Interest rates

9 banks offering 7% to 7.50% interest rates on savings accounts in 2022

Opening a savings account is the first thing you should do at the start of your financial journey, as it offers adequate liquidity, deposit security and suitable interest rates. Savings account interest is usually calculated daily based on the total amount in the account at the end of the day and paid quarterly. Your first step in wealth management that meets all of your individual banking and financial requirements is through a savings account. Debit card, low monthly balance threshold, high interest rates, attractive cash back and rebates, amazing rewards against debit card transactions and many more benefits come with savings accounts . Besides these key benefits, a savings account also allows you to earn interest on the money you deposit and allows you to make free withdrawals when you need them, making it a good choice for goals. short term. For those who want to open an interest-bearing deposit account, here are the banks that are now offering interest rates of up to 7.50%.

Ujjivan Small Finance Bank

The only bank currently paying the highest interest rate of 7.50% on savings bank deposits over 25 crore is Ujjivan Small Finance Bank. Ujjivan Small Finance Bank interest rates for domestic and non-resident accounts are shown below, effective as of November 1, 2022.

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Ujjivan Small Finance Bank Savings Account Rates (ujjivansfb.in)

DCB Bank

Interest rates for DCB Bank savings accounts have been in effect since August 22, 2022. The bank now grants an interest rate of 7.00% on account balances between 25 lakh and less than 2 crore. Resident, NRE and NRO savings accounts are subject to the interest rates shown below.

Interest rates for savings accounts at DCB Bank

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Interest rates for savings accounts at DCB Bank (dcbbank.com)

Bank Jana Small Finance

Jana Small Finance Bank savings account interest rates are effective from 15 November 2022. On savings bank deposits of more than Rs. 1 lakh and up to Rs. 50 Crores, the bank now offers an interest rate of 7.00%.

Jana Small Finance Bank Savings Account Interest Rates

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Jana Small Finance Bank Savings Account Interest Rates (janabank.com)

Equitas Small Finance Bank

Interest rates for Equitas Small Finance Bank savings accounts came into effect on November 9, 2022. The bank pays an interest rate of 7.00% on savings bank deposits greater than 5 lakh and up 5 crore, as well as on one more balance slab 30 crore.

Equitas Small Finance Bank Savings Account Interest Rates

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Equitas Small Finance Bank Savings Account Interest Rates (equitasbank.com)

AU Small Financial Bank

As of October 10, 2022, AU Small Finance Bank interest rates on savings bank deposits are in effect. The bank offers an interest rate of 7% on savings account balances between INR 25 Lacs and less than INR 1 Crore. “The savings account interest will be calculated daily and paid at monthly intervals (i.e. at the end of each month). The interest rates mentioned are applicable for the additional balances present corresponding to the tranche of mentioned amount,” AU Small Finance Bank said on its website.

AU Small Financial Bank Savings Account Rates

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AU Small Financial Bank Savings Account Rates (aubank.in)

Fincare Small Corporate Bank

The applicable interest rates on savings bank deposits of Fincare Small Finance Bank are effective from July 1, 2021. The bank grants an interest rate of 7% on savings account balances between INR 5 Lac and less than INR 1 Crore.

Interest rates on deposits in the savings bank of Fincare Small Finance Bank

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Interest rates on deposits in the savings bank of Fincare Small Finance Bank (fincarebank.com)

Utkarsh Small Finance Bank

Interest rates applicable on savings bank deposits at Utkarsh Small Finance Bank are effective from June 1, 2022. On the savings account, the additional balance above 25 Lakhs, the bank offers an interest rate of 7.00% per annum

Interest rates on savings bank deposits at Utkarsh Small Finance Bank

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Interest rates on savings bank deposits at Utkarsh Small Finance Bank (utkarsh.bank)

Shivalik Small Finance Bank

As of November 10, 2022, interest rates applicable to savings bank accounts of Shivalik Small Finance Bank are in effect. The bank grants an interest rate of 7% on savings account balances that are between Rs. 2 crore and Rs. 7 crore and above.

Interest rates on savings accounts at Shivalik Small Finance Bank

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Interest rates on savings accounts at Shivalik Small Finance Bank (shivalikbank.com)

Unity Small Finance Bank

As of January 22, 2022, interest rates applicable to savings bank accounts at Unity Small Finance Bank are in effect. The bank charges 7% interest on savings account balances over 1,000,000 10 crore and more.

Interest rates on savings accounts at Unity Small Finance Bank

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Interest rates on savings accounts at Unity Small Finance Bank (theunitybank.com)

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