We all know that by keeping our funds in a savings bank account, we won’t be able to maximise the interests that we can get on the amount we have deposited, but the liquidity associated with a savings account promises that people can withdraw their funds at any time without having to worry about most of the bank charges.
Banks in India allow people a particular limit at which there are no charges for the withdrawal of money. Most Indians use a saving account to deposit their money and earn a particular rate of interest on the same, even though the interest rate is not as significant as the fixed deposit interest rates. You can earn at least a small amount of money on your savings for sure.
If you are someone who wants to get the best savings account interest rate, then you can choose to open a savings bank account with the commercial banks listed below. Here are the 5 banks in India that offer the best interest rates on savings account.
RBL Bank Savings Account
RBL Bank offers a huge 7% per annum interest rate on savings account deposits in 2023. It is the best bank for you to maximise the returns on your savings in 2023 in India.
IndusInd Bank Savings Account
IndusInd Bank offers lucrative savings account interest rates according to the amount one may have deposited in their savings account. Below are the interest rates of the IndusInd Bank savings account.
- 4% per annum on up to Rs 1 Lakh
- 5% per annum on Rs 1-10 Lakh
- 6% per annum on Rs 10 Lakh to 1 Crore
- 6% per annum on Rs 1 Crore to 100 Crore
DCB Bank Savings Account
The third best bank to get the best savings account interest rates in India in 2023 is DCB Bank, which offers a per annum interest rate of 2-5% on the amount deposited. The rate of interest varies with respect to the amount in one’s bank account.
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Kotak Mahindra Bank Savings Account
Kotak Mahindra Bank is famous for its great interest rates on the savings account. There was a time when they gave around 6% interest on the savings account. However, in 2023 you can get a 3.5% per annum interest rate on balances of up to Rs 50 Lakhs with a Kotak Mahindra Bank savings account. On balances of more than Rs 50 Lakhs, the Kotak Mahindra Bank savings account holder are eligible for a 4% interest per annum.
HDFC Bank Savings Account
HDFC Bank savings account interest rates follow the same diversification as the Kotak Mahindra Bank savings account. However, the interest rate is a bit lower with HDFC Bank. With an HDFC Bank savings account, you can get 3% per annum interest on balances up to Rs 50 Lakhs. On balances above Rs 50 Lakhs, you can get 3.5% per annum interest.