These banks offer savings account interest rates between 7% and 7.5%

Interest on savings accounts is normally calculated daily depending on the balance at day's end and it is paid out quarterly. Depending on the account balance, different savings account interest rates will be applicable. Small finance banks offer higher interest rates on savings accounts than traditional banks.

The DICGC provides insurance for the majority of small finance banks. All deposits, including savings, fixed, current, recurring, etc., are covered by this insurance. Each depositor in a bank is protected up to Rs 5,00,000 for both principal and interest amounts kept in the same right and capacity. Here are 5 small finance banks offering savings account interest rates between 7% and 7.5%.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers interest rates between 3.50% to 7.50% on various amounts. The interest rates with the Ujjivan Small Finance Bank are effective as of June 1, 2023. The bank offers 7.50% on savings bank deposits of more than Rs 25 crore.

Jana Small Finance Bank
Jana Small Finance Bank offers interest rates between 3.50% to 7.50% on various amounts. The bank offers highest interest rate of 7.50% on savings bank deposits of more than Rs. 10 crores and upto Rs. 50 Crores.

Unity Small Finance Bank
Unity Small Finance Bank offers interest rates between 6% to 7% on various amounts. For Savings Accounts, Unity Bank offers an interest of 7% p.a. for deposits greater than Rs 1 lakh and 6% p.a. for deposits up to Rs 1 lakh.

Equitas Small Finance Banks
Equitas SFB offers 3.50% on balances up to Rs 1 lakh, 5.25% on balances above Rs 1 lakh to 5 lakhs. For above Rs 5 lakh, the bank is offering 7% and above Rs 50 crores it offers 7.50% interest. These rates are effective from July 12, 2023.As per the website, “Interest will be calculated on the daily closing balance of the account. Interest will be paid on quarterly basis by direct credit in the savings account. Slabs rates are applicable on the incremental amount based on the closing balance.”

Suryoday Small Finance Bank
Suryoday Small Finance Bank offers interest rates between 3.75% to 7% on various amounts. The interest rates with the Suryoday SFB are effective as of March 1, 2023. The bank offers 7% on savings bank deposits of above Rs. 5 Lakh up to Rs. 2 crore.
According to the bank website, “Interest will be calculated on the daily closing balance in the Savings Account, as per extant guidelines from the Reserve Bank of India. Slab rates are applicable on the incremental amount based on the daily closing balance in the Savings Account. Interest payout will be made on a monthly basis on the last day of the calendar month.”