Best savings account interest rates in India
Top savings rates across 10 banks, as of June 2026. The headline rate is usually slab-based — here's what you'd really earn.
By NexMaxo Editorial Team · Rates verified June 2026 · Slab-based — read the conditions
Some bank links are affiliate links — if you open an account through them we may earn a commission, at no extra cost to you. It never changes the order or what we show. How we make money →
The headline rate isn't what most people earn. A “7%” savings rate is almost always a top slab that needs a very large balance; small balances earn far less. Read the “what it takes” column.
Only ₹5 lakh is insured. DICGC cover is ₹5 lakh per bank — so chasing a high rate by parking a large sum at one small bank leaves the excess uninsured.
Best for an ordinary balance
For a typical balance of a few lakh, IDFC FIRST Bank stands out — 6.50% from just ₹3 lakh — among the best for an ordinary balance. Many small-finance “headline” rates only apply to balances in the crores, so a high top-slab number doesn't help most savers.
10 banks compared
Sorted by the highest (top-slab) rate. Read “what it takes” — that's the catch.
| Bank | Top rate | What it takes | Type | Open |
|---|---|---|---|---|
| Ujjivan Small Finance Bank | 7.15% | Top 7.15% needs ₹25 crore+; you reach ~6.50% from a ₹5 lakh balance | Small finance | Open |
| Equitas Small Finance Bank | 7% | Top ~7% needs a large balance; mid-slabs run ~3.5–6.5% | Small finance | Open |
| AU Small Finance Bank | 6.75% | Top 6.75% needs a high balance; mid-slabs ~3.5–6% | Small finance | Open |
| IDFC FIRST Bank | 6.5% | 6.50% from just ₹3 lakh — among the best for an ordinary balance | Private | Open |
| RBL Bank | 6% | 6.00% needs ₹10 lakh+; 5.00% from a ₹5 lakh balance | Private | Open |
| Axis Bank | 3.25% | 3.25% needs a ₹50 lakh+ balance; most savers earn 2.75% | Private | Open |
| HDFC Bank | 3.25% | 3.25% needs a ₹50 lakh+ balance; most savers earn 2.75% | Private | Open |
| ICICI Bank | 2.5% | Flat 2.50%, no higher slab (sweep-in FD is the only uplift) | Private | Open |
| Kotak Mahindra Bank | 2.5% | Flat 2.50% for retail (sweep-in FD is the only uplift) | Private | Open |
| State Bank of India | 2.5% | Flat 2.50%, no higher slab — but a true zero-balance account | Public sector | Open |
Top published slab rates, verified as of June 2026; the rate you earn depends on your balance band. Savings rates are repo-sensitive and were cut through 2025-26 — confirm on the bank's official site.
Open a zero-balance savings account online
A fully digital Kotak811 savings account — no minimum balance, opened from your phone in minutes. · Kotak811, at no extra cost to you.
Each bank in detail
Ujjivan Small Finance Bank
Small finance bank
- Rate slabs
- 2.50% up to ₹3L; 6.50% ₹5–25L; 6.75% ₹25L–25Cr; 7.15% above ₹25Cr
- What the top rate takes
- Top 7.15% needs ₹25 crore+; you reach ~6.50% from a ₹5 lakh balance
- Minimum balance
- No min-balance penalty on regular savings (variant-dependent)
Equitas Small Finance Bank
Small finance bank
- Rate slabs
- ~2.75% up to ₹5L; ~3.50% ₹5–10L; up to ~7% on higher slabs
- What the top rate takes
- Top ~7% needs a large balance; mid-slabs run ~3.5–6.5%
- Minimum balance
- ~₹10,000 AMB (regular)
AU Small Finance Bank
Small finance bank
- Rate slabs
- 2.50% up to ₹1L; 3.50% ₹5–10L; up to 6.75% on the highest slab
- What the top rate takes
- Top 6.75% needs a high balance; mid-slabs ~3.5–6%
- Minimum balance
- Zero-balance digital/BSBDA variants available
IDFC FIRST Bank
Private bank
- Rate slabs
- 2.50% up to ₹3L; 6.50% ₹3L–25Cr; 5.00% above ₹25Cr
- What the top rate takes
- 6.50% from just ₹3 lakh — among the best for an ordinary balance
- Minimum balance
- ₹25,000 AMB (regular)
RBL Bank
Private bank
- Rate slabs
- 3.00% up to ₹5L; 5.00% ₹5–10L; 6.00% ₹10L–7.5Cr
- What the top rate takes
- 6.00% needs ₹10 lakh+; 5.00% from a ₹5 lakh balance
- Minimum balance
- ₹5,000 AMB (metro/urban)
Axis Bank
Private bank
- Rate slabs
- 2.75% below ₹50L; 3.25% on ₹50L+
- What the top rate takes
- 3.25% needs a ₹50 lakh+ balance; most savers earn 2.75%
- Minimum balance
- ₹12,000 AMB (metro)
HDFC Bank
Private bank
- Rate slabs
- 2.75% below ₹50L; 3.25% on ₹50L+
- What the top rate takes
- 3.25% needs a ₹50 lakh+ balance; most savers earn 2.75%
- Minimum balance
- ₹10,000 AMB (metro); zero-balance BSBDA available
ICICI Bank
Private bank
- Rate slabs
- 2.50% flat — one rate across all balances
- What the top rate takes
- Flat 2.50%, no higher slab (sweep-in FD is the only uplift)
- Minimum balance
- ₹15,000 MAB (metro); zero-balance BSBDA available
Kotak Mahindra Bank
Private bank
- Rate slabs
- 2.50% flat for retail balances
- What the top rate takes
- Flat 2.50% for retail (sweep-in FD is the only uplift)
- Minimum balance
- ₹10,000 AMB (metro)
State Bank of India
Public sector bank
- Rate slabs
- 2.50% flat — one rate across all balances
- What the top rate takes
- Flat 2.50%, no higher slab — but a true zero-balance account
- Minimum balance
- Zero (no minimum balance)
How we compile this
We list banks by their top published slab rate, taken from each bank's official page and corroborating sources, verified as of June 2026 — never by any commercial arrangement. Crucially, we show the balance each top rate requires, because a high headline rate on a slab you'll never hold is meaningless. Our methodology · how we make money.
Savings accounts — FAQs
Small finance banks pay more to attract deposits. But that high rate is almost always slab-based — it applies only to large balances (often several lakh or crore), while small balances earn a low rate like everyone else. Big banks (SBI, ICICI, Kotak) cut their savings rate to a flat 2.50% in 2025-26. Always read the slab, not the headline.
Usually not. Most banks pay the top rate only on a high balance slab. For an ordinary balance of a few lakh, a bank like IDFC FIRST Bank (6.50% from ₹3 lakh) can beat a small-finance bank whose 7% only kicks in on crores. Check the rate on the slab you'll actually keep.
Deposits at every scheduled bank — including small finance banks — are insured by the DICGC up to ₹5 lakh per depositor per bank (principal + interest). So if you're parking a large sum to chase a higher rate, only ₹5 lakh is protected; spread larger amounts across banks or weigh the risk.
Banks calculate savings interest on your daily closing balance and credit it quarterly. So the rate that matters is the one for the balance band you typically hold through the quarter, not the top advertised slab.
It varies: many banks require an average monthly balance of ₹2,500–₹25,000 (with a penalty if you fall short), while public-sector banks like SBI and zero-balance BSBDA accounts have no minimum. Factor any non-maintenance penalty into the real return.
This is an informational comparison, not financial advice. Savings-account rates are slab-based, change frequently and were cut across 2025-26 — the rate you earn depends on your balance. Deposits are DICGC-insured only up to ₹5 lakh per bank. Confirm current rates and minimum-balance rules on the bank's official site.