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These are the banks that offer higher interest rates on savings accounts
There are some small banks, new private banks that offer higher interest on money hidden in savings accounts compared to leading private and public sector banks.
Employees usually hide their salaries in a savings account. Investments and loans are applied from the same account. But such savings accounts have lower interest rates on the money hidden compared to fixed deposits. There are some small banks, new private banks that offer higher interest on money hidden in savings accounts compared to leading private and public sector banks. If we urgently need money we can easily withdraw it from the savings account. Fixed deposits do not have such a facility. That is why banks, which pay high interest on savings accounts, need to raise awareness on interest rates.
New private banks are better
Looking at the latest savings account interest rates, the new private banks, Bandhan Bank, offer 7.15 percent and IDFC First Bank seven percent. Other private banks offer interest rates of up to 6.75 percent. These interest rates are higher compared to leading private and large public sector banks. Big private banks like HDFC and ICICI offer interest rates of just three to 3.5 percent on savings accounts. The latest figures from Bank Bazaar show that it is very low among public sector banks. State Bank of India offers only 2.70 percent and Bank of Baroda 2.75 percent.
The minimum balance is high
Private banks are interested in impressing middle-class people and self-employed professionals who do jobs. Banks that usually offer higher interest rates on savings accounts are required to maintain a minimum balance (minimum balance). Currently, there is a requirement to keep a minimum balance of Rs.500 to Rs.10,000 in savings accounts of private banks. Private banks have a higher minimum balance requirement compared to public sector banks. The minimum balance in IDFC First Bank should be Rs.10,000. Bandhan Bank has limited it to Rs 5,000. Leading private sector banks like Axis Bank and HDFC have a minimum balance of Rs 2,500 to Rs 10,000. At ICICI Bank, it ranges from Rs 1,000 to Rs 10,000.
Must see the track record
Choose the ones that have a good track record in the list of banks that offer higher savings interest rates. Banks with a long-term track record in cities are better off choosing the ones with the best service, the most branches, and the largest number of ATM centers. Higher interest rates on savings accounts should be considered as a bonus
