These Banks Offer 7% Interest Rate On Savings Account When SBI, HDFC Offer Only 3-3.5% - Viral Bake
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These Banks Offer 7% Interest Rate On Savings Account When SBI, HDFC Offer Only 3-3.5%

Amidst COVID 19, banks have slashed fixed deposit interest rates in the past few months. However, there are still some banks ready to offer as much as 7% interest on your savings account.

As of now, lenders like IDFC, Bandhan Bank and small finance banks like Equitas and Utkarsh are offering better interest rates than top lenders like State Bank of India (SBI), ICICI Bank and HDFC Bank.

Source – Istock

For example, HDFC and ICICI Bank are currently offering 3% to 3.5% as interest on a savings account. SBI is only offering 2.70% on savings account.

But here are some banks offering lucrative 7% interest rates.

1. IDFC Bank

Source – Business Standard

If your balance amount is up to Rs 1 Lakh, IDFC banks will offer you 6% as interest. However, if your balance is between Rs 1 Lakh to 10 crores, then you are liable for 7% interest.

  • <=1 lakh 6%
  • 1 lakh <=10 crore 7%
  • 10 crore<= 50 crore 4.5%
  • 50 crore <= 100 crore 4%
  • 100 crore 3.50%

2. Bandhan Bank

Bandhan bank’s fixed deposit interest rate increases with an increase in your balance amount. The bank offers interest rates of 3% on a balance amount of up to Rs 1 lakh, 6% on a daily balance above Rs 1 lakh to Rs 10 crore and so on.

3. Equitas Small Finance Bank 

Equitas Small Finance Bank interest rate offering increases with an increase in balance amount. You can claim 3.5% interest rate on balances up to Rs 1 lakh and 7% interest rate on balances above Rs 1 lakh and up to Rs 30 crore.

4. Utkarsh Small Finance

Utkarsh Small Finance Bank offers interest rates of 5% if your account has up to Rs 1 lakh. Moreover, the interest rate increases to 6% if the balance is above Rs 1 lakh and up to Rs 25 lakh. You get a 7.25% interest rate on an incremental balance above Rs 25 lakh.

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