Highest Savings Account Interest Rates 2022: SBI vs ICICI vs HDFC vs Yes Bank And More Such Banks

Savings accounts offer umpteen advantages. Over the years, they have been the most reliable and secure form of investing. They also help you increase your revenue and earn interest. Savings accounts are an excellent way to collect money from several sources. Therefore, if you intend to open a fresh account, this Diwali is the ideal time to do so.

The festival of Deepavali is known to bring good luck and fortune, making it the ideal time for fresh starts. However, you should be aware of the numerous other services and savings account interest rates your selected bank provides. This will enable you to compare the banks that are offering the highest interest rates for 2022 before opening a single account.

The top 10 banks in India that give the highest interest rates on savings accounts are discussed in the section that follows.

1. State Bank of India: SBI offers a variety of savings accounts kinds that are catered to various customer levels, including Savings Plus Account, Basic Savings Account, Yuva Savings Bank Account, and more. For any of the aforesaid accounts, the interest rate on savings accounts offered by SBI is 2.70% p.a.

2. Axis Bank: Axis Bank, one of India's top financial institutions, provides a wide range of savings accounts that are tailored to satisfy different consumer demands. Axis Bank gives interest rates based on the account balance that is kept. However, it varies between 3% and 3.5% annually. The interest rates are calculated daily and distributed to the savings account holders on a quarterly basis.

3. Kotak Mahindra Bank: Savings accounts from Kotak Mahindra Bank are well-known for offering a variety of additional options. The bank offers a wide range of financial services and help that customers can choose from. Depending on the customer's place of residence, the bank offers numerous types of savings accounts. Savings account holders who are both domestic and non-resident are subject to a 3.50% p.a. interest rate.

4. HDFC Bank: Customers can choose from a variety of feature-rich alternatives when opening a savings account with HDFC. Each of the savings bank accounts offered by HDFC has a unique collection of unique features and advantages that are simple to access. Each account has a few special benefits that make managing money much simpler. Depending on the saving balance, a 3.00% to 3.50% annual interest rate is offered by HDFC.

5. ICICI Bank: ICICI bank offers customers a variety of different savings accounts according to their unique needs. You may maintain an ICICI savings bank account with relatively little capital investment. And depending on your location parameters, you would need to keep an average monthly balance (rural, urban, semi-urban, and metro). The interest rates on savings accounts range from 3.00% p.a. to 3.50% p.a.

6. Citibank: It is one of the most well-known foreign banks operating in India. Users can choose from a variety of savings accounts from Citibank, including the Citibank Suvidha Salary Account, Citibank Savings Account, Citibank Savings Account for Expatriates, and others. The bank charges a 2.5% p.a. interest rate on these savings accounts, which is collected on the daily balance held and credited twice a year.

7. Yes Bank: This bank is known to provide one of the most alluring interest rates for savings accounts. Now, the bank will provide an interest rate of 4.00% p.a. for all Savings Accounts with a balance of up to Rs. 1 lakh as a result of changing its interest rates. But bear in mind that the rates could change at any time, at Yes bank’s sole discretion.  

8. DCB Bank: This bank is among India’s oldest and topmost scheduled commercial banks, providing people with various savings account options since the 1930s. The bank offers extremely competitive interest rates on such accounts, enabling account users to get the most out of their funds. The interest rates for DCB Bank Savings Accounts are determined by the balance of the savings account, which ranges from 2.25% per year to 7.00% per year.

9. Induslnd Bank: IndusInd Bank provides a selection of Savings Accounts that have been created to fulfill distinct financial demands to meet the needs of a broad customer base. The bank offers interest on savings accounts with a regular balance of up to Rs. 10 lakhs at a rate of 3.50% p.a. For accounts with a daily balance of more than Rs. 10 lakhs, the interest rate is 4.50% p.a.

10. RBL Bank: One of India’s fastest emerging commercial banks is RBL bank. Customers can choose from a variety of personalised savings accounts, and interest is paid out every six months. The maximum interest rate currently available is 6.25% per annum for daily balances greater than Rs. 3 crores and up to Rs. 5 crores.

Disclaimer: The information mentioned above was taken from the concerned bank's official website at the time of writing. BQ Prime is not liable for any changes. Please research before you invest.