Looking to open a savings account with a bank? We have made it easier for you to browse India’s top five savings accounts and their features. Let us look briefly at the five banks that offer the highest interest rate in India and their features.
IDFC FIRST Bank
IDFC FIRST Bank’s savings account is a testament to the bank’s policy of putting its customers first. The bank offers one of the industry’s best savings account interest rates of up to 6% per annum. As with the interest rate offered by other banks, the rate changes depending on the account balance maintained by the account holder. Here is a representative table that details the interest rates offered by the bank for different account balances:
| Account Balance (in ₹) | Rate of interest (in %) |
| Less than 10 lakhs | 4.00% |
| Between 10 lac and 25 crores | 6.00% |
| Between 25 crore and 100 crores | 5.00% |
| Between 100 crore and 200 crores | 4.50% |
| More than 200 crores | 3.50% |
Let us understand IDFC FIRST Bank’s savings account interest rate slabs with a few examples. Kindly note that these interest rates are subject to change:
- If an account holder has an account balance of ₹25,000, the interest accrued on this amount will be 4%. This comes to ₹1,000 for an account balance of ₹25,000.
- If an account holder has an account balance of ₹5,00,000, the interest accrued on this amount will be 4%. This comes to ₹20,000 for an account balance of ₹5,00,000.
- If an account holder has an account balance of ₹1,10,00,000 (1.1 crore), the interest accrued on this amount will be 4% on ₹10 lakhs (= ₹ 40,000) and 6% on ₹1 crore (= ₹6,00,000). The total interest accrued will be ₹6,40,000.
- If an account holder has an account balance of ₹5,30,00,000 (5.3 crore), the interest accrued on this amount will be 4% on ₹10 lakhs (= ₹40,000) and 6% on ₹5,20,00,000 (= ₹31,20,000). The total interest accrued will be ₹31,60,000.
HDFC Bank
HDFC Bank offers an interest rate of 3.00% on its savings accounts. For an account balance of ₹50 lakh or lesser, the interest rate offered is 3%, whereas savings accounts having an account balance of more than ₹50 lakh offer an interest rate of 3.5%.
Kotak Mahindra Bank
The interest offered by Kotak Mahindra Bank on a savings bank account is 3.5% up to ₹1 lakh. This is for accounts with an account balance of ₹1 lakh and those with an account balance of more than ₹1 lakh.
State Bank of India (SBI)
SBI offers an interest rate of 2.7% up to an account balance of ₹1 lakh. If your savings account balance is more than ₹1 lakh, you shall be offered the same interest rate of 2.7%.
ICICI Bank
ICICI Bank offers an interest rate of 3.00% for an account balance of less than ₹50 lakh and 3.50% for an account balance exceeding ₹50 lakh.
To be eligible to open a savings account with IDFC FIRST Bank, you need to be an Indian citizen, an Indian resident and maintain an average monthly balance of ₹10,000 in your account. If you are a foreign national residing in India, you must comply with the eligibility criteria laid down by the Government of India to open a savings account.