19 Jul Banks Those Offer More Than 7% Interest Rate on Savings Accounts
Banks With Higher Interest Rates on Saving Accounts & Highest FD Interest Rates for Super Senior Citizens
Savings account interest rates often vary based on the account balance. Banks may offer different interest rates for different balance ranges, with higher balances generally earning higher interest rates. This incremental interest rate structure incentivizes customers to maintain higher balances in their savings accounts.
It’s important to note that savings account interest rates are generally lower compared to fixed deposit rates, but they provide the flexibility of easy access to funds without any premature withdrawal penalties. This makes them suitable for individuals who may need to withdraw their money at any time.
When considering a savings account, it’s recommended to compare the interest rates offered by different banks, as well as other factors such as
-Minimum balance requirements,
-Fees,
-Online banking features, and
-Customer service.
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Right now, there are banks offering savings account interest rates between 7% and 8%, depending on how much amount you have in the account.
DCB Bank:
2.00% on balances up to 1 lakh
3.75% on balances above 1 lakh to less than 2 lakh
5.25% on balances from 2 lakh to less than 5 lakh
6.25% on balances from 5 lakh to less than 10 lakh
7.00% on balances from 10 lakh to less than 50 lakh
7.25% on balances from 50 lakh to less than 2 Crore
5.50% on balances from 2 crore to less than 5 crore
7.00% on balances from 5 crore to less than 10 Crore
8.00% on balances from 10 crore to less than 50 Crore
IDFC FIRST Bank:
Up to 7% on balances more than Rs 10 lakh to less than Rs 5 crore
Suryoday Small Finance Bank:
3.75% on balances up to and including Rs. 1 Lakh
6.75% on balances above Rs. 1 Lakh up to & including Rs. 5 Lakh
7.00% on balances above Rs. 5 Lakh up to & including Rs. 50 Lakh
7.00% on balances above Rs. 50 Lakh up to & including Rs. 2 Crore
6.50% on balances above Rs. 2 Crore up to & including Rs. 5 Crore
5.00% on balances above Rs. 5 crore
ESAF Small Finance Bank:
4.00% on balances up to and including Rs. 5 lakh
5.50% on incremental amounts above Rs. 5 lakh up to and including Rs. 15 lakh
7.00% on incremental amounts above Rs. 15 lakh up to and including Rs. 50 lakh
7.50% on incremental amounts above Rs. 50 lakh
Other Small Finance Banks:
-AU Small Finance Bank offers interest up to 7% on savings accounts.
-Equitas Small Finance Bank offers 7% interest in the saving account for balances above Rs 5 lakh and up to Rs 50 crores.
Please keep in mind that these rates are subject to change, and it’s advisable to verify the current rates with the respective banks before making any decisions. By doing thorough research and considering your financial needs, you can choose a savings account that best suits your requirements.
Maximizing Fixed Deposits for Super Senior Citizens:
For senior citizens, including those classified as super senior citizens, fixed deposits (FDs) are a popular investment avenue to grow their savings while enjoying a steady income stream.
Recognizing the unique needs and circumstances of these individuals, several banks offer higher interest rates on FDs for senior citizens. Moreover, some banks go the extra mile by providing even greater interest rates specifically tailored for super senior citizens, typically aged 80 years or above.
Let’s take a closer look at some notable banks offering higher interest rates for super senior citizens:
RBL Bank:
-Super senior citizens receive a preferred interest rate of 0.25% higher than regular senior citizens.
-Currently offering a rate of 8.55% for super senior citizens and 8.30% for senior citizens.
-Rates effective from June 1, 2023.
Union Bank of India:
-Super senior citizens are entitled to a 0.75% higher interest rate compared to regular senior citizens.
-Offers the highest interest rate of 7.75% to super senior citizens and 7.50% to senior citizens.
-The additional rate is applicable for term deposits opened/renewed on or after December 1, 2022.
Punjab National Bank (PNB):
-Super senior citizens aged 80 years and above enjoy an additional interest rate of 80 basis points (bps) over the applicable card rate.
-Highest interest rate offered to senior citizens is 8.10% on a 444-day tenure.
Indian Bank:
-Offers an exclusive term deposit account called “IB – Golden Ager” for super senior citizens aged 80 years and above.
-Provides an additional 0.25% higher interest rate over and above the rate offered to normal senior citizens across all deposit buckets.
-Offers attractive interest rates such as 8% on IND SUPER 400 DAYS and 7.80% on IND SUPREME 300 DAYS for super senior citizens.
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