Question 1

What is a Savings Account interest rate?

Accepted Answer

A Savings Account interest rate is the percentage of your deposited balance that a bank pays you as interest, typically calculated on a daily basis and credited quarterly.

Question 2

Which bank gives the highest savings account interest rate?

Accepted Answer

As of Nov 2026, several Small Finance Banks offer savings account rates up to 6.35% p.a. for higher balance slabs, significantly more than traditional large banks.

Question 3

Is savings account interest taxable?

Accepted Answer

Yes, savings account interest is taxable. However, interest up to ₹10,000 per year is exempt under Section 80TTA for individuals below 60, and up to ₹50,000 under Section 80TTB for senior citizens.

Question 4

How is savings account interest calculated?

Accepted Answer

Banks calculate savings account interest on the daily closing balance. The interest is computed on a daily basis and credited to the account quarterly.

Question 5

What is the difference between a savings account and a fixed deposit?

Accepted Answer

A savings account offers flexible withdrawals with lower interest rates, while a fixed deposit locks your money for a fixed tenure at a higher interest rate. FD rates are typically 1-3% higher than savings account rates.

Rank	Bank Name	Effective Rate	Bank Safety	Bank Type	Interest Payout	Effective From
1	Unity Small Finance Bank	6.35%	Good	Small Finance	Quarterly	26-Aug-26
2	Equitas Small Finance Bank	6.05%	Good	Small Finance	Quarterly	05-Aug-26
3	IDFC First Bank	5.65%	Good	Private	Monthly	04-Oct-26
4	Slice Small Finance Bank	5.50%	Good	Small Finance	Daily	01-Oct-26
5	ESAF Small Finance Bank	4.80%	Moderate	Small Finance	Quarterly	01-Jun-26
6	Ujjivan Small Finance Bank	4.60%	Good	Small Finance	Monthly	05-Jun-26
7	Utkarsh Small Finance Bank	4.58%	Moderate	Small Finance	Quarterly	01-Jul-26
8	DBS Bank	4.50%	Good	Foreign	Quarterly	24-Oct-25
9	SBM Bank	4.13%	Good	Foreign	Quarterly	01-May-26
10	Post Office	4.00%	Sovereign	Gov. Scheme	Yearly	01-Jul-26
11	RBL Bank (Ratnakar)	4.00%	Good	Private	Monthly	01-Oct-26
12	Jana Small Finance Bank	3.90%	Good	Small Finance	Monthly	07-May-26
13	Bandhan Bank	3.77%	Good	Private	Quarterly	01-Aug-26
14	Shivalik Bank	3.30%	Moderate	Small Finance	Monthly	13-Jul-26
15	Capital Small Finance Bank	3.10%	Good	Small Finance	Quarterly	04-Nov-25
16	AU Small Finance bank	3.05%	Good	Small Finance	Monthly	01-Oct-26
17	Kalupur Co-op Bank	3.00%	Unrated	Co-operative	Quarterly	18-Sep-26
18	Suryoday Small Finance Bank	3.00%	Caution	Small Finance	Monthly	01-Aug-26
19	Dhanlaxmi Bank	2.98%	Good	Private	Quarterly	01-Jul-26
20	IndusInd Bank	2.95%	Good	Private	Quarterly	01-Mar-26
21	DCB Bank	2.92%	Good	Private	Quarterly	06-Mar-26
22	Tamilnad Merc. Bank	2.80%	Good	Private	Quarterly	01-Jul-26
23	City Union Bank	2.75%	Good	Private	Quarterly	25-Jun-25
24	Cosmos Co-op Bank	2.75%	Unrated	Co-operative	Quarterly	14-Mar-22
25	SVC Co-op Bank	2.75%	Unrated	Co-operative	Quarterly	18-Sep-26
26	Nainital Bank	2.65%	Good	Private	Quarterly	10-Jan-26
27	TJSB Sahakari	2.65%	Unrated	Co-operative	Quarterly	01-Jun-25
28	Abhyudaya Co-op Bank	2.60%	Unrated	Co-operative	Quarterly	18-Sep-06
29	NKGSB Co-op Bank	2.60%	Unrated	Co-operative	Quarterly	02-Jul-25
30	IDBI Bank	2.57%	Good	Private	Quarterly	18-Aug-25
31	Canara Bank	2.55%	Good	Public	Quarterly	01-Jul-25
32	Axis Bank	2.50%	Good	Private	Quarterly	28-Jun-25
33	Bank of Baroda	2.50%	Good	Public	Quarterly	22-Aug-25
34	Bank of India	2.50%	Good	Public	Quarterly	01-May-26
35	Bank of Maharashtra	2.50%	Good	Public	Quarterly	01-Sep-25
36	Barclays Bank	2.50%	Good	Foreign	Quarterly	29-Sep-25
37	Central Bank of India	2.50%	Good	Public	Quarterly	10-May-26
38	Deutsche Bank	2.50%	Good	Foreign	Quarterly	01-Aug-25
39	Doha Bank	2.50%	Good	Foreign	Quarterly	18-Feb-22
40	Federal Bank	2.50%	Good	Private	Quarterly	16-Jun-26
41	HDFC Bank	2.50%	Excellent	Private	Quarterly	24-Jun-25
42	ICICI Bank	2.50%	Excellent	Private	Quarterly	26-Jun-25
43	Indian Bank	2.50%	Good	Public	Quarterly	04-Jul-26
44	J&K Bank	2.50%	Good	Private	Quarterly	01-Aug-26
45	Kotak Bank	2.50%	Good	Private	Quarterly	06-Apr-26
46	Punjab National Bank	2.50%	Good	Public	Quarterly	01-Oct-25
47	Saraswat Co-op Bank	2.50%	Unrated	Co-operative	Quarterly	01-Oct-26
48	State Bank of India	2.50%	Excellent	Public	Quarterly	15-Jun-25
49	UCO Bank	2.50%	Good	Public	Quarterly	23-Jun-25
50	Union Bank of India	2.50%	Good	Public	Quarterly	10-Aug-26
51	Yes Bank	2.50%	Good	Private	Quarterly	01-Nov-26
52	Catholic Syrian Bank	2.46%	Good	Private	Quaterly	04-Nov-25
53	Karnataka Bank	2.38%	Good	Private	Quarterly	01-Apr-26
54	Indian Overseas Bank	2.27%	Good	Public	Quarterly	12-Dec-25
55	Karur Vysya Bank	2.25%	Good	Private	Quarterly	15-Jan-26
56	South Indian Bank	2.25%	Good	Private	Quarterly	21-Apr-26
57	Standard Chartered Bank	2.25%	Good	Foreign	Quarterly	01-Jan-26
58	Punjab & Sind Bank	2.20%	Good	Public	Quarterly	16-Feb-26
59	HSBC Bank	2.00%	Good	Foreign	Quarterly	13-Sep-21

Best Savings Rates for Nov 2026