Forget low savings interest: This bank is giving you RBI's repo rate as interest with no hidden clauses
As per the latest bulletin from the RBI, savings deposit rates of some public sector banks (PSBs) are prevailing at a historical low since their deregulation in 2011.
Currently, only a select number of banks are offering high interest rates on savings accounts. However, these interest rates are linked to ensuring higher bank balances in the savings account. slice Small Finance Bank is among banks currently offering high interest rates, as it is "offering a repo-linked interest rate on savings accounts," as per a press release by slice SFB.
New UPI rules from August 1, 2025: These new rules could affect your daily transactions from August 1 ET Wealth online decodes the interest rate you can earn on savings account balances, including any terms and conditions, and compares it with the interest rates offered by other major banks on savings accounts currently.
Higher interest rate on savings account with no frills According to the press release issued by slice Small Finance Bank, the bank is offering an interest rate of 5.5% on the savings bank account. This rate comes with no annual charges, no minimum balance requirement, and daily interest payouts, as per the bank's press release.It is important to note that the interest rate on savings accounts is directly linked to the repo rate. Any change in the repo rate by the RBI will also impact the interest rate earned on these savings accounts.As per the slice Small Finance Bank's website, "slice's digital savings account is a zero-balance account, meaning there's no minimum deposit required. With a zero-balance account, you don't have to worry about fees for maintaining a low balance."
Here is a comparison of the savings account interest rate of slice Small Finance Bank with other major banks, such as State Bank of India (SBI), ICICI Bank, and HDFC Bank:
Currently, SBI, HDFC Bank, and ICICI Bank are offering savings account interest rates at 2.5% per annum for all savings account balances. Canara Bank is offering a higher savings account interest rate of 4% on outstanding balances of Rs 2,000 crore and above. Bank of Baroda is also offering a higher savings account interest rate of 4.25% on the outstanding balance of Rs. 2,000 crores and above. Punjab National Bank offers the highest interest rate of 2.70% on an account balance of Rs 100 crore and above.
YES Bank offers a 5% savings account interest rate on balances of Rs 50 lakh and above to less than Rs 100 crore. Utkarsh Small Finance Bank offers 7.5% interest on an incremental balance above Rs 10 crore up to Rs 100 crore. Bank Name Savings Account Interest Rate Applicable Balance Slab State Bank of India 2.50% p.a. Uniform rate for all balances HDFC Bank 2.50% p.a. Uniform rate for all balances ICICI Bank 2.50% p.a. Uniform rate for all balances Canara Bank 4.00% p.a. On outstanding balance of Rs 2,000 crore & above Bank of Baroda 4.25% p.a. On outstanding balance of Rs 2,000 crore & above YES Bank 5% Rs 50 lakh and above to less than Rs 100 crore slice 5.5% p.a On all balances Punjab National Bank 2.70% p.a. On account balance of Rs 100 crore & above Source: As per bank website as on July 31, 2025.
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