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Top 5 Private Sector Banks Offering Higher Returns On Savings Accounts In 2021

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Investing in recurring deposits, fixed deposits, or savings accounts is the most favored and secure option among short-term investments such as Gold or Silver, Debt instrument, Stock Market/Derivatives, Treasury securities, Money market funds, and so on. However, for short-term investors, a savings account or an interest-bearing account with higher liquidity is the optimal investment vehicle. Due to their liquidity factor, savings accounts are the most preferred alternative for immediate emergency requirements over any other investment option. So if you are an investor going to start your investment journey with a savings account, here are the top 5 private banks that are not only offering higher returns but also allow deposit insurance cover provided by DICGC where savings account holders can claim their money back within 90 days if the bank goes under moratorium.

 

DCB Bank Savings Account

DCB Bank Savings Account

With effect from 10th June 2021, DCB Bank offers interest rates ranging from 3.00% to 6.75% savings accounts. Here are the interest rates offered by DCB Bank on various deposit balances on savings accounts.

BalanceRate of interest
On balances up to 1 lakh in the account 3.00%
On balances above 1 lakh to less than 1 crore in the account 4.00%
On balances from 1 crore to less than 2 crores in the account 6.75%
On balances from 2 crores to less than 5 crores in the account 6.75%
On balances from 5 crores to less than 10 crores in the account 6.75%
On balances from 10 crores in the account 6.50%
Source: Bank Website

RBL Bank Savings Account
 

RBL Bank Savings Account

RBL Bank is offering the following interest rates on savings accounts as of July 2, 2021.

Daily BalanceRate of interest
Upto Rs. 1 lakh 4.25%
Above Rs. 1 lakh upto Rs. 10 lakh 5.75%
Above Rs. 10 lakh and upto Rs. 3 Crore 6.25%
Above Rs. 3 Crore upto Rs. 5 Crore 6.00%
Source: Bank Website

Bandhan Bank Savings Account

Bandhan Bank Savings Account

Domestic / Non-Resident Rupee Savings Deposit Interest Rate Chart of Bandhan Bank, effective June 7, 2021.

Daily BalanceRate of interest
Daily Balance up to Rs 1 lakh 3.00%
Daily Balance above Rs 1 lakh to Rs 10 lakh 4.00%
Daily Balance above Rs 10 lakh to Rs 10 crore 6.00%
For rates on amount of Rs 10 crore and above, please contact the branch official.
Source: Bank Website

Yes Bank Savings Account

Yes Bank Savings Account

With effect from May 13, 2021, YES BANK has announced revisions to its savings deposit interest rate slabs for resident and non-resident customers.

Daily BalanceRate of interest
Less than equal to Rs 1 lakh 4%
More than 1 lac to Rs 10 lac 4.50%
More than 10 lac to Rs 100 Cr 5.25%
Source: Bank Website

IndusInd Bank Savings Account

IndusInd Bank Savings Account

IndusInd Bank is offering the following interest rates on savings accounts to both domestic and non-resident (NRO/NRE) customers as of July 23, 2021.

Daily BalanceRate of interest
Daily balance Upto Rs. 10 Lakh 4.00%
Daily balance above Rs.10 Lakhs 5.00%
Source: Bank Website

Read more about: savings account investment
Story first published: Tuesday, August 3, 2021, 12:23 [IST]
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