Savings Bank Account With Highest Interest Rate is desired by all savings account holders. Savings bank accounts are one of the most common type of account any individual has. All nationalised commercial banks provide facility to open and maintain savings bank account in India. Amongst them, we reviewed and came up with a list of Savings Bank Account with highest Interest rates in India. The list include both private sector as well as public sector banks. So here we go.
|Name of the Bank||Interest Rate||Minimum Balance Required|
|City Bank Savings |
|Standard Chartered Bank||4.00%||Nil|
|South Indian Bank |
|IDBI Bank Super Savings||4.00%||Rs.5000 metro & Urban|
|Andhra Bank Abhaya SB|
|Canara Bank Savings||4.00%||Rs.1000 metro|
|UCO Bank Saral Savings||4.00%||NA|
|SBI Basic Savings||3.25%-4.00%||Nil|
|HDFC Bank Regular |
|ICICI Bank Regular |
|Axis Bank Basic Savings||3.50%-4.00%||Nil|
|Indian Bank Savings||3.50%-4.00%||Rs.250|
|DBS Bank Digi||4.00%-7.00%||Nil|
|Kotak Bank Nova|
|Yes Bank Savings Value||5.00%-6.25%||NA|
So as you can see from the above table, the Savings Bank Account with highest interest rate in India goes to Yes Bank, Kotak Bank and DBS Bank. However, one should note that the interest rates depends on the type of account as well. Moreover, the different savings account types come with their terms of minimum balance a customer has to maintain.
Is a Savings Bank Account with Highest Interest rate the best always?
Well, it may not always be the case. as said earlier, each bank has their own nomenclature of savings account and along with that comes their respective terms. For example, a senior citizen having savings account may earn higher interest rate than normal citizens. It may also depend on the place of residence of the account holder. So these are the factors to be considered while choosing a bank with the highest savings account interest rates. Although one bank may provide higher rates of interest, another bank may have a lower interest rates but nil Minimum Account Balance (MAB). This may be beneficial for an individual who can not always maintain that fixed MAB amount in his account.
Other factors should be considered too
You should definitely consider other factors such as the facility of lockers, MAB which you have to maintain and availability of the Bank Branch near to your residence. Savings Bank accounts are basically for temporary holding of money instead of cash in hand, they are not a source to gain huge sums of money. For that, there are fixed deposits, Mutual Funds and many other investment ideas which we will continue to share. So in reality, highest savings interest does not matter much in the end. And maintaining MAB means that you are practically not able to use that MAB amount and have to keep maintaining in your account with the bank like a bond you have signed up.