Most banks in India provide several types of savings accounts that are designed to meet the demands of a diversified customer base. Banks offer a plethora of advantages that can assist a person in beginning to save and progressively building their investment portfolio. Public sector as well as private sector banks including Small Finance Banks offer a different range of interest rates for savings accounts. The interest rates usually range from 2.70% per annum to 8% per annum. Many big banks continue to provide low interest rates on savings accounts, while some banks offer interest rates of up to 7% on savings accounts.
Here is a look at banks that offer up to 8% interest rate on savings accounts.
DCB Bank savings account interest rates
DCB Bank offers up to 8% interest on savings accounts with balances ranging from Rs 10 lakh to less than Rs 2 crore. The bank pays 7.75% interest on savings account balances ranging from Rs 10 crore to less than Rs 200 crore. The rates are effective from September 27, 2023.
IDFC FIRST Bank savings account interest rate
IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 5 lakh to less than Rs 25 crore. The new rates are effective from October 1, 2023.
Suryoday Small Finance Bank savings account interest rate
Suryoday Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs. 10 Lakh up to & including Rs 5 crore. The rates are effective from November 13, 2023.
ESAF Small Finance Bank savings account interest rate
ESAF Small Finance Bank pays the highest interest rate of 7.50% on savings account balances Above Rs.5 lakhs (i.e. for incremental amount above Rs.5 lakhs). The rate of interest effective from November 20, 2023.
AU Small Finance Bank savings account interest rate
AU Small Finance Bank pays the highest interest rate of 7.25% on savings account balances from Rs 1 Crore to less than Rs 5 crores. The rate of interest effective from September 11, 2023.
Fincare Small Finance Bank
AU Small Finance Bank pays the highest interest rate of 7.50% on savings account balances above Rs 25 lakhs to Rs 10 crores. The rate of interest effective from December 1, 2023.
Which Bank Gives 7% Interest on Savings Accounts? Currently, no banks are offering 7% interest on savings accounts, but some do offer a 7% APY on other products. For example, OnPath Federal Credit Union currently offers a 7% APY on average daily checking account balances up to and under $10,000.
Nationwide launched its market-leading 8% regular saver on 21 September 2023, which followed on from its previous flex issue offering 4.5% AER back in October 2022. The account permitted you to save between £1 and £200 per month, and unlike a lot of other regular savers, this one required no minimum monthly payment.
How does the Nationwide Regular Saver account work? The latest Nationwide Flex Regular Saver account, paying 8%, has been on sale since 21 September. To open it, you need to have one of the following Nationwide current accounts: FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne.
As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.
Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.
With a 5.25% rate, UFB Direct offers the highest APY high-yield savings account. In both our MarketWatch Guides rating and user experience ranking, SoFi Bank came out on top and still pays up to 4.60% APY.
Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.
A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit) 580 to 669: Around 18% (look for loans for fair credit)
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