Home / Money / Personal Finance /  7 DICGC insured savings accounts with 7% interest rates

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

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.

AmountInterest Rate (p.a.)
Up to 1 lakh3.50%
Above Rs. 1 lakh upto Rs. 5 lakh6.00%
Above Rs. 5 lakh upto 1 Crore7.00%
Above Rs. 1 Crore and upto Rs. 10 Crore6.00%
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 BalanceInterest Rate Per Annum
Upto 1 lakh4.50%
More than 1 lakh and Upto 50 Lakhs7.00%
More than 50 Lakhs and Upto 50 Crores6.50%
More than Rs. 50 Crores6.50%

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 BalanceRate Slab
Up to 1 lakh3.50%
Above  1 lakh and upto 5 lakhs6.00%
Above 5 lakhs and upto  2 crores7.00%
Above  2 crores5.50%

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 slabRate of Interest Applicable (per annum)
Balances less than INR 1 Lac3.50%
Balances from INR 1 Lac to less than INR 10 Lacs5.00%
Balances from INR 10 Lacs to less than INR 25 Lacs6.00%
Balances from INR 25 Lacs to less than INR 1 Crore7.00%
Balances from INR 1 Crore to less than INR 10 Crores6.00%

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 RsInterest rate in % p.a.
Up to and including 1 lakh4.50%
Above 1 lakh & including 5 lakh6.00%
Above 5 lakh & including 1 Cr7.00%
Above 1 Cr & including 2 Cr6.00%
Above 2 Cr & including 5 Cr5.75%
Above 5 Cr & including 15 Cr4.50%
Above 15 Cr & including 20 Cr4.00%
Above 20 Cr & including 30 Cr3.25%
Above 30 Cr & including 50 Cr3.00%
Above 50 Cr3.00%

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 in RsRate of Interest w.e.f March 01, 2022
Balance Upto 1 Lakh3.75% p.a.
Incremental balance above 1 Lakh upto  25 Lakhs6.50% p.a.
Incremental Balance above   25 Lakhs7.00% 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.

Balance upto 1 Lac3.50%
Above 1 Lac to 5 Lacs3.50%
Above 5 Lacs to 10 Lacs3.50%
Above 10 Lacs to 25 Lacs4.00%
Above 25 Lacs to 50 Lacs4.00%
Above 50 Lacs to 1 Crore4.50%
Above 1 Crore to 2 Crore5.00%
Above 2 Crore to 5 Crore7.00%
Above 5 Crore to 7 Crore7.00%
7 Crore and above7.00%

Source: Bank Websites


Vipul Das

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).
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