Bandhan Bank and RBL Banks are offering the best rates on savings account up to 7.15 percent.
Although, generally the savings accounts carry lower interest rates when compared with fixed or term deposits.
But there are some small and also new private banks which are offering higher interest rates on savings accounts.
The interest rates are generally higher than the leading private banks which should not be avoided.
There is one new private bank which is offering more than 7 percent interest on saving account as per the updated records.
This new bank is Bandhan Bank which has offered up to 7.15 percent of interest rate. However, there are many other small banks in this list.
The second bank in the list of offering higher interest rate is the RBL Bank at 6.5 percent.
Moreover, there are two more banks out of which one is in the limelight in Indian stock market.
These are IndusInd Bank and IDFC Bank offering 6 percent interest on savings account.
The interest rates can be compared with the other small finance banks as well. For an example, the AU small Finance Bank and the Ujjivan Small Finance Bank are offering interest up to 7 and 6.5 percent respectively.
On the other hand, leading banks like HDFC and ICICI Bank are offering only 3 to 3.5 percent interest respectively.
Also note that, the minimum balance requirement in Bandhan Bank is Rs 5,000.
Check all the recent news updates and share market updates