The 5% interest rates are for balance up to ₹1 lakh. If a customer maintains a balance between ₹1 lakh and ₹25 lakh, the rates are 6%. The highest rate, 7.25%, is available to those who maintain a balance of over ₹25 lakh.
The minimum average quarterly balance (AQB) varies depending on the account. For Standard Savings Account and Premium Savings Account, the AQB must be ₹5,000 and ₹50,000 in urban areas, respectively.
Among private banks, Bandhan Bank, RBL Bank, and IDFC First offer the highest rates—7.15%, 6.5%, and 6%, respectively. Most banks require customers to maintain an extremely high balance for these rates.
For its Digital Savings Account, RBL Bank requires customers to maintain a balance between ₹3 crore and ₹5 crore to avail the highest rate—6.5%, according to its website. Balances up to ₹1 lakh get an interest rate of 4.75%, and those who maintain between ₹1 lakh and ₹10 lakh get 6%.
Bandhan Bank offers the highest interest rate, 7.15%, to those who maintain a daily balance of over ₹50 crore, according to its website. Customers who maintain a daily balance of below ₹1 lakh get a 3% interest rate, and those who have a balance between ₹1 lakh and ₹10 crore, get 6%.
IDFC First Bank, on the other hand, offers a 6% interest rate for balances up to ₹1 crore. For higher amounts, the interest rates are lower. Between ₹1 crore and ₹5 crore, the bank offers a 5% rate, according to its website.
Among public sector banks, IDBI Bank and Punjab National Bank offers higher interest rates of 3.5% for amounts above ₹50 lakh and ₹100 crore, respectively.
(Do you have personal finance queries? Send them to firstname.lastname@example.org and get them answered by industry experts)
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!