1 / 11Small private banks and small finance banks are offering higher interest rates on savings account FDs as compared to some private banks.2 / 11After the Reserve Bank of India hiked the repo rate from 4 per cent to 6.50 per cent last fiscal, many banks hiked interest rates on savings accounts.3 / 11Small private banks and small finance banks offer 8 percent interest on savings accounts, which is higher than large private banks.4 / 11DCB Bank is offering up to 8 percent interest on savings accounts. This bank offers the best interest rates among private banks. Customers can maintain a minimum balance of Rs 2,500 to Rs 5,000 in the savings account of this bank.5 / 11Ujjivan Small Finance Bank is offering up to 7.5% interest on savings account. This bank offers the best interest rates among small finance banks.6 / 11Federal Bank is offering 7.15 percent interest on savings account. Minimum limit to maintain balance is Rs. 5,000 is required .7 / 11DBS Bank offers 7 percent interest on savings accounts. This bank offers the best interest rates among foreign banks. 10,000 to Rs. Average quarterly balance up to 25,000 is required.8 / 11AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering up to 7% interest on savings account. The average monthly balance requirement is 2,000 to 5,000 2,500 to 10,000 and 2,000 respectively.9 / 11IDFC First Bank and RBL Bank are offering up to 7% interest on savings accounts. Average monthly balance requirement respectively Rs. 10,000 and 2,500 to 5,000 .10 / 11To attract new retail customers, small private banks and small finance banks are offering higher interest rates on savings accounts than large private and public sector banks.11 / 11You should choose a bank with long track record, good service standards, wide branch network and ATM services in cities. Higher interest on savings accounts will be a bonus.