In this era of corona virus epidemic where many big banks have cut interest rates in fixed deposits as well as savings accounts. There, private sector IDFC First Bank is paying 7% interest in savings account. Many small banks are paying more than 6% interest on savings accounts. Some banks are offering up to 7 percent interest rate. Please tell that it is necessary to maintain the minimum balance in the savings account. If you are unable to maintain it, you may have to pay a fine.
Interest rate on saving account of IDFC First Bank
IDFC First Bank is paying 7% interest on deposits of Rs 1 lakh on a savings account. These interest rates are applicable from 1 January 2021. Earlier it was paying 6 percent interest rate.
Bandhan Bank is offering up to 6% interest on the savings account.
IndusInd Bank is paying 4% interest on deposits of 1 lakh. On the balance of Rs 1 lakh to Rs 10 lakh, the bank is paying 5% interest in the savings account. While the bank is paying 6 percent interest on the balance above Rs 10 lakh.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is paying 7.25 percent interest on the balance of up to Rs 25 lakh on a savings account. These rates are applicable from 1 August 2020. The bank is paying 5% interest on the balance of Rs 1 lakh. The bank is paying 6 percent interest on the balance of 1 lakh to 25 rupees and 7.25 percent on the balance above 25 lakh rupees.
AU Small Finance Bank
AU Small Finance Bank is getting 4% interest on the balance of less than Rs 1 lakh in a Savings account with the bank. The bank is paying 5% interest on more than Rs 1 lakh and less than Rs 5 lakh. Similarly, 6 percent interest is offered on the balance of less than 5 lakh to 10 lakh rupees. At the same time, the bank is paying 7 percent interest on the balance of Rs 10 lakh to Rs 5 crore.
All these interest rates are higher than public sector banks and private sector banks like State Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank and Axis Bank.