Savings Accounts With Highest Interest Rates in 2023

Savings accounts are nothing fancy and are one of the oldest ways to earn interest to make money. Some consider them the most trusted and lesser risk-taking investment options! That’s because a savings account is a secure and convenient way to track and transact funds.

If you are planning to open a savings account, this article will help you to explore the top banks in India that provide the best interest rates on their savings account. Further, look at the top ten savings accounts with the highest interest rates in India.

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Table of Content

List of Savings Accounts with Highest Interest Rates

Sr. No Savings Account Interest Rate
1 Freo Save Up to 7%
2 Ujjivan Small Finance Bank Up to 7% [w.e.f. 13th June, 2022]
3 RBL Up to 7% [w.e.f. 1st March, 2023]
4 Digibank by DBS Up to 7% [w.e.f. 1st Feb, 2023]
5 IDFC Up to 6.75% [w.e.f. 9th March, 2023]
6 Bandhan Bank Up to 6.5% [w.e.f. 30th September, 2022]
7 Yes Bank Up to 6.25% [w.e.f. 17th September, 2022]
8 IndusInd Bank Up to 6% [w.e.f. 18th October, 2022]
9 Kotak Mahindra Bank Up to 4% [w.e.f. 13th June, 2022]
10 Canara bank Up to 4% [w.e.f. 21st December, 2021]
11 ICICI Up to 3.5% [w.e.f. 4th June, 2020]
12 Axis Bank Up to 3.5% [w.e.f. 1st June, 2022]
13 HDFC Up to 3.5% [w.e.f. 6th April, 2022]
14 Bank of Baroda Up to 3.35% [w.e.f. 15th June, 2022]
15 Union Bank of India Up to 3.55% [w.e.f. 16th June, 2022]
16 SBI Up to 3% [w.e.f. 15th October, 2022]
17 Indian Bank Up to 2.90% [w.e.f. 1st April, 2022]
18 Bank of India Up to 2.90% [w.e.f. 1st May, 2022]
19 Punjab National Bank Up to 3% [w.e.f. 1st January, 2023]

Best Savings Account with Their Interest Rates

Several public and private sector banks in India today offer different forms of savings accounts that cater to different needs of individuals. There are several interest rates available for a savings account, and this is our handpicked list of some of the highest interest rates bearing savings accounts:

1. Freosave

1

Savings Account Interest Rates

  • Up to ₹1 lakh: 3.50%
  • Above ₹1 lakh and up to ₹5 lakh: 5.25%
  • Above ₹5 lakh: 7.00%

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2. Ujjivan Small Finance Bank

2

Savings Account Interest Rates

  • Up to ₹1 lakh: 3.50%
  • Above ₹1 lakh and up to ₹5 lakh: 6.00%
  • Above ₹5 lakh to ₹5 crore: 7.00%
  • Above ₹5 crore: 6.75%

3. RBL Bank

3

Savings Account Interest Rates

  • Up to ₹1 lakh: 4.25%
  • Above ₹1 lakh to ₹10 lakh*: 5.50%
  • Above ₹10 lakh to ₹25 lakh*: 6.00%
  • Above ₹25 lakh to ₹7.5 crore*: 7.00%
  • Above ₹7.5 crore to ₹25 crore*: 7.00%
  • Above ₹25 crore to ₹50 crore*: 6.25%
  • Above ₹50 crore to ₹100 crore*: 5.25%
  • Above ₹100 crore to ₹200 crore*: 6.00%
  • Above ₹200 crore to ₹400 crore*: 4.00%
  • Above ₹400 crore*: 5.25%

4. Digibank by DBS

4

Savings Account Interest Rates

  • Up to ₹1 lakh: 3.25%
  • ₹1 lakh and up to ₹2 lakhs: 3.50%
  • ₹2 lakhs and up to ₹3 lakhs: 4.25%
  • ₹3 lakhs and up to ₹5 lakhs: 7.00%
  • ₹5 lakhs and up to ₹10 lakh:6.00%
  • ₹10 lakhs and up to ₹20 lakh:5.50%
  • ₹20 lakhs and up to ₹1 crore:5.00%
  • Above ₹1 Crore: 3.00%

5. IDFC Bank

5

Savings Account Interest Rates

  • Up to ₹10 lakh: 4.00%
  • Above ₹10 lakh to ₹50 crore: 6.75%
  • Above ₹50 crore to ₹100 crore: 5.00%
  • Above ₹100 crore to ₹200 crore: 4.50%
  • Above ₹200 crore: 3.50%

6. Bandhan Bank

6
  • Up to ₹1 lakh: 3.00%
  • Above ₹1 lakh to ₹10 lakh: 6.00%
  • Above ₹10 lakh to ₹2 crore: 6.25%
  • Above ₹2 crore to ₹10 crore: 6.25%
  • Above ₹10 crore to ₹50 crore: 6.50%

7. Yes Bank

7

Savings Account Interest Rates

  • Up to ₹1 lakh: 4.00%
  • Above ₹1 lakh to ₹5 lakh: 4.25%
  • Above ₹5 lakh to ₹10 lakh: 5.00%
  • Above ₹10 lakh to ₹25 lakh: 5.50%
  • Above ₹25 lakh to ₹1 crore: 6.00%
  • Above ₹1 crore to ₹10 crore: 6.25%
  • Above ₹10 crore to ₹25 crore: 6.00%

8. IndusInd Bank

8

Savings Account Interest Rates

  • Up to ₹1 lakh: 4.00%
  • Above ₹1 lakh to ₹10 lakh: 5.00%
  • Above ₹10 lakh to ₹1 crore: 6.00%
  • Above ₹1 crore to ₹100 crore: 6.00%

9. Kotak Mahindra Bank

9

Savings Account Interest Rates

  • Up to ₹50 lakh: 3.50%
  • Above ₹50 lakh: 4.00%

Why is Freo Save the Best Savings Account in India?


  • Set Reminders to Repay on Time

    We believe in the power of 7%*. Our customers can enjoy up to 7% interest rate with our digital savings account, which is the highest compared to most savings accounts!


  • 100% Digital Experience:

    Say goodbye to the conventional paperwork and embrace a 100% digital experience. Open an account online within minutes and start banking on our app!


  • Zero Balance:

    Unlike other banks, Freo Save follows the model of a zero-balance savings account. So, you are free from any charges required if the minimum balance is not met!


  • Additional Benefits:

    By simply using Freo Save, you unlock access to MoneyTap – India’s no.1 credit line app, and Freo Pay – QR-based Shop Now, Pay Later app!

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Interest rates up to ₹1 Lakh: 3.5%; Above ₹1 Lakh up to ₹5 Lakh: 5.25%; Above ₹5 Lakh: 7.0%
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