What’s should be your strategy for primary market in FY25?
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We always try to invest our money in instruments that offer higher returns. A savings bank account is the first step in financial inclusion and one has to open a savings account before entering into any transaction in a bank.
Over the past few years the interest rate in the country is going down and major banks such as State Bank of India, HDFC, BoB, ICICI Bank offer interest rates between 2.5% to 3% in savings bank account.
But even in this climate of continuous fall in interest rates there are a few banks that offer rate as high as 6.25% in savings bank account. Have a look:
RBL offers 6%-6.25%
RBL bank offers 6% interest rate in savings account, for which the account balance must be between Rs 1 lakh to Rs 10 lakh. If the balance is more than Rs 10 lakh RBL offers an interest rate of 6.25%.
On daily balance up to Rs 1 lakh, RBL Bank savings account interest rate is 4.5%, which is still very high among what industry offer.
Country’s largest lender SBI offer only 2.75% under Rs 1 lakh corpus, HDFC and ICICI bank both offer 3% under Rs 50 lakh corpus.
RBL was founded in 1943 in Maharashtra. It was then known as Ratnakar Bank.
Bandhan Bank
According the Bandhan Bank website, it is offering 4% interest rate on balance between Rs 1 lakh to Rs 10 lakh. And above Rs 10 lakh the bank offers 6%.
Below Rs 1 lakh Bandhan bank is offering 3% from June 13, 2021.
IndusInd Bank
IndusInd Bank is another organisation that offers higher returns in savings accounts. On a daily balance between Rs 1 lakh and Rs 10 lakh this bank is offering 5% interest rate.
Above Rs 10 lakh it offers 5.5% and below Rs 1 lakh IndusInd bank offers a rate of 4%.
Yes Bank
According to Yes Bank’s website the private bank is offering 4.75% annual interest rate on corpus between Rs 1 lakh to Rs 10 lakh in the savings account. The rate dips to 4% below Rs 1 lakh.
The private lender is offering 5.5% interest on daily balance from Rs 10 lakh to less than Rs 100 crore, the bank website says. These rates are valid from December 8, 2020.
According to the unofficial data till December 2017, there are approximately 160 crore savings bank accounts in the country.