HDFC, State Bank of India, Axis Bank, ICICI Bank and other major banks have savings account interest rates ranging from 2.75 per cent to 3.50 per cent. Whereas the interest rate of savings account of small finance banks is 7 percent.
Savings account interest rates are lower than fixed deposit interest rates, but some banks’ savings account interest rates are higher than fixed deposit interest rates. HDFC, State Bank of India, Axis Bank, ICICI Bank and other major banks have savings account interest rates ranging from 2.75 per cent to 3.50 per cent. Whereas the interest rate of savings account of small finance banks is 7 percent. which cannot be ignored at all. If you follow the terms and conditions of these banks then you can earn good money.
Ujjivan Small Finance Bank is
offering 7 percent interest on Ujjivan Small Finance Bank Savings Account. Under which the condition is that your balance must be between 1 lakh to 25 lakh. Whereas interest rates up to 4% are being seen on balances up to Rs 1 lakh. You are getting 6 percent annual interest on balance between Rs 25 lakh to Rs 10 crore. You are getting 6.75 percent interest rate on balance up to Rs 10 crore. These interest rates were implemented by the bank on March 6, 2021.
Equitas Small Finance Bank
Equitas Small Finance Bank is offering 7 per cent interest rate on daily closings above Rs 1 lakh and up to Rs 1 crore. In which it is mandatory to have a minimum monthly balance of Rs 10,000. You do not need to pay any maintenance charge in this account. While paying 3.50 per cent interest rate on daily closing of up to Rs 1 lakh and 6 per cent on balance above Rs 1 crore. These savings account interest rates are effective from August 16, 2021.
Utkarsh Small Finance Bank
Utkarsh Small Finance Bank is offering 7 percent interest rate on incremental balance amount from Rs 25 lakh to Rs 10 crore. Whereas the interest rate is 3.75% on balance up to Rs 1 lakh. The interest rate is 6 per cent on balances ranging from Rs 1 lakh to Rs 25 lakh. You are getting 6.75 percent interest on balance above Rs 10 crore. Apart from this, the facility of free unlimited transactions and free NEFT / RTGS transactions is being provided at ATMs. All these interest rates are applicable from October 1, 2021.
AU Small Finance Bank
AU Small Finance Bank is also offering interest rates up to 7 percent. It is paying interest rates on amounts above Rs 25 lakh and less than Rs 1 crore. Whereas on an amount less than one lakh rupees is providing 3.50 percent interest rate. While paying interest rate of 5 per cent on the amount above Rs 1 lakh and less than Rs 10 lakh and 6 per cent for the amount above Rs 10 lakh and less than Rs 25 lakh. These interest rates have been implemented by the bank from October 5.
Fincare Small Finance Bank
Fincare Small Finance Bank is also included in the list of offering interest rate up to 7 percent on savings accounts. It is offering an interest rate of 7 per cent on an amount ranging from Rs 5 lakh to less than Rs 1 crore. While giving you an interest rate of 4.50 percent for an amount up to Rs 1 lakh. Whereas there is an interest rate of 6 percent on the amount from Rs 1 lakh to Rs 5 lakh. At the same time, the interest rate has been kept at 3% for an amount of Rs 50 crore. These interest rates are applicable from 1st July 2021.
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