Small Banks Offer Up To 7.00% Interest On Savings Account Deposits. Small finance banks such as AU Small Finance Bank, Equitas Small Finance Bank pay an annual return of 6-6.5 percent on deposits in savings accounts.
Why small banks offer higher interest rates
Small finance banks are relatively new as compared to leading banks such as SBI, HDFC Bank and ICICI Bank. Small banks need customers to trust them with their hard-earned money and that is why interest rates on all types of deposits – savings, recurring and fixed – are higher compared to regular banks, say wealth planners.
Major commercial banks offer modest interest rates on savings accounts. But small finance banks offer higher interest rates even on savings deposits.
Suryoday Bank Saving Account Interest Rates
From Suryoday Bank Saving Account you may Earn 4% p.a. on balance up to Rs. 1 Lakh. 6.25% p.a. on balance over Rs. 1 Lakh up to Rs. 10 Lakhs and 6.00% p.a. on balance over Rs. 10 Lakhs. Applicable interest will be calculated on the incremental amount for the slabs. Rates are subject to change from time to time at the sole discretion of Suryoday Small Finance Bank Ltd. According to the bank’s website – suryodaybank.com. These interest rates are applicable on both savings and salary savings accounts.
|Daily Closing Balance Slabs (Domestic)||% rate per annum*|
|Up to and including Rs. 1 Lakh||4.00%|
|Above Rs. 1 Lakh up to & including Rs. 10 Lakhs||6.25%|
|Above Rs. 10 Lakhs||6.00%|
Please note that the Savings Account interest will be calculated on a daily basis & paid at monthly intervals (i.e. post the end of each month)
Please note – Applicable interest will be calculated on the incremental amount for the slabs. Rates are subject to change from time to time at the sole discretion of Suryoday Small Finance Bank Ltd.
3 transactions for Mumbai, Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.
ESAF Small Finance Bank
ESAF Small Finance Bank pays the following interest rates on savings account deposits, according to the bank’s website – esafbank.com:
Interest Rates for Savings Bank accounts (Resident, NRO & NRE)
|Savings Bank Account- Slab (Day end balance)||Rate of Interest effective|
|Up to and including Rs.1 lakh||4.00%|
|Above Rs.1 lakh up to and including Rs.10 lakhs (i.e for the incremental amount above Rs.1 lakh)||5.50%|
|Above Rs.10 lakhs (i.e for incremental amount above Rs.10 lakhs)||6.50%|
- Interest on Savings Bank accounts will be calculated on end of the day balance and credited to the accounts on a quarterly basis.
- The above rates of interest are applicable for Savings Bank Accounts with/without Checkbook facility, No frill Accounts/ Basic Savings Bank Accounts and for Accounts of Senior Citizens also.
- Rates of interest are subject to revision periodically.
- For help, email to email@example.com.
Interest Rates on AU Bank Saving Account
Mentioned below are the applicable Interest Rates for AU Savings Account balances for Domestic Savings Accounts.
|Savings Account Incremental Amount slab**||Rate of Interest Applicable (per annum)|
|Balances less than INR 1 Lac||3.50%|
|Balances from INR 1 Lac to less than INR 10 Lacs||5.00%|
|Balances from INR 10 Lacs to less than INR 25 Lacs||6.00%|
|Balances from INR 25 Lacs to less than INR 2 Crores||7.00%|
|Balances from INR 2 Crores to less than INR 10 Crores||6.00%|
- Please note that the Savings Account interest will be calculated on a daily basis & paid at monthly intervals (i.e. post the end of each month)
- Please note that the interest rates mentioned are applicable for the incremental balances that are present corresponding to the amount slab mentioned.
Equitas Small finance Bank
On balances up to Rs. 1 lakh, Equitas Small Finance Bank offers an interest rate of 3.50 per cent, according to the bank’s website – equitasbank.com. On savings balances above Rs. 1 lakh and up to Rs. 1 crore, it offers an interest rate of 7 percent is applicable. These interest rates are applicable to basic and small savings accounts, standard savings accounts, regular savings accounts, value plus accounts and my savings account, according to the bank.
Interest Rates on Standard Savings Account, Savings Account Interest Rate w.e.f. 16 August 2021
Savings account interest rate
|Daily Closing Balance||Rate Slab|
|Up to ₹ 1 lakh||3.50%|
|Above ₹ 1 lakh and upto ₹ 1 cr||7.00%|
|Above ₹ 1 cr||6.00%|