4 Banks With The Best Savings Account Interest Rates

Savings Bank Account is one of the easiest and most preferred investment options for most people living in India, as it provides them with security for their hard-earned money and also provides them with speedy withdrawals when necessary. Regardless of the financial situation or money on hand, a savings account should be opened because it plays an important role in an individual's investment plan and meets daily banking needs.

These savings accounts are a must for each individual as they can help you maintain a corpus for the future. This can be used in an emergency and can also help you overcome your tax concerns. Here the few banks listed below which is having with the best savings account interest rates.

1. IDFC First Bank

IDFC First Bank has established itself as an important player in the banking industry. IDFC Bank offers several financial products and expert advice to all its clients and gives them unlimited access to all products through its branches and ATMs.

• IDFC First Bank offers one of the highest interest rates of up to 7% on your savings account. The required balance is greater than Rs. 2 Lacs.
• Even with a lower balance of less than Rs 2 lakhs, you can earn 6%, which is 2.5% higher than the interest rate offered by other banks.
• The biggest advantage is that there are no fees or penalties if you fail to maintain the minimum balance.
• IDFC First Bank only charges certain transactions such as chequebook reissue, DD, debit card replacement, annual debit card fee, and ATM transaction beyond the free limit when you do not maintain the monthly balanced way.

The IDFC savings account details and Interest rates are as follows:

• Monthly Average Balance 0 to 25,000 rupees
• Rate of Interest Up to 1 Lakh balance - you can earn 6%
• Above Rs 1 Lakh balance - You can earn 7%

You can choose IDFC bank savings account those who are looking to earn interest income even without maintaining monthly average balance in their savings account.

2. IndusInd Bank

IndusInd Bank offers a wide range of products in the savings accounts category to cover all customer segments. Indusind Bank offers one of the highest interest rates up to 6% on your savings account. The interest rate is greater than the fixed deposits interest rate. Indusind bank is offering a higher interest rate on auto sweet fixed deposit. You can earn an interest rate of 7% on an automatic sweep fixed deposit. You only need the Aadhar card and PAN to open your IndusInd account online in just a few steps.

The rates are applicable to the domestic/non-resident(NRE/NRO) savings account, the interest on the daily balance is calculated as follows:

Deposit amount and Rate of interest as follows:
Daily balances up to Rs.1 Lakhs	4.00% p.a
balances above Rs.1 lakhs & up to Rs. 10 Lakhs	5.00% p.a
balance above Rs. 10 Lakhs	6.00%  p.a

If you are looking to open an online savings account that offers the highest interest, you can go to Indusind Bank.

3. YES BANK

YES BANK offers innovative financial solutions to the customers and backed by expert advice which in turn supports your banking and savings needs. Explore through a variety of savings accounts that YES BANK offers you. You can easily access your account via the Net Banking and Mobile Banking services. Get an attractive interest rate on your YES BANK savings account.

According to the Yes Bank, they reduced the interest rate on savings bank accounts for deposits less than Rs 1 lakh you can earn 4% and for deposits between 1 lakh to 10 lakhs you can earn 5% but will continue to pay 6% interest on deposits over Rs.10 lakhs up to Rs.300 crore. The new rates have come into effect on June 1.

The range of deposit amount and rate of Interest as follows:
Saving Deposits Balance upto Rs. 1 lakh.	4.00% p.a
Saving Deposits Between Rs. 1 lakh and Rs. 10lakhs.	5.00% p.a
Saving Deposits above Rs.10 lakhs upto 300 crores	6.00% p.a

NOTE: For the interest rates on deposits above 300 crores you need to contact the YES BANK branch.

4. Kotak Mahindra Bank

Kotak Mahindra Bank offers an interest rate between 0.00% and 4.00% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings accounts daily. However, interest is paid to account holders quarterly. With the Kotak Bank savings account, youth people and minors can benefit from additional advantages on their savings account.

The interest rate offered on the Kotak Mahindra Bank savings account is also higher than that offered by most of his contemporaries. It offers different types of accounts.

The interest rates are shown below:

• Depositing up to Rs.1 lakh 3.5% p.a.
• Above Rs.1 lakh 4.0% p.a.

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