It is wise to give liquidity and equal weightage while considering investments as no one can predict when the financial emergency will come. This is why having a savings account is a must whether you are a salaried or a self-employed individual. Savings accounts are interest-paying investments that provide unfettered access to deposits and withdrawals. Savings accounts are vital to our daily financial life, and nowadays opening it is a necessity to embark on any financial journey, be it for investments or to meet short-term requirements. In an environment of rising interest rates, it is better to have a savings account with a bank that guarantees higher interest rates in your area. As a result, some private sector banks are offering savings account interest rates up to 7%, which are briefly discussed here.
DCB Bank
Presently, DCB Bank is the only bank in the private sector category that offers savings accounts with an interest rate of up to 7%. The Bank’s savings account interest rates are effective from August 22, 2022 and are applicable to resident, NRE and NRO savings bank accounts. Savings account interest rates with DCB Bank are determined daily based on the day-end balance of the account and are paid quarterly. DCB Bank is offering 7% interest rate on savings account balance 25 lakhs and less than 2 crores.
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Bandhan Bank
On September 16, 2022, Private sector lender Bandhan Bank revised the rates on its savings accounts. According to the bank, the increased interest rates are applicable to both domestic and non-resident rupee savings bank accounts. In Bandhan Bank, the daily interest is determined based on the clear balance at the end of the day of the account. Since the revision, Bandhan Bank has moved up to the second position on our list among banks that offer savings account interest rate of 6.50% on daily balances. from 50 crores 100 crores.
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RBL Bank
The interest rates on savings accounts with private sector lender RBL Bank have been revised recently. According to the bank’s official website, the new interest rates are applicable on domestic savings deposits (including NRE/NRO savings) and are effective from September 5, 2022. Fixed savings bank interest on daily product basis will be paid in RBL Bank. The following dates per year: 30 June, 30 September, 31 December and 31 March. RBL Bank now ranks third in our list after the revision, offering an interest rate of up to 6.25% on savings bank deposits above Rs. 25 lakh and Rs. 7.5 crores.
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IDFC First Bank
IDFC First Bank savings account interest rates are effective from July 20, 2022. IDFC First Bank on its website mentions that “As per RBI instructions, interest on savings bank account will be calculated on day-end balances. Rate of interest as specified by IDFC First Bank from time to time. Savings The periodicity of payment of interest on bank accounts will be on monthly basis from July 1, 2021. Interest will be calculated on the progressive balance as applicable in each interest rate slab. Since the most recent adjustment, IDFC First Bank has moved up to the fourth position on our list and is now allowing more than savings bank deposits 10 lakh and up to 25 crores at an interest rate of up to 6.00%.
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