9 banks offering from 7% to 7.50% interest rates on savings accounts in 2022

Opening a savings account is the first thing you should do while beginning your financial journey since it provides adequate liquidity, deposit safety, and suitable interest rates. Savings account interest is typically calculated daily based on the account's end-of-day total amount and paid out quarterly. Your first step in wealth management that satisfies all of your individual banking and financial demands is through a savings account. A debit card, a low monthly balance threshold, high-interest rates, attractive cashback and discounts, amazing rewards against debit card transactions, and many more advantages come with savings accounts. Along with these key benefits, a savings account also enables you to earn interest on the money you have deposited and allows you to make free withdrawals whenever you need, making it a good choice for short-term objectives. For those who want to open an interest-bearing deposit account, here are the banks that are now providing interest rates of up to 7.50%.

Ujjivan Small Finance Bank

The only bank now paying the highest interest rate of 7.50% on savings bank deposits of more than ₹25 crore is Ujjivan Small Finance Bank. The Ujjivan Small Finance Bank's interest rates for Domestic and Non-Resident Accounts are listed below, effective as of November 1, 2022.

DCB Bank

Interest rates for savings accounts at DCB Bank are effective as of August 22, 2022. The bank is now giving an interest rate of 7.00% on account balances between 25 lakh and less than 2 crore. The resident, NRE, and NRO savings accounts are subject to the interest rates shown below.

Jana Small Finance Bank

Savings account interest rates of Jana Small Finance Bank are effective from 15th November, 2022. On savings bank deposits of more than Rs. 1 lakh and upto Rs. 50 Crores, the bank is now offering an interest rate of 7.00%.

Equitas Small Finance Bank

Equitas Small Finance Bank's savings account interest rates went into effect on November 9, 2022. The bank is paying an interest rate of 7.00% on savings bank deposits of above ₹5 lakh and up to ₹5 crore, as well as on a balance slab of over ₹30 crore.

AU Small Finance Bank

As of October 10, 2022, AU Small Finance Bank's applicable interest rates on savings bank deposits are in effect. The bank is providing an interest rate of 7% on savings account balances between INR 25 Lacs to less than INR 1 Crore. “Savings Account interest will be calculated on a daily basis & paid at monthly intervals (i.e. at the end of each month). Interest rates mentioned are applicable for the incremental balances that are present corresponding to the amount slab mentioned,” mentioned AU Small Finance Bank on its website.

Fincare Small Finance Bank

The applicable interest rates on savings bank deposits of Fincare Small Finance Bank are effective from 1st July, 2021. The bank is giving an interest rate of 7% on savings account balances between INR 5 Lac and less than INR 1 Crore.

Utkarsh Small Finance Bank

The applicable interest rates on savings bank deposits of Utkarsh Small Finance Bank are effective as of June 01, 2022. On savings account incremental balance above ₹25 Lakhs, the bank is offering an interest rate of 7.00% p.a.

Shivalik Small Finance Bank

As of November 10th, 2022, the applicable interest rates on savings bank accounts at Shivalik Small Finance Bank are in effect. The bank is giving a 7% interest rate on balances in savings accounts that are between Rs. 2 crore and Rs. 7 crore and above.

Unity Small Finance Bank

As of January 22, 2022, the applicable interest rates on savings bank accounts at Unity Small Finance Bank are in force. The bank is giving 7% interest on savings account balances of more than ₹1 lakh to ₹10 Crore and above.