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Wednesday, October 27, 2021

Savings Accounts: You can get up to 6% per annum interest on savings account; Check rates of these banks including SBI, HDFC

Savings Accounts: The safest and liquid way to keep your deposit is through bank savings accounts. Investors’ attention is usually less on this account because it gets very less interest but the way the market is fluctuating at this time, it is safer for small investors to keep their deposits in it. Apart from this, FD rate has come down in the recent past and investors are getting 5-6 per cent interest on it. Some banks are paying 4-5 per cent interest on the capital deposited in savings accounts. In such a situation, it may be better to keep money in savings accounts than FD, if you may have a sudden need of money. Below, information is given on the interest received on the deposits in the savings account of some banks.

Interest Rate on Deposits in Saving Accounts

  • SBI: The country’s largest bank is paying interest at the rate of 2.7 per cent per annum.
  • ICICI Bank: ICICI Bank is paying interest at the rate of 3 per cent for deposits below Rs 50 lakh and 3.5 per cent annually for deposits above Rs.
  • HDFC Bank: HDFC Bank is paying an interest of 3 per cent on deposits below Rs 50 lakh and 3.5 per cent per annum on deposits above Rs.
  • IndusInd Bank: IndusInd Bank is paying 4 percent interest on deposits below Rs 1 lakh, 5 percent on deposits of Rs 1-10 lakh and 6 percent on deposits above Rs 10 lakh.
  • YES Bank: Yes Bank is paying 4 percent interest on deposits of less than 1 lakh, 4.15 percent on deposits of 1-10 lakh and 5.5 percent on interest of deposits of 10 lakh-100 crore.

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Savings accounts can also be opened online

With this account customers get debit card, checkbook. Credit cards can also be issued. Liquidity is the biggest benefit with a savings account, that is, you can withdraw cash in case of need. To start this account, a form has to be filled in the bank and the identity and address certificate along with photographs have to be submitted. Saving accounts can also be opened online.

Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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