Making deposits in safe interest-bearing instruments is worthwhile only if they meet your emergency needs, and if you don’t have enough liquidity, opening a savings account will help you start your personal finance journey by allowing you to easily liquidate your savings while also earning handsome returns. Savings accounts will not help you fight inflation, but they will provide you with better interest rates than fixed deposits if you fulfill the bank’s specified balance slab. So, to commence accumulating funds for investment along with beginning to build wealth for short-term needs and to assist with unexpected expenses, here are four private-sector banks that can offer up to 6.75% return on savings accounts, which is significantly higher than the fixed deposit interest rates of leading banks in the current scenario.
The private sector lender DCB Bank revised its savings account interest rate on May 19, 2022, and as a result, the bank now offers a maximum interest rate of 6.75 per cent on savings account balances of ₹25 lakh to less than ₹2 crore. With its current interest rate, DCB Bank is currently the country’s top private sector bank, giving savings account holders a maximum interest rate of 6.75 per cent.
The bank last revised its savings account interest rates on April 1, 2022, and as a result, savings account holders would get a maximum interest rate of 6.00 per cent on savings account balances of more than Rs. 10 lakh but less than Rs. 3 crore and more than Rs. 3 crore but less than Rs. 5 crore.
IDFC First Bank
IDFC First Bank changed its savings account interest rates on June 1, 2022, and now provides a maximum interest rate of 6% to its savings account holders on account balances of more than ₹10 lac to ₹10 crore.
On November 1, 2021, Bandhan Bank revised its savings account interest rates, and savings account holders can now enjoy a maximum rate of 6.00 per cent on balances of ₹10 lakh to ₹2 crore.