Couple of private banks has started offering good interest rate on money deposited in savings account with them. This is a very good move to stay ahead in the age of competition. From a customer point of view, one can earn interest on the idle money without locking that for a period of time.
Generally if you want to get a good interest rate of 6-7% from an investment, then you have to go for recurring deposit or fixed deposit. But they have their own rules and premature withdrawal clauses.
Top 3 banks with highest interest rates on saving account
Generally in any bank if you deposit your money, your money will earn a nominal interest rate of 4% only. Even in post office savings account also give a similar interest rate.
But private banks like Yes Bank, Kotak Mahindra Bank and Indusind Bank has changed the concept. One can earn highest 7% interest on deposited money, but there are some terms & condition as well. Let’s check out the rules for each bank.
You may not notice them in any TV commercials but YES Bank is a very good bank which provides maximum of 7% interest on your YES Bank savings account.
If you can maintain account balance of more than 1 lakh, then you can earn 7% interest p.a. and in case it is less than 1 lakh you will earn 6% interest.
You can check out the complete features on Yes Bank account on their website and also apply for account online itself.
Earn a higher return of 7% p.a.* on your YES BANK Savings Account for balance more than Rs. 1 lakh & 6% p.a.* for balance up to Rs. 1 lakh.
Kotak Mahindra Bank
This Bank is now in many people’s attention as they are promoting this feature in TV commercial. You might have noticed Vinay Pathak as Subbu who is educating people about the benefit of having a savings account with 6% interest rate.
Even they are promoting how you can easily open an account online which is very good. But here the interest rates are little lower than YES Bank.
You can get 6.0% interest p.a. on your Savings Account balance over Rs. 1 lakh and 5.5% p.a. on balance up to Rs.1 lakh.
I have noticed some commercials of this Bank on TV, so I have to say they are also trying to promote their services but not sure that was about which one.
Anyway Indusind bank is also providing good interest rates for its customers who are opening a savings account with them.
Resident Savings Account Daily Balance up to Rs. 1,00,000/- (Rupees One Lakh)- 5.50% p.a and Daily Balance above Rs. 1,00,000/- (Rupees One Lakh)- 6% p.a
Besides these 3 banks other banks are offering regular 4% p.a. interest only. Now it’s up to you how will you judge a bank to open your first account? If you have couple of savings account then you can have one account with any of these 3 to store all your idle money and earn good interest.