Six banks offer up to 7% interest rates on savings accounts: Opening a savings account is the first step toward the start of your financial journey. Savings account interest is typically calculated daily based on the account’s end-of-day total amount and paid quarterly. If you want more interest in your money, then small finance and payment banks are your best resort. Small Finance Banks and Payments Banks have low-cost, high-tech-enabled business models, because of which they can give better value to the customers. With these banks, one can earn higher returns on their savings as they offer higher interest rates on savings accounts over mainstream banks.
Here is a list of six banks that offer higher interest rates on savings accounts
1)Airtel Payments Bank savings account interest rate
Airtel Payments Bank, a fully digital and paperless bank, offers an impressive interest rate of 7% on savings account balances between ₹1 lakh – 2 lakh, and for balances up to ₹1 lakh is 2%. The Bank offers a safe, simple, and rewarding digital banking experience.
2)ESAF Small Finance Bank savings account interest rate
ESAF Small Finance Bank offers an interest rate of 4% on smaller balances up to ₹5 lakh, while on balances above INR 15 lakhs customers get 6.5% interest on their savings account.
3) Equitas Small Finance Bank savings account interest rate
Equitas Small Finance Bank offers an interest rate of 3.5% on smaller balances up to ₹1 lakh, while on balances between ₹1 to 5 lakh, a customer gets 5.25%, and for above ₹5 lakh customers get 7% interest in their savings account.
4) Fincare Small Finance Bank savings account interest rate
Fincare Small Finance Bank offers an interest rate of 7.11% on savings account balances upwards of ₹5 lakh and 6.11% on balances between ₹1 to ₹5 lakh.
5) Suryoday Small Finance Bank savings account interest rate
Suryoday Small Finance Bank offers a great interest rate of 7.00% on savings account balances upwards of ₹5 Lakh and 6.75% on balances above ₹1 lakh up to & including ₹5 Lakh.
6) AU Small Finance Bank savings account interest rate
AU Small Finance Bank offers an interest rate of 7% on savings account balances between ₹25 lakh to less than ₹1 crore.
“Earn higher up to 7%* interest p.a. with Zero Charges on online transactions – IMPS, NEFT & ATM Withdrawal* on AU Savings Account. T&Cs apply,” the bank had tweeted.
Source By: livemint
