Deposits in safe interest-bearing securities are only worthwhile if they meet your emergency needs, and if you don’t have enough liquidity, opening a savings account will help you start your personal finance journey while allowing you to easily liquidate your savings and generate handsome returns. Savings accounts won’t help you fight inflation, but will give you better interest rates than fixed deposits if you meet the bank’s specified balance sheet. So, to start accumulating funds for investments and begin building wealth for short-term needs and to help with unexpected expenses, here are four private banks that can offer a return of up to 6.75% on savings accounts, which is significantly higher than the fixed deposit rates of leading banks in the current scenario.
Private lender DCB Bank adjusted its savings account interest rate on May 19, 2022 and is now offering a maximum interest rate of 6.75 percent on savings account balances €25 lakh to less than €2 crores. With its current interest rate, DCB Bank is currently the leading private bank in the country and offers savings account holders a maximum interest rate of 6.75 percent.
The bank last revised its savings account interest rates on April 1, 2022 and as a result, savings account holders would receive a maximum interest rate of 6.00 per cent on savings account balances of more than Rs. 10 lakh but less than Rs. 3 crore and more than Rs. 3 crore but less than Rs. 5 crore.
IDFC First Bank
IDFC First Bank changed their savings account rates on June 1, 2022 and now offers their savings account holders a maximum interest rate of 6% on account balances greater than €10 to €10 crores.
On November 1, 2021, Bandhan Bank revised their savings account rates and savings account holders can now claim a maximum rate of 6.00 percent on balances €10 lakhs too €2 crores.