5 banks offering 7-7.5% interest rate on savings accounts

For savings account, one has to maintain a minimum average balance. According to the Yes Bank website, “Depending on the scheme and branch category (Metro/Urban/Semi-Urban/Rural), there are 3 types of Balances, Average monthly balance(AMB), Average quarterly balance (AQB) and half-yearly average balance.”

Here are the banks offering 7% to 7.5% interest rate on savings accounts. These banks have revised savings account interest rates in November, 2022.

Ujjivan Small Finance Bank

Ujjivan Small Finance Bank is the only bank now offering savings bank deposits of more than Rs 25 crore at an interest rate of 7.5%. The bank offers interest rates between 3.50% to 7.50% on various amounts. The interest rates with the Ujjivan Small Finance Bank are provided below, effective as of November 1, 2022

According to the website, “ Interest is calculated on day-end balances maintained in the savings account and paid out on a quarterly basis. The higher interest rate will be applied and paid only basis the balances maintained as per slabs.

Example: If a customer maintains Rs.120,000/- in the savings account, 3.50% interest will be earned for Rs.100,000/- and 6.00% interest will be earned for the remaining Rs.20,000/-.”

Equitas Small Finance Banks
Equitas Small Finance Banks offers interest rates between 3.50% and 7% on various amounts. The interest rates with the Equitas Small Finance Bank are provided below, effective as of November 9, 2022.

Jana Small Finance Banks
Jana Small Finance Bank offers interest rates between 4.50% to 7% on various amounts. The interest rates with the are provided below, effective as of November 15, 2022.
Interest is based on the day-end balances in the savings account. Interest is paid or credited to savings accounts quarterly.

For example, if a customer has Rs150,000 in a savings account, 4.50% interest would be earned on Rs.100,000 and 7.00% interest will be earned on the remaining Rs.50,000.

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.

Shivalik Small Finance Bank
Shivalik Small Finance Bank offers interest rates between 3.50% to 7% on various amounts. The interest rates with the are provided below, effective as of November 10, 2022.