If you want to earn more interest on your savings, this news may prove useful to you. Most people use savings accounts to keep their savings safe. Its biggest advantage is that you can deposit or withdraw money at any time. Furthermore, banks also pay interest on these deposits. However, the interest rate varies from bank to bank. Some banks are offering customers interest rates of 7% to 8%, depending on the balance amount. Through this article we will inform you about such banks that are offering the highest interest rates on savings accounts, allowing you to earn better returns on your savings.

Large public sector banks like SBI, PNB , or HDFC Bank typically offer 2.75% to 3.5% interest on savings accounts. However, smaller and newer private banks are offering 5% to 7% interest to attract customers.

According to data from media report, the 5.5% interest rate is currently the highest among all banks and small finance banks, especially for accounts with deposits less than ₹1 lakh. This rate is considered significant because many banks don’t even offer this much interest on fixed deposits (FDs). Following the RBI ‘s 1% repo rate cut at the beginning of the year, most banks reduced their interest rates on both FDs and savings accounts.

Meanwhile, State Bank of India (SBI), HDFC Bank, and ICICI Bank currently offer only 2.5% interest on savings accounts with balances less than ₹1 lakh. Most banks offer 3% or less, so receiving 5.5% interest without any additional balance requirements is a great opportunity for customers.

What is Slice Small Finance Bank ?

Slice Small Finance Bank (SFB) was formerly known as North East Small Finance Bank . It was renamed Slice Small Finance Bank in May 2025.

Features of Slice SFB

This bank claims to offer interest rates equal to 100% of the RBI repo rate. Currently, the RBI repo rate is 5.5%, and this bank offers interest rates equal to this rate on its savings accounts. This means that customers can currently earn 5.5% annual interest on the funds in their accounts.

According to Rajan Bajaj, Founder and Executive Director of Slice Bank, “Our revenue comes from lending. Our technology and efficiency help us keep operating costs low, allowing us to offer better interest rates to our customers.”