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High Interest Savings Accounts by Top Banks in 2021

High Interest Savings Accounts by Top Banks

Savings account offer interest rate to their account holders. A higher interest rate is better as we can get more interest on our savings. Here are some high interest savings accounts by top banks.

The interest to be credited on your savings account will be calculated on your daily closing balance. For e.g., if you had Rs. 10,000 in the morning and during the bank closing hours, your balance came down Rs.7,000, then the interest will be calculated on Rs.7,000. A higher interest rate means that your money will grow faster in your savings account.

Read: How is interest rate on savings account calculated?

Also, the interest rate offered by the bank depends on the balance of your savings account. Typically, banks offer a higher interest rate for balance of above Rs.1 lakh.

As savings account provides easy liquidity, it is recommended that you have a substantial balance in your account to tide over emergencies. Typically, keep at least three months of your expenses in a separate savings account.

Read: 9 reasons why you need an Emergency Fund

The interest rate on the savings account keeps changing regularly. Hence, it is always better to check the revised interest rate on the bank’s website. Currently, the average interest rate on savings account offered to individuals is 3% or less. 7% is the best interest rate paid on savings accounts for retail customers with a balance of less than Rs.1 crore.

Kotak Mahindra Bank Savings Account  

Kotak Mahindra Bank is one of the top banks that offers high interest on savings accounts. The bank gives a high interest rate of up to 4% on their savings account.

The interest rate is 3.5% p.a. for balance up to Rs.1 lakh. For deposits above Rs.1 lakh and up to Rs.1 crore, the bank pays an interest rate of 4%.

You can choose the savings account of your choice among the different savings account. Besides the regular savings account, it also has woman, children, senior citizens’ savings account.  

Balance Interest Rate
Balance up to Rs. 1 lakh 3.5%
Balance over Rs. 1 lakh and up to Rs. 1 crores 4%
Balance above Rs. 1 crores3.50%
 Interest Rate Applicable from Dec 11, 2020

Read: Video KYC: Open a Kotak 811 Full KYC account with no restrictions

Bandhan Bank Savings Account Interest Rate

After receiving the final RBI nod in 2015, Bandhan Bank, a relatively new bank has become popular among customers. Bandhan Bank offers interest rate of up to 6% to its customers. The bank offers 6% for customers with a daily bank balance of above Rs.1 lakh to Rs. 10 crores. For customer accounts of balance of up to Rs.1 lakh, the bank offers an interest rate of 3%.

Domestic and Non-Resident Rupee Savings Bank AccountInterest Rate
 Daily Balance up to ₹1 lakh3.00%
Daily Balance above ₹1 lakh to ₹10 crores6.00%
Daily Balance above ₹10 crores to ₹50 crores6.55%
Daily Balance above ₹50 crores7.15%

Read: Bandhan Bank Zero Balance Savings Account

IDFC First Bank

Recently, IDFC Bank was merged with Capital First giving rise to a new entity called IDFC First Bank. As a newly merged entity, the bank is offering high interest rate of up to 6% their customers with a daily balance of up to Rs.1 crore.

Balance Interest Rate
<=1 Cr 6%
>1 Cr <=5 Crs 5%

Read: IDFC First Zero Balance Savings Account

Digibank by DBS

Digibank by DBS is a fully online bank. Digisavings account is the savings account of Digibank. As it is completely online savings account, you can access the account through their website and app. One can make a digisavings account savings with your PAN card and Aadhaar card. The bank also fetches attractive interest rate of up to 4%. It offers an interest rate of 3.25% for balance of up to Rs. 1 lakh.

Interest Balance
Balance up to Rs. 1 lakh will get 3.25% interest rates
Any balances over and above Rs. 1 lakh and up to Rs. 2 lakhs will get 3.5% on the incremental amount*
Any balances over and above Rs. 2 lakhs and up to Rs. 5 lakhs will get 4% on the incremental amount*
Any balances over and above Rs. 5 lakhs and up to Rs. 5 Cr will get 3% on the incremental amount*
Any balances over and above Rs. 5 Cr will get 3.75% on the incremental amount thereon
Digibank savings account interest rate
*Interest rate revised as above w.e.f. 12th Feb 2021. Source:

Read: Digibank Savings Account by Digibank

RBL Bank

RBL Bank is another new bank on the block. The bank offers an interest rate of up to 6.50%. RBL Bank follows the 2-tier interest rate. This means the customer will receive two different interest rates on their balance. E.g., RBL customers with Rs.5 lakh as a balance, will receive differential interest rates. Customers will receive interest rate of 4.75% for the balance up to Rs.1 lakh and the rest of the balance of Rs 4 lakh will fetch 6% interest.

Daily balanceRate of Interest
w.e.f March 1, 2021
Up to Rs 1 lakh4.75
Above Rs 1 lakh upto Rs. 10 lakh *6.00
Above Rs. 10 lakh and upto Rs. 3 Crore*6.50
Above Rs. 3 Crore upto Rs. 5 Crore*#6.50
Interest Rate on RBL Bank Saving Deposits
  • *On daily balances in excess of Rs. 1 Lac
  • #For amounts greater than Rs 5 Crore, please contact the branch or your designated Relationship Manager.


These were some of the best banks with high interest rates on their savings accounts. While it is always better to go for a savings account that offers highest interest rate, you should also look at some other factors such as customer service, ease of opening savings account online and ease of transacting.

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