5 Best Savings Accounts With Good Returns Up To 7.25%
Amid coronavirus pandemic, though most of the major lending institutions provide cheaper rates on FDs and even on saving accounts, there are still some banks providing 7 percent on savings accounts depending on the deposit amount. Just like the interest rates, the minimum deposit limit also varies across lenders on savings accounts. Banks impose a fixed minimum balance cap that has to be met by an account holder to avoid unwanted penalties. While there are no high interest rates on these types of accounts, it is the stability and protection that make them a good investment bet. Below we have covered five banks for you which are currently providing higher interest rates on savings accounts up to 7.25%.
Eligibility required to open a savings account
For different banks, the Savings Account eligibility requirements may be different. The below are the basic ones:
- Resident individuals with a minimum age limit of 18 years
- NRIs
- He or she must not have an existing savings account with the preferred bank
- Hindu Undivided Families
Documents required to open a savings account
The below KYC documents must be kept ready to open a savings account:
- Identity proof: PAN, Voter ID, Aadhaar Card and 2 passport-sized photographs
- Address proof: Driving license, Voter ID, utility bills of the last 3 months
- Income proof: Bank account statement. Salary slip of the last 3 months
IDFC First Bank Savings Account
IDFC First Bank has revised the interest rate on savings account deposits to 6 percent from 1 February. Current rates here.
| Balance | ROI in % p.a. |
|---|---|
| <= Rs 1 Cr | 6.oo |
| > Rs 1 Cr <= Rs 5 Cr | 5.00 |
| > Rs 5 Cr <= Rs 10 Cr | 4.00 |
| > Rs 10 Cr | 3.50 |
Bandhan Bank Savings Account
In its savings account, Bandhan Bank provides up to 6 per cent. Bandhan Bank provides a variety of services and products to its customers, spanning the finance industry, from loans to fixed deposits to savings accounts.
| Balance | ROI in % p.a. |
|---|---|
| Up to Rs. 1 Lac | 3.00 |
| Above Rs. 1 Lac to Rs. 10 crores | 6.00 |
| Above Rs. 10 crores to Rs. 50 crores | 6.55 |
| Above Rs. 50 crores | 7.15 |
IndusInd Bank Savings Account
In order to satisfy the needs of various categories of customers, IndusInd Bank provides a plethora of savings accounts. The bank supports its customers with advantages, such as net banking, phone banking, IVR assistance, and so on. IndusInd Bank provides 4 per cent on its savings account for daily deposits up to Rs 1 Lakhs. On cumulative balance over Rs 1 lakhs & up to Rs 10 Lakhs the interest rate is kept at 5%. Whereas an interest rate of 6% for balance above Rs 10 Lakhs.
| Balance | ROI in % p.a. |
|---|---|
| Upto Rs. 1 Lakh | 4.00 |
| Above Rs. 1 Lakh & upto (& including) Rs. 10 Lakhs | 5.00 |
| Above Rs.10 Lakhs | 6.00 |
Utkarsh Small Finance Bank Savings Account
Utkarsh Small Finance Bank provides an interest rate of up to 7.25% on savings account deposits of up to Rs 25 lakh. These rates are in force from 1 August 2020.
| Balance | ROI in % p.a. |
|---|---|
| Balance Upto Rs. 1 Lakh | 5.00 |
| Above Rs. 1 Lakh to Rs. 25 Lakhs | 6.00 |
| Above Rs. 25 Lakhs | 7.25 |
AU Small Finance Bank Savings Account
AU Small Finance Bank provides various types of high interest rate savings accounts. To get the advantage of high interest rate, monthly interest payout, free debit card, exclusive deals & much more you can go with the savings account of AU Small Finance Bank.
| Balance | ROI in % p.a. |
|---|---|
| Less than Rs 1 lakh | 4.00 |
| Above 1 Lakh to less than Rs 5 Lakhs | 5.00 |
| Above 5 Lakh to less than Rs 10 Lakhs | 6.00 |
| Rs10 Lakh to less than Rs 5 crores | 7.00 |