Five banks are offering up to 7% interest on savings accounts

Amid growing inflation and falling bank interest rates, putting money in your bank account isn’t a popular idea. People, especially millennials, are more inclined to invest in stock markets and crypto these days instead of saving money in banks in order to get more returns.  

However, there are several banks that give impressive returns on savings accounts compared to leading private and public sector banks. Most of these are small finance banks. 

As per data compiled by BankBazaar, these are the small finance banks and private banks offering the best interest rates on savings accounts.  

1. AU Small Finance Bank 

The bank is offering a 7% interest rate on their AU Small Finance Bank savings account. However, customers are required to maintain a monthly balance of around Rs 2,000 to Rs 5,000.

2. Equitas Small Finance Bank 

Customers of this bank can get a 7% interest rate on depositing above Rs 5 lakhs and up to Rs 50 lakhs. 

3. Ujjivan Small Finance Bank 

The bank is offering interest rates of up to 7 per cent on savings accounts. Customers get an interest rate of 6.75 per cent on investments worth more than Rs 10 crore. 

4. Equitas Small Finance Bank 

Equitas Small Finance Bank saving account customers can get a 7 per cent interest rate on depositing above Rs 5 lakhs and up to Rs 50 lakhs. 

5. Suryoday Small Finance Bank 

Suryoday Small Finance Bank saving account customers can also avail of up to 6.25 per cent interest on savings accounts. However, they are required to maintain an average monthly balance requirement of is Rs 2,000. 

Note: Investors shouldn’t just go for the higher interest rates, but also take other factors such as net banking services, availability of ATMs, and branch facilities, among others, into consideration.