Which bank gives 7% interest on savings account in India?
Airtel Payments Bank, a fully digital and paperless bank, offers an impressive interest rate of 7% on savings account balances between ₹1 lakh – 2 lakh, and for balances up to ₹1 lakh is 2%. The Bank offers a safe, simple, and rewarding digital banking experience.
IDFC First Bank and RBL Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 10,000 and Rs 2,500 to Rs 5,000 respectively.
Type of account: As of March 2024, no banks are offering a 7% interest savings account. However, two credit unions are offering that rate for one of their top-tier checking accounts. Get to know the differences between checking and savings accounts to see if the APY is worth the switch.
| Provider | Rate (AER) | Can you skip months? |
|---|---|---|
| Co-operative Bank | 7% variable for one year | Yes |
| Skipton BS (must have been a member since before 11 Jan 2024) | 7% fixed for one year | Yes |
| Coventry BS (must have been a member since 1 Jan 2023) | 6.75% | Yes |
| Nationwide | 6.5% variable for one year | Yes |
Certificates of Deposit (CDs)
If you want to lock in a high APY while rates are favorable, you could consider a 7% interest CD. While these can be hard to find too, the best CD rates are often higher than the best savings rates.
| Banks | Highest FD rate (% p.a.) | 1-year FD rate (% p.a.) |
|---|---|---|
| AU Small Finance Bank | 8.00 | 6.75 |
| DCB Bank | 8.00 | 7.15 |
| IDFC First Bank | 8.00 | 6.50 |
| Bandhan Bank | 7.85 | 7.25 |
DCB Bank savings account interest rates
DCB Bank offers up to 8% interest on savings accounts with balances ranging from Rs 10 lakh to less than Rs 2 crore. The bank pays 7.75% interest on savings account balances ranging from Rs 10 crore to less than Rs 200 crore. The rates are effective from September 27, 2023.
| Sr. No | Savings Account | Interest Rate |
|---|---|---|
| 1 | Freo Save | Up to 7% |
| 2 | Ujjivan Small Finance Bank | Up to 7.50% [w.e.f. 15th November, 2023] |
| 3 | RBL | Up to 7.50% [w.e.f. 21st August, 2023] |
| 4 | Digibank by DBS | Up to 7% [w.e.f. 10th October, 2023] |
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|---|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.
How can I get 10 interest on my money?
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
Yes, many crypto savings accounts earn between 8% and 10% interest, and the same international banks that offer 12% APY CDs also offer 10% APY CDs. And like the 12% APY accounts, these accounts do carry some risk.
Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30.
At a 4.25% annual interest rate, your $100,000 deposit would earn a total of $4,250 in interest over the course of a year if interest compounds annually.
Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.
At Unity Small Finance Bank, senior citizens can get up to 9.50 per cent on FDs of 1,001 days. The bank revised rates on February 2, 2024.
HDFC is the largest private sector bank in India at present and also ranked as Number 1 Bank in India according to as per Forbes World's Best Bank survey.
| FDs paying more than 7% | ||
|---|---|---|
| Bank | Tenure | Senior Citizen FD Rate (per annum) |
| Equitas Small Finance Bank | 888 days | 9.00% |
| Utkarsh Small Finance Bank | 700 days to 2 years | 8.85% |
| Jana Small Finance Bank | 1095 days | 9.00% |
As of writing, no U.S.-based banks are offering a 7.00% APY on a savings account. For high-yield savings accounts — top, competitive rates are more in the 5.00% APY range. However, Landmark Credit Union currently offers a Premium Checking account with a 7.50% APY on balances up to $500.
- HDFC Bank. HDFC Bank offers 7.10 percent to senior citizens on deposits of one year to 15 months. ...
- ICICI Bank. ICICI Bank offers interest in the range of 7 to 7.25 per cent depending on the tenure. ...
- State Bank of India. ...
- Bank of Baroda.
Which bank gives 8.75 interest rate?
Among private sector banks, SBM Bank India provides best interest rate with 8.75 per cent on an FD for three years. DCB Bank provides 8.60 per cent for 25 months to 26 month FDs. RBL Bank follows with 8.60 per cent for 18 months to 2 years.
Analysts tracking ICICI Bank and HDFC Bank largely have positive views on the two private lenders, but ICICI Bank remains the preferred pick between the two for a couple of brokerages.
Reserve 20% of your income for savings, including contributing to retirement funds and building an emergency fund.
- CFG Bank – 5.25% APY.
- North American Savings Bank – 5.24% APY*
- Upgrade – 5.21% APY.
- EverBank (formerly TIAA Bank) – 5.15% APY.
- RBMAX – 5.15% APY.
- Bread Savings – 5.15% APY.
- Popular Direct – 5.15% APY.
- Western State Bank – 5.15% APY.
Which bank is the safest bank in India? The Reserve Bank of India (RBI) regulates the safety of banks in India. Among the prominent banks known for their stability and safety measures are the State Bank of India (SBI), HDFC Bank, ICICI Bank, and Punjab National Bank (PNB).
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