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Savings Accounts With Highest Interest Rates in 2022

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.

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 AU small finance bank Up to 7% [w.e.f. 10th October, 2022]
4 Bandhan Bank Up to 6.5% [w.e.f. 30th September, 2022]
5 RBL Up to 6.5% [w.e.f. 21st October, 2022]
6 IDFC Up to 6.25% [w.e.f. 10th October, 2022]
7 Yes Bank Up to 6.25% [w.e.f. 17th September, 2022]
8 IndusInd Bank Up to 5% [w.e.f. 21st June, 2022]
9 Digibank by DBS Up to 5% [w.e.f. 26th September, 2022]
10 Kotak Mahindra Bank Up to 4% [w.e.f. 13th June, 2022]
11 Canara bank Up to 3.55% [w.e.f. 29th June, 2021]
12 ICICI Up to 3.5% [w.e.f. 4th June, 2020]
13 Axis Bank Up to 3.5% [w.e.f. 1st June, 2022]
14 HDFC Up to 3.5% [w.e.f. 6th April, 2022]
15 Bank of Baroda Up to 3.35% [w.e.f. 15th June, 2022]
16 Union Bank of India Up to 3.55% [w.e.f. 16th June, 2022]
17 SBI Up to 3% [w.e.f. 15th October, 2022]
18 Indian Bank Up to 2.90% [w.e.f. 1st April, 2022]
19 Bank of India Up to 2.90% [w.e.f. 1st May, 2022]
20 Punjab National Bank Up to 2.75% [w.e.f. 4th April, 2022]

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:

Freo Save Savings Account Interest Rates

  • Up to ₹1 lakh: 3.5%
  • Above ₹1 lakh and up to ₹5 lakh: 5.5%
  • Above ₹5 lakh and up to ₹5 crore: 7.0%
  • Above ₹5 Crore up to ₹10 Crores: 5.5%
  • Above ₹10 Crore: 5.0%
Open Your Freo Save Digital Savings Account Now!

Ujjivan Small Finance Bank Savings Account Interest Rates

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

AU Small Finance Bank Savings Account Interest Rates

  • Up to ₹1 lakh: 3.50%
  • Above ₹1 lakh to ₹10 lakh: 5.00%
  • Above ₹10 lakh to ₹25 lakh: 6.00%
  • Above ₹25 lakh to ₹1 crore: 7.00%
  • Above ₹1 crore to ₹2 crore: 6.50%
  • Above ₹2 crore to ₹5 crore: 6.25%
  • Above ₹5 crore to ₹10 crore: 6.00%

Bandhan Bank Savings Account Interest Rates

  • 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%

RBL Bank 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 ₹1 crore*: 6.50%
  • Above ₹1 crore to ₹3 crore*: 6.50%
  • Above ₹3 crore to ₹5 crore*: 6.50%
  • Above ₹5 crore to ₹7.5 crore*: 6.50%
  • Above ₹7.5 crore to ₹10 crore*: 6.25%
  • Above ₹10 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 ₹500 crore*: 4.00%
  • Above ₹500 crore*: 4.00%

* On daily balances in excess of ₹1 Lakh

IDFC Bank Savings Account Interest Rates

  • Up to ₹10 lakh: 4.00%
  • Above ₹10 lakh to ₹50 crore: 6.25%
  • Above ₹50 crore to ₹100 crore: 5.00%
  • Above ₹100 crore to ₹200 crore: 4.50%
  • Above ₹200 crore: 3.50%

Yes Bank 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%

IndusInd Bank Savings Account Interest Rates

  • Up to ₹1 lakh: 3.50%
  • Above ₹1 lakh to ₹10 lakh: 3.50%
  • Above ₹10 lakh to ₹1 crore: 4.50%
  • Above ₹1 crore to ₹100 crore: 5.50%

Digibank by DBS Savings Account Interest Rates

  • Up to Rs. 1 lakh: 3.25% 
  • Rs. 1 lakh and up to Rs. 2 lakhs: 3.50%
  • Rs. 2 lakhs and up to Rs. 5 lakhs: 4.00%
  • Rs. 5 lakhs and up to Rs. 50 lakhs: 3.00%
  • Rs. 50 lakhs and up to Rs. 5 Crore: 5.00%
  • Above Rs. 5 Crore: 5.00%

Kotak Mahindra Bank Savings Account Interest Rates

  • Up to ₹50 lakh: 3.50%
  • Above ₹50 lakh: 4%

All mentioned interest rates last updated on 18th November 2022.

Why is Freo Save the Best Savings Account in India?

Better Interest Rates:

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!

Download the App and Open Your Digital Savings Account!