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Savings Accounts With Highest Interest Rates in 2024

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Savings accounts are nothing fancy and are one of the oldest ways to earn interest to make money. Some consider them the most trusted and lesser risk-taking investment options! That’s because a savings account is a secure and convenient way to track and transact funds.

If you are planning to open a savings account, this article will help you to explore the top banks in India that provide the best interest rates on their savings account. Further, look at the top ten savings accounts with the highest interest rates in India.

Table of Content

List of Savings Accounts with Highest Interest Rates

Best Savings Account with Their Interest Rates

Why is Freo Save the Best Savings Account in India?

List of Savings Accounts with Highest Interest Rates

Sr. No.

Savings Schemes/Plans

Returns Offered

Lock-in Period

1 National Saving Certificate (NSC)

7.7%

5 Years

7 Sukanya Samriddhi Yojana (SSY)

8.2%

21 Years

4 Post Office Monthly Income Scheme (POMIS)

7.4%

5 Years

3 Recurring Deposit

2.5-8.5%

1 Year

8 Atal Pension Yojana (APY)

Returns depend on pension amount and age

Age 60 Years

9 Employee Provident Fund (EPF)

Retirement or Resignation

8.25%

10 Pradhan Mantri Jan Dhan Yojana

4%

NA

5 Kisan Vikas Patra

7.5%

123 months

6 Public Provident Fund (PPF)

7.1%

15 Years

11 Equity Linked Savings Scheme (ELSS)

Depends on market conditions; there are no assured returns.

Min 3 Years

12 Fixed Deposits

2.50% to 9.01%

Min 5 Years

2 Senior Citizens Saving Scheme (SCSS)

8.2%

5 Years

13 National Pension Scheme (NPS)

Till Retirement (age 60)

9-12%

Sr. No.

Savings Account

Interest Rate

Freo Save

Up to 7%

Ujjivan Small Finance Bank

Up to 7.50% [w.e.f. 15th November, 2023]

RBL

Up to 7.50% [w.e.f. 21st August, 2023]

Digibank by DBS

Up to 7% [w.e.f. 10th October, 2023]

IDFC

Up to 7% [w.e.f. 1st October, 2023]

Bandhan Bank

Up to 8.05% [w.e.f. 5th September, 2023]

Yes Bank

Up to 7% [w.e.f. 1st November, 2023]

IndusInd Bank

Up to 6.75% [w.e.f. 5th December, 2023]

Kotak Mahindra Bank

Up to 4% [w.e.f. 13th June, 2022]

Canara bank

Up to 4% [w.e.f. 21st December, 2021]

ICICI

Up to 3.5% [w.e.f. 4th June, 2020]

Axis Bank

Up to 3.5% [w.e.f. 1st June, 2022]

HDFC

Up to 3.5% [w.e.f. 6th April, 2022]

Bank of Baroda

Up to 3.35% [w.e.f. 15th June, 2022]

Union Bank of India

Up to 4% [w.e.f. 20th November, 2023]

SBI

Up to 3% [w.e.f. 15th October, 2022]

Indian Bank

Up to 2.90% [w.e.f. 1st April, 2022]

Bank of India

Up to 2.90% [w.e.f. 1st May, 2022]

Punjab National Bank

Up to 2.90% [w.e.f. 1st January, 2023]

*Last updated on January 2024.

Best Savings Account with Their Interest Rates

Several public and private sector banks in India today offer different forms of savings accounts that cater to different needs of individuals. There are several interest rates available for a savings account, and this is our handpicked list of some of the highest interest rates bearing savings accounts:

Freo Save

Ujjivan Small Finance Bank

RBL bank

Digibank By DBS

IDFC Bank

Bandhan Bank

YES Bank

IndusInd Bank

Kotak Mahindra Bank

Savings Account Interest Rates

Up to ₹1 lakh: 3.50%
Above ₹1 lakh and up to ₹5 lakh: 5.25%
Above ₹5 lakh: 7.00%

Open Your Freo Save Digital Savings Account Now!

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Senior Citizen Savings Scheme

Savings Account Interest Rates

Up to ₹1 lakh: 3.50%
Above ₹1 lakh and up to ₹5 lakh: 5%
Above ₹5 lakh to ₹5 Crore: 7.50%

Savings Account Interest Rates

Up to ₹1 lakh: 4.25%
Above ₹1 lakh to ₹25 lakh*: 5.50%
Above ₹10 lakh to ₹25 lakh*: 6.00%
Above ₹25 lakh to ₹2 crore*: 7.50%
Above ₹2 crore to ₹3 crore*: 7.00%
Above ₹3 crore to ₹7.5 crore*: 6.50%
Above ₹7.5 crore to ₹25 crore*: 6.25%
Above ₹25 crore to ₹50 crore*: 6.25%
Above ₹50 crore to ₹100 crore*: 5.25%
Above ₹100 crore to ₹200 crore*: 6.00%
Above ₹200 crore to ₹400 crore*: 4.00%
Above ₹400 crore*: 6.75%

Savings Account Interest Rates

Up to ₹1 lakh: 3.25%
₹1 lakh and up to ₹2 lakhs: 3.50%
₹2 lakhs and up to ₹3 lakhs: 3.25%
₹3 lakhs and up to ₹4 lakhs: 3.50%
₹4 lakhs and up to ₹5 lakhs: 7.00%
₹5 lakhs and up to ₹10 lakh: 5.00%
₹10 lakhs and up to ₹50 lakh: 4.00%
₹50 lakhs and up to ₹1 crore: 5.00%
Above ₹1 Crore: 3.00%

Savings Account Interest Rates

Up to ₹1 lakh: 3.00%
Above ₹1 lakh to ₹5 lakh: 4.00%
Above ₹5 lakh to ₹25 crore: 7.00%
Above ₹50 crore to ₹100 crore: 5.00%
Above ₹100 crore to ₹200 crore: 4.50%
Above ₹200 crore: 3.50%

Savings Account Interest Rates

Up to ₹1 lakh: 3.00%
Above ₹1 lakh to ₹10 lakh: 6.00%
Above ₹10 lakh to ₹2 crore: 7.00%
Above ₹2 crore to ₹10 crore: 6.25%
Above ₹10 crore to ₹50 crore: 6.50%
Above ₹50 crore to ₹100 crore: 8.00%
Above ₹100 crore to ₹250 crore: 8.00%
Above ₹250 crore: 8.05%

Savings Account Interest Rates

Up to ₹1 lakh: 4.00%
Above ₹1 lakh to ₹5 lakh: 4.25%
Above ₹5 lakh to ₹10 lakh: 5.00%
Above ₹10 lakh to ₹25 lakh: 5.50%
Above ₹25 lakh to ₹1 crore: 6.00%
Above ₹1 crore to ₹10 crore: 6.25%
Above ₹10 crore to ₹25 crore: 6.00%

The Sukanya Samriddhi Yojana is a government savings scheme that allows parents or legal guardians to open an account for a girl child who is 10 years old or younger. The account matures after 21 years of opening it or in the event of the child's marriage, post the age of 18. A premature withdrawal from the account of up to 50% of what was initially invested is allowed after she reaches 18 years old, even if she is not getting married.

Duration of Investment in this Savings Scheme: 21 Years

Interest Rate: 8.2%

Investment Amount: Minimum Rs. 1,000 per annum, Maximum: Rs. 1.5 Lakh Per Annum

Interest received will not be taxed

Tax Deduction on Principal up to Rs 1.5 lakhs.

Learn more about Sukanya Samriddhi Yojana.

Savings Account Interest Rates

Up to ₹1 lakh: 3.50%
Above ₹1 lakh to ₹10 lakh: 5.00%
Above ₹10 lakh to ₹25 lakh: 6.00%
Above ₹25 lakh to ₹5 crore: 6.75%
Above ₹5 crore to ₹50 crore: 6.75%
Above ₹50 crore to ₹100 crore: 6.00%

Savings Account Interest Rates

Up to ₹50 lakh: 3.50%
Above ₹50 lakh: 4.00%

Why is Freo Save the Best Savings Account in India?

Set Reminders to
Repay on Time

Set Reminders to Repay on Time

We believe in the power of 7%*. Our customers can enjoy up to 7% interest rate with our digital savings account, which is the highest compared to most savings accounts!

100% Digital Experience

Say goodbye to the conventional paperwork and embrace a 100% digital experience. Open an account online within minutes and start banking on our app!

Zero Balance

Unlike other banks, Freo Save follows the model of a zero-balance savings account. So, you are free from any charges required if the minimum balance is not met!