Interest Rate On Saving Account: These banks are paying the highest interest on savings accounts, keeping money in them is beneficial.

The salaries of most of us are deposited in savings account. Apart from this, investments and loans are also taken under the same account. But savings bank accounts generally have lower interest rates than fixed deposits. There are some small and new private banks that pay higher interest on savings accounts than many large private and public sector banks. You can use a savings account to deposit your emergency fund. It is important to know how much interest is received on our money deposited in savings accounts.

New private banks pay higher interest:  According to data compiled by BankBazaar, new private banks like Bandhan Bank and IDFC First Bank pay interest rates of 7.15 percent and 7 percent respectively on their savings account. Other private banks pay interest up to 6.75 percent. These interest rates are higher than leading private and large public banks. For example, HDFC Bank and ICICI Bank pay 3 to 3.5 percent interest, State Bank of India (SBI) and Bank of Baroda pay 2.70 percent and 2.75 percent interest respectively on their savings account.

• Bandhan Bank 3 to 7.15% interest, minimum balance five thousand
• IDFC First Bank interest 3.5% to 7%, minimum balance 10,000
• RBL Bank- Interest, 4.75% -6.75% – Minimum balance 500 to 2500
• Yes Bank – 4% to 6% – Minimum balance – Ten thousand
• Indusind Bank – 4% to 6% – Minimum balance – 1500 to ten thousand

Minimum balance requirements are higher: The minimum balance in savings accounts of private banks starts at Rs 500 and goes up to Rs 10,000. The minimum balance requirement at IDFC First Bank and Bandhan Bank is Rs 10,000 and Rs 5,000 respectively. In major private banks like Axis Bank and HDFC Bank, the minimum balance requirement is Rs 2,500 to 10,000. The minimum balance for ICICI Bank is Rs 1,000 to Rs 10,000.