IDFC First Bank was the only bank that used to offer 6% interest rates to small depositors -– those maintaining a balance of below ₹1 lakh. But from 1 May, the bank has lowered its interest rates on the savings account. Those maintaining a balance between ₹1 lakh and less than ₹10 lakh, the interest rate will be 4.5%. So, which banks now offer higher interest rates on a savings account? Some mid-sized private banks and small finance banks offer better rates of savings account.

Source: Mint April 30, 2021 12:33 UTC