Savings accounts are bank accounts that provide risk-free returns while still providing sufficient liquidity to manage your finances. Savings accounts are often used for short-term investments and to store funds in a safe location in case of an emergency.
Savings accounts are bank accounts that provide risk-free returns while still providing sufficient liquidity to manage your finances. Savings accounts are often used for short-term investments and to store funds in a safe location in case of an emergency. These accounts generate good returns but are not enough to keep up with inflation. In reality, investors should be aware that interest generated on all savings bank accounts up to ₹10,000 is tax-free under Section 80TTA of the Income Tax Act. As inflation continues to rise, opening a savings account with the highest possible interest rates would be a sensible move for your financial health. As a consequence, here are the seven DICGC insured savings accounts now giving the highest interest rate of 7% in the country.
Ujjivan Small Finance Bank is offering a maximum interest rate of 7% on savings bank deposits of more than Rs. 5 lakh and up to Rs. 1 crore starting May 19, 2022.
Amount
Interest Rate (p.a.)
Up to 1 lakh
3.50%
Above Rs. 1 lakh upto Rs. 5 lakh
6.00%
Above Rs. 5 lakh upto 1 Crore
7.00%
Above Rs. 1 Crore and upto Rs. 10 Crore
6.00%
Above Rs. 10 Crore
6.75%
Jana Small Finance Bank
The bank is now providing savings account holders with a maximum rate of 7% on savings bank deposits of more than 1 lakh and up to 50 lakhs, effective March 4, 2022. According to Jana Small Finance Bank, for incremental balances exceeding Rs. 1 lac and up to Rs. 50 lacs, a 7.00 per cent interest rate would be granted.
Savings Account Balance
Interest Rate Per Annum
Upto 1 lakh
4.50%
More than 1 lakh and Upto 50 Lakhs
7.00%
More than 50 Lakhs and Upto 50 Crores
6.50%
More than Rs. 50 Crores
6.50%
Equitas Small Finance Bank
Equitas Small Finance Bank is giving a maximum interest rate of 7% on savings bank deposits of above ₹5 lakhs and up to ₹2 crores as of March 21, 2022.
Daily Closing Balance
Rate Slab
Up to ₹ 1 lakh
3.50%
Above ₹ 1 lakhand upto ₹ 5 lakhs
6.00%
Above ₹ 5 lakhs and upto ₹ 2 crores
7.00%
Above ₹ 2 crores
5.50%
AU Small Finance Bank
AU Small Finance Bank is giving a maximum interest rate of 7.00 per cent on savings account balances between INR 25 lacs and less than INR 1 crore, as per the applicable interest rates on savings bank deposits w.e.f. 5th October 2021.
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 1 Crore
7.00%
Balances from INR 1 Crore to less than INR 10 Crores
6.00%
Fincare Small Finance Bank
The bank is guaranteeing a 7% interest rate on savings account balances above ₹5 lac and up to ₹1 crore, commencing July 1, 2021.
Savings Account Slab In Rs
Interest rate in % p.a.
Up to and including ₹1 lakh
4.50%
Above 1 lakh & including 5 lakh
6.00%
Above 5 lakh & including 1 Cr
7.00%
Above 1 Cr & including 2 Cr
6.00%
Above 2 Cr & including 5 Cr
5.75%
Above 5 Cr & including 15 Cr
4.50%
Above 15 Cr & including 20 Cr
4.00%
Above 20 Cr & including 30 Cr
3.25%
Above 30 Cr & including 50 Cr
3.00%
Above 50 Cr
3.00%
Utkarsh Small Finance Bank
The bank promises a maximum interest rate of 7% on incremental balances above ₹25 lakhs held in a savings account starting March 1, 2022.
Balance inRs
Rate of Interest w.e.f March01, 2022
Balance Upto1Lakh
3.75% p.a.
Incremental balance above1 Lakh upto25 Lakhs
6.50% p.a.
Incremental Balance above25 Lakhs
7.00% p.a.
Shivalik Small Finance Bank
The bank is providing a maximum interest rate of 7.00 per cent on savings account balances of above 2 crore to 7 crore and above as of May 27th, 2022.
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
Which bank gives 7% interest on a savings account? Right now, only one financial institution is paying at least 7% APY: Landmark Credit Union. Landmark pays 7.50% on its Premium Checking Account — however, there are some major caveats to consider.
Which bank gives 7% interest on a savings account? Right now, only one financial institution is paying at least 7% APY: Landmark Credit Union. Landmark pays 7.50% on its Premium Checking Account — however, there are some major caveats to consider.
A CD yielding 6% is undeniably attractive. Unfortunately, no such CD is currently available as of March 2023. The federal funds rate would have to rise about 1% for CD rates to reach this level. While this is possible in 2023, the rate of inflation may outweigh the benefits of a 6% CD rate.
The FDIC refers to these different categories as “ownership categories.” This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.
Theoretically, you could insure $1 million or more by opening multiple accounts and maxing out your FDIC coverage limits. For instance, you could open four savings accounts at four different banks with $250,000 each.
Capital One 360 CDs offer a safe way to grow your savings with some competitive interest rates that range from 3.30% to 5.00% APY (annual percentage yield), depending on the CD term you choose. All of its CD terms—six months to five years—have a good feature for novel savers: no minimum balance requirements.
DCB Bank offers the highest interest rate on fixed deposits maturing in two years. For deposits maturing between 700 days and 24 months, the bank offers an interest rate of 8 per cent.
Are CD Rates Going Up? Yes, CD rates are currently on the rise. In March and again in May of 2023, the Federal Open Markets Committee (FOMC) raised the target range for the federal funds rate by 0.25%, bringing the current benchmark range to 5.00% to 5.25%.
A high-yield savings account is considered a safe place to hold your savings. Interest rates are typically higher than traditional savings accounts, and most accounts are FDIC-insured. Just be sure to compare fees and ATM accessibility before opening a high-yield savings account.
How can I get 10% interest on my money? The best way to get 10% returns is to invest – you won't find 10% APY on any bank account in the U.S. The S&P 500 is a good place to start, but you should also consider real estate and other alternative investments, like art and wine.
Among scheduled private sector banks, DCB Bank offers the best FD interest rates of up to 8.00% p.a. for a tenure of 700 days to 3 years. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.35% p.a. for a tenure of 555 days.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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