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4 Best Savings Accounts With Higher Returns

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A savings account is a type of account that pays interest against a deposit that is maintained with a bank or other financial organisation. Despite the fact that these accounts often yield a low-interest rate, their security makes them an excellent choice for holding funds for short-term requirements. Savings accounts are among the most liquid assets, making them simple to utilise when required. We always recommend that you pick an online savings account, which is often high-yielding because of better interest rates. That being said, if the money is kept in a high-yielding bank savings account, the alternative may be the best. To make things easier for you, we've compiled a list of four top private banks that are presently offering higher savings account interest rates.

 

RBL Bank Savings Account

RBL Bank Savings Account

According to RBL Bank's website, the private lender offers savings account interest rates ranging from 4.5 per cent to 6.25 per cent. RBL Bank savings account interest rate is 4.5 per cent for daily balance up to Rs 1 lakh, 6% for daily balance between Rs 1 lakh and Rs 10 lakh, and 6.25 per cent for daily balance above Rs 10 lakh.

Daily BalanceInterest Rates In %
Up to Rs. 1 lakh 4.50%
Above Rs. 1 lakh up to Rs. 10 lakh 6.00%
Above Rs. 10 lakh and up to Rs. 3 Crore 6.25%
Above Rs. 3 Crore up to Rs. 5 Crore 6.25%
Source: RBL Bank, W.e.f. May 7, 2021

Bandhan Bank Savings Account
 

Bandhan Bank Savings Account

Bandhan Bank offers savings accounts with interest rates ranging from 3% to 6%, based on the regular balance The private lender Bandhan Bank is giving a 3% savings account interest rate on a daily balance of up to Rs 1 lakh. On a daily balance of Rs 1 lakh to Rs 10 lakh, the private lender is giving a 4% savings account interest rate. Bandhan Bank is providing customers with a 6% interest on a daily balance of over Rs 10 lakh.

Daily BalanceInterest Rates In %
Daily Balance up to Rs 1 lakh 3.00%
b. Daily Balance above Rs 1 lakh to Rs 10 lakh 4.00%
c. Daily Balance above Rs 10 lakh to Rs 10 crore 6.00%
Source: Bandhan Bank, W.e.f. June 7, 2021

Yes Bank Savings Account

Yes Bank Savings Account

This private lender offers savings account interest rates ranging from 4% to 5.5 per cent. On a daily balance of up to Rs 1 lakh, the private lender bank is giving a 4% interest rate. The private lender is giving a 4.75 per cent annual interest rate on a daily balance of more than Rs 1 lakh but less than Rs 10 lakh, and a 5.5 per cent annual interest rate on a daily balance of less than Rs 100 crore.

Daily BalanceInterest Rates In %
Up to 1 lakh 4% p.a
From 1 lakh to less than 10 lakhs 4.75% p.a
From 10 lakhs to less than 100 Crore 5.5% p.a
Source: Yes Bank: W.e.f. December 8, 2020

IndusInd Bank Savings Account

IndusInd Bank Savings Account

According to IndusInd Bank's official website, the private sector lender offers savings account interest rates ranging from 4% to 5.5 per cent. On a daily balance of up to Rs 1 lakh, the private lender bank is giving a 4% savings account interest rate. The private lender is giving a 5% annual interest rate on a daily balance over Rs 1 lakh up to and including Rs 10 lakh, while the savings account interest rate is 5.5 per cent for a daily balance over Rs 10 lakh.

Daily BalanceInterest Rates In %
Daily balance up to Rs. 1 Lakh 4.00%
Daily balance above Rs. 1 Lakh & up to (& including) Rs. 10 Lakhs 5.00%
Daily balance above Rs.10 Lakhs 5.50%
Source: IndusInd Bank, W.e.f. April 26,2021

Read more about: savings account
Story first published: Thursday, June 10, 2021, 10:02 [IST]
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