private sector banks offer the highest interest rates 

The private sector is coming up with new ways to get people saving money, and one such way that has been gaining traction in recent months are high-interest rate savings accounts

A number of smaller banks have started offering higher rates on tax free bonds as an effort attract more deposits for their institution

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Recently, the Reserve Bank of India raised interest rates on tax-saving fixed deposits (FDs) by 100 basis points to 5.4%

As a result several private sector banks have also increased their posted rates for these products over time until it reaches 6% 

now which is not uncommon among smaller or newer financial institutions that offer this type lending opportunity

in order beat out larger competitors with better deals!

IndusInd Bank and Yes Bank are two of the best tax-saving banks in India. They offer interest rates as high at 6%

A sum worth Rs 1 lakh can grow by over 5% per year, reaching nearly 2L within five years!

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Your annual expenses are Rs 6 Lakh and you expect live until 85 years old - that is your equation for savings!

DCB Bank is offering interest rate of up to 6.6 percent on tax-saving FD. A sum of Rs 1.5 lakh grows to Rs 2.08 lakh in five years.

RBL Bank is offering interest rate of up to 6.55 percent on tax-saving FD. A sum of Rs 1.5 lakh grows to Rs 2.08 lakh in five years.

IDFC First Bank is offering interest rate of up to 6.5 percent on tax-saving FD. A sum of Rs 1.5 lakh grows to Rs 2.07 lakh in five years.

HDFC Bank and ICICI Bank are offering interest rates of up to 6.1 percent on tax-saving FDs. A sum of Rs 1.5 lakh grows to Rs 2.03 lakh in five years.