Savings account has gained a whole new different perspective after the world wide pandemic. Earlier, most of the financial “gurus” used to stress on investing your money rather than keeping it idol in savings bank account with meagre interest rates. But it is just half of the whole truth. Reality is that you have to maintain liquid cash for your immediate requirements and emergency use. Common man understands it fair enough. But even for the high risk investors with most diversified portfolios, we urge you to consider your savings bank account as an asset.
Even if you are creating a savings account only for emergency use, we still want you to choose the best one out of all, so that along with your wealth even your emergency funds increase in value.
So here are the few best banks which may provide interest rates such that you can mostly manage to beat inflation.
- IndusInd Savings Bank Account: 6%-7% P.A.
IndusInd falls on our list of as the interest rates are staggeringly high for a savings account. Banks with such high interest rates are not just hard to find across India, but across the world. This bank offers 6% p.a for balances below INR 1 lac, and 7% for balance above INR 1 lac. The minimum balance to be maintained can be in range of INR 0- INR 25 lac depending upon the type of savings bank account you choose open.
- IDFC Savings Bank Account: 6%-7% P.A.
IDFC, similar to IndusInd, gives great returns on creating a savings bank with them. You can earn upto 6% for balances below 1 lac and 7% for balances above 1 lac. But the point to be noted here is that you have to maintain minimum balance of INR 25,000. The interest rates seem to be lucrative and would make an excellent savings account.
- RBL Savings Bank Account: 5%-6% P.A.
Next on our list is RBL savings bank account. The biggest benefit here is that along with great interest rates, you can maintain a minimum balance as low as INR 5000. You can rarely find a bank with mix of minimum balance as low as this and such high interest rates. You can earn upto 5% interest for balances less than INR 1 lac and 6% interest for balances more than INR 1 lac.
- Yes Bank Savings Account: 4%-5% P.A.
This is the most lucrative bank as in this case we find a rare combination of well-known brand, great interest rates and the benefit of maintaining zero bank balance! Yes bank has also invested in technology for supporting internet banking with user friendly app and lucrative offers on debit cards. With an interest rate of 4% for balances less than INR 1 lac and 5% for more than INR 1 lac, this might be your perfect choice if factors other than just interest rates such as ATM network, branches across the country, debit card offers, etc. chiefly matter to you.
So these were a few banks with great savings interests. But before you go:
Choosing your bank account involves tradeoffs between various features like branch availability, brand value, private-government preference, ATM network, ease of online banking, etc. So prioritize your choice and list out the most important features. Combine them with great interest rates and choose your bank accordingly.