Are you a salary and steady income person? Are you someone who makes the right investment being very cautious with every single penny? Are you someone who is ready to wait patiently for his money to grow, rather than jumping into fast money? Then this is the article for you.
Apart from banks being safe, we also need to look at the interest rates and other facilities they provide us, making us feel secured. Though in general banks do offer an interest rate of 3.5% to 4% to salaried individuals, some banks do differ. But is there a catch? Let us peek to get our information right. So, presenting you a list of banks you could invest in in terms of savings accounts, based on their rate of interest and other facilities they offer you, in terms of minimum balance to be maintained, charges levied, cash withdrawal, ATM and other facilities.
Best savings interest rates in India
1) IndusInd Bank savings account
The bank offers a differential interest rate depending on the account holders balance in the saving acccount. It offers a minimum 4% interest rate, for a minimum balance of Rs 10,000 upto 10 Lakhs. For daily balance above Rs.10 Lakhs and upto Rs 1 Crore, the bank offers an interest rate of 5 per cent. For daily balance above Rs 1 Crore and upto Rs 10 Crores it offers an interest rate of 5.5 per cent and anything above this, it offers an interest rate of 6 per cent.
2) Kotak Mahindra bank savings account
The bank offers you an interest rate at 6% per annum. Sounds interesting right. But what is the catch? The catch here is the minimum balance in your account. The saving account needs to be maintained at Rs 10,000 only. The other benefits includes Kotak’s Alpha savings account offers a life cover of Rs 20 lakhs for a nominal monthly premium of Rs 300 only. Apart from no hidden cost, free SMS and other services. Quarterly withdrawal too.
But what if the bank provided you with a zero balance account and still paid you a higher interest rate? Yes, you heard them right.
3) DigiBaNK by DBS
A digi-savings accounts holder gets a benefit of 6% interest rate, even by maintaining a zero balance account and best part is that there is no charges levied by the bank too. Sounds great, right. But the catch is that the bank offers a different interest rates to different balance in the account. So contact the bank authoriites for more information.
4) Yes Bank savings interest rate
The bank offers a different interest rate to the customer depending on their savings. It offers a 7% interest for all Savings Accounts with a balance over Rs 3 lakh and an interest rate of 6% on Savings Accounts with a balance below Rs 3 lakh.
5) SBI savings interest rate
This is one of the biggest banks in India. The bank is next in line, in terms of zero bank balance. SBI offers an interest of only 4% for balance amounts above Rs 1 crores. For balances under Rs 1 crores, the interest rate is 3.5 per cent. They also have charges for SMS and funds transfer facility, but offers the facility to link savings account to a multi-option deposit account as well as inter-bank account transfer, whereby you do not have to change your account number.
6) Punjab National Bank savings interest rates
This bank offers a savings bank interest rate of 3.5%, to its saving accounts holder, if balances are below Rs 50 lakhs. If the balance is above Rs 50 lakhs, the interest rate offered is 4 per cent.
7) AXIS Bank Savings interest rate
Next to follow is Axis bank. It also offers an interest of 4% to its account holder, if the balances are above Rs 50 lakhs and 3.5 per cent below Rs 50 lakhs. But the average monthly balance needs to be maintained at Rs 10,000. Apart from it the major benefit is quarterly withdrawal of the interest from any of the saving banks account. Please note, that the bank offers different savings and hence their minimum balance may differ, but the interest rate and quarterly withdrawal remain the same.
8) ICICI Bank savings interest rate
Closely following in line with the same interest at 3.5% for balances below Rs 50 lakhs isis ICICI bank. The bank offers an interest rate of 4 per cent for balances above Rs 50 lakhs. The bank also offers various saving deposit schemes and the minimum balance again would differ.
9) HDFC Bank savings account interest rates
This is a bank that is popular bank amongst corporates. Most corporates, ask their employees to open a salaried account with this bank. But coming to savings account, the bank offers an interest rate of 4% for balances above Rs 50 lakhs.
The amounts below Rs 50 lakhs qualify for interest interest rate at 3.5 per cemt. But one needs to maintain a minimum balance of Rs 10,000 monthly, or else charges may apply.
As such the banks provides insurance and health benefit policies to its accounts holders. Salaried individuals could maintain a zero balance account, but once they leave the company, they would have to inform the bank immediately or else the account is transferred to savings account and charges are included.
But is it possible to open an account with every bank? As such being an investor, you need to take into account your requirements, in terms of long term and short term and then read all the documents carefully before making a decision. Best would be to meet the bank authorities in person, get your doubts clarified and then go into opening an account. After all such investments are a matter of lifelong investment, so be alert and smart.
Also remember that interest on savings bank account is exempt upto an interest income of Rs 10,000 per financial year. This is good for those having limited interest income.