List of Savings Bank Accounts Offering 6% and More Interest Rate in 2024

Savings Bank Accounts are one of the most conventional as well as convenient ways of parking your idle money while earning a fixed rate of interest each month. Besides high liquidity, you also enjoy multiple free & nominally charged benefits on your Bank Account such as a Debit Card, internet banking facility, chequebooks, pre-approved Credit Card offers, discounts on other bank products & many more.

Yet, in the current falling interest rate regime, top banks such as the State Bank of India, HDFC Bank, Axis Bank, and PNB have slashed bank account yields drastically. The return on Savings Accounts is low with many banks. The markets are highly volatile to invest funds for your short-term needs. Amidst falling gleam of debt funds, bank FDs and other short term saving plans, it is no brain teaser to opt for a Savings Bank Account promising 6-7% return & enjoy 100% liquidity.

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So let’s find out which are these high-yielding Saving Account options that can let you earn at least 6% returns on your bank account balance while enjoying liquidity, safety, security & convenience all along.

• IDFC first
• Fincare Small Finance Bank
• ESAF Small Finance Bank
• Utkarsh Small Finance Bank
• DBS
• Bandhan bank

IDFC First Bank 

About: In 2018, IDFC Bank and Capital First merged to form IDFC First Bank.  It is one of the most popular commercial banks in the country, with good infrastructure backup. Currently, the bank is offering the best interest rates on Savings Accounts and Fixed Deposits, making it one of the first choices for anyone who wants to earn interest while keeping the money idle. It is also the first bank in India to launch an Aadhaar-linked cashless merchant solution.

Rating: CRISIL has rated IDFC First as FAAA, i.e safe for banking and fixed deposits.

Rate of Interest: With IDFC Bank, customers enjoy up to 6.75% interest per annum on a Savings Account. It is the only mainstream bank to offer such a high yield. The accounts with above Rs. 10 Lakhs up to Rs. 50 Crores deposit earns 6.75% p.a while the accounts with over Rs. 200 Crores balance earn a 3.50% interest rate. The Interest is capitalised to your account on quarterly basis.

Minimum Balance Required: Average Monthly Balance should be Rs. 25,000. If the account holder fails to maintain a minimum balance, a charge will be applied.

Additional Read: Check Best banks for personal loan

Features & Benefits:

• 3.50% to 6.75% interest return per annum
• Digital transactions facility
• Free Visa Debit Card
• Whatsapp banking facility

Indian Residents & NRI can open the account, subject to GOI’s specific norms.

Fincare Small Finance Bank

About: Fincare Small Finance Bank is a scheduled commercial bank that offers a host of bank account options for catering to a diverse customer base. You can choose the best account as per your needs. You can also open an instant bank account through Aadhar-based verification online with Fincare Small Finance Bank.

Rating:  Short-Term Ratings by CRISIL is A1+

Rate of Interest: With Fincare Small Finance Bank, you can earn up to 7.11% interest on your savings bank account balance. The rate of interest will vary as per the balance in the account. Here are the details:

Types of Savings Accounts:

Let’s run through the types of savings account you can open with Fincare Small Finance and yield upto 7.11% interest rate annually.

DBS Bank

About: DBS Bank India Limited is a subsidiary of DBS Bank, which is a well-known multi-national bank that offers high Savings Account Interest Rates. The DBS is headquartered in Singapore. It is one of the popular choices among millennials.

Rating: DBS Bank India Limited is rated as A1+ by Crisil

Benefits: DBS bank offers seamless banking services at attractive interest rates. Benefits of DBS Savings Account are:

• Access your account as per convenience, online, mobile or via ATM
• Attractive interest rates ranging from 3.25% to 5% p.a.
• NRE and NRO accounts are also available

Rate of Interest: The rate of interest is calculated as below:

Bandhan Bank

About: Bandhan Bank is one of the mainstream banks to offer high-interest rate to its Savings Account holders. Bandhan bank was incorporated in 2014 and is popular for its customer-friendly services.

Interest Rate: Bandhan Bank is one of the few banks that offer up to 6.50% interest rate on Savings Accounts. The details of savings account interest rates are shared below:

Types of Account:  Bandhan Bank caters to a diversified base of customers. Thus, the bank offers a host of choice for its customers.

The different types of Saving Account options are:

• Neo+ Digital Savings Account - KYC
• Elite Savings Account
• Advantage Savings Account
• Sanchay Savings Account
• Premium Savings Account
• Respect Programme – For Senior Citizens
• Standard Savings Account
• Special Savings Bank Account
• Corporate Savings Account
• BSBDA Savings Account
• BSBDA - Small Savings Account

Benefits: A customer enjoys seamless banking service with Bandhan Bank. The benefits can be briefly listed as:

• One bandhan- one bank- access account from any branch across the country
• Account opening with initial balance as low as ₹5,000Open account in just a few steps
• Contactless, paperless, hassle-free process
• KYC verification via video call
• High rate of interest
• Net banking
• Debit Card
• Mobile App
• Unlimited transactions