Most of us toil hard for five days in a week in order to earn money. A major chunk of the money that we earn is spent on our daily needs. Some of it is used to meet the luxuries of life. However all of us have some dreams and desires that cannot be met by our regular salary.
After all, we are putting a lot of effort into building up of the amount. Thus while there are a lot of options available in the market with respect to opening of the savings account, it is wise for us to go for the one that offers the highest interest rates. This article explores the best savings accounts that offer the highest of interest rates.
• Kotak Mahindra bank
Unless the account that you are talking about is a salary account, you do have to maintain a minimum balance here. This bank also has a very good network of ATMs and other services across the country. It’s oversees presence is also commendable and it has a network in 21 different countries. The interest offered in savings account here ranges from 5.1 to 6%. The values go higher for senior citizens making it one of the most convenient savings options for many.
• RBL Bank
In the Indian scenario, the RBL Bank is the one that offers the maximum interest of 7.1% per annum if you have a daily balance of above 10 lakh. For a balance less than that the interest rate varies between 5 and 5.1%. Thus saving your hard earned money in this bank is a viable option if you have a decent amount of cash in hand and you seek to make significant amount of profit. The major downside of this bank is the fact that the minimum balance that is required to be maintained is pretty high for the average middle class Indian.
• Yes Bank
This bank offers a maximum annual interest of 6.25%. If your account balance is less than 1 lakh, the bank offers an intestest of 6%. The transaction fees and monthly charges here are lower as compared to that of other banks. Yes Bank has also won many accolades for its excellent customer service. Thus if you are looking for a hassle free option to save your money, this is an option that you would want to consider. However on the negative side, this bank has limited number of branches across the country and you may nit find one whenever and wherever you need.