Following RBI's repo rate hike, several private banks shore up interest rate on savings accounts to upto 6.75%

17 Jun 2022 , 10:03 AM

Reserve Bank of India (RBI) announced two consecutive repo rate hikes of 40 and 50 basis points since May. 100 basis points = 1 percentage point. Several private banks, including Axis Bank, Kotak Mahindra Bank, HDFC Bank, and others, have upped savings account interest rates. Smaller and newer private banks provide savings account rates of up to 6.75%, which is greater than the major private banks.

Let’s take a look at some of the interest rates being offered:

Savings accounts at DCB Bank can earn up to 6.75% interest. This bank has the best interest rates when compared to other private banks. The required minimum balance ranges from Rs2,500 to Rs5,000.

RBL Bank is offering savings accounts with interest rates as high as 6%. Monthly balance requirements ranges from Rs2,500 to Rs5,000.

On savings accounts, IDFC First Bank is offering interest rates as high as 6%. The average required monthly balance is Rs10,000.

On savings accounts, Bandhan Bank is offering interest rates as high as 6%. The average balance requirement is Rs5,000 per month.

Yes Bank is offering savings accounts with interest rates as high as 5%. The average required monthly amount is Rs25,000.