the saving account and wait for the Bank to open the account for you.
- Register in an online banking account and download the mobile application of the Bank to transfer money, check balance, and for effective account management.
Follow the steps and create a savings account in any of the top 5 banks mentioned above to get the best savings account interest rate. Before choosing, compare the features of each Bank and make an informed decision on which Bank you would like to create an account into. Also, call or visit the Bank to know their updated interest rates before finalising. You can also check the official website of the best bank in India to gather more details before investing.