Savings interest rate is less than 8% a year

Depending on the account balance, savings account interest rates will vary. Here are banks offering savings account interest rates between 7%-8% depending on the account balance.

A savings account is a deposit account in a bank or other financial institution that provides the account holder with a high level of liquidity, security of money, and a fixed rate of interest.

DCB Bank offers up to 8% interest on savings accounts with balances ranging from 10 crore to less than 2 crore. The bank pays 7.25% interest on savings account balances ranging from 50 lakh to less than 2 crores, and 7% on balances ranging from 5 crore to less than 10 crores

DFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023

Suryoday Small Finance Bank pays the highest interest rate of 7.00% on savings account balances ranging from Rs 5 lakh to Rs 2 crore, and 6.75% on balances ranging from Rs 1 lakh to Rs 5 lakh

EASAF Small Finance Bank offers interest up to 7.5 percent on savings accounts on balances from 10 crore to less than 2 crores. The bank offers 7.25% interest on savings account balance from 50 lakh to less than 2 Crore in the account and 7% on balances from 5 crore to less than 10 crores in the account