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16 April 2018, 16:30   Report Abuse

Anvi Sharma





[ Scorecard : 80]


What’s common among all is a savings account that offers you the liberty to park money on it and earn interest on the deposited amount. Be it the entrepreneur of a billion dollar company to someone running an auto rickshaw, everyone is likely to have a savings account at a bank or two. Based on the balances one has to maintain in an account, the services can vary. Apart from the services, one also keeps a keen eye on the interest rate a savings account yield for them. A higher interest rate prompts one to deposit a bulk to get the maximum out of it. So, the hunt begins for Highest Interest Rate Savings Account. If you are one of those seeking such a savings account, you can take a cue from this article to find and open that account.

 

Which Bank Gives Highest Interest Rate on Saving Account?

 

Let’s find an answer to the question by reading the savings interest rate of different bank accounts.

 

Kotak Mahindra Bank - The Mumbai-headquartered private sector banking unit offers an interest rate of 5%-6% per annum to savings account holders on the balances they keep in their account.

 

IndusInd Bank - The 1994-founded, Mumbai-based private sector bank gives you a chance to earn 4% interest on a balance of up to 10 lakhs. The balance between 10 lakh and up to 1 crore, 1 crore to 10 crore and above 10 crore would come at 5%, 5.50% and 6%, respectively.

 

Yes Bank - One of the fastest growing private sector banks in India, Yes Bank offers you an opportunity to open a savings account at branches located across 29 states and 7 union territories of India. As far as its interest rates are concerned, they can be anywhere between 5% and 6.25% per annum. While the balance of up to 1 lakh comes at 5% interest rate, the balance above 1 lakh to 1 crore and above 1 crore offers 6% and 6.25% per annum, respectively.

 

RBL Bank - It also offers a higher interest rate to savings account holders on the basis of balances they maintain. A balance of up to ₹1 lakh will attract 5.50% interest rate. On the other hand, balances of more than 1 lakh to 10 lakh and above 10 lakh to 5 crore would offer 6% and 6.50% interest rate, respectively. However, the bank has made it public the interest rates on balances above 5 crore. So, you need to call the bank executives to know the same.

 

SBI Saving Bank Account Interest Rate

 

State Bank of India (SBI), the public sector banking behemoth with around 25000 branches, offers 3.50% and 4% interest rate on balance of up to 1 crore and above 1 crore, respectively.

 

Savings Bank Interest Rates Comparison

 

Now that you have come to know the interest rates offered by several banks on their savings account, it’s time to compare them. As the rates depend on the quantum of balances to be maintained by a depositor, there’s a need to choose an account offering highest rates on the balance you can maintain based on your financials.

 

Savings Account Interest Rate Calculator

 

You don’t stop by knowing the interest rate only, do you? The focus is on the interest amount you would earn keeping the balance on your account. All you need there is to enter the amount of deposit, the rate of interest and the period for which you like to keep the deposit in the savings account. After that, you will get to see the interest income emerging from the given entries. Keep experimenting with different deposit amount and periods to get a view of the realistic interest amount you can earn on your savings balance. This will help you choose an account meeting your interest income expectations.

 

How to Open a Savings Bank Account?

 

One can open a savings account either taking the online route or at the nearest bank branch. After comparing the banks on interest rates, you must have decided on a particular bank to open a savings account. So visit the website of that bank and apply online by providing a few personal details. While applying online, you may have to give a scanned copy of your photograph before submitting the application. As soon as the application reaches the bank desk, the concerned executives will collect the relevant documents and process your account opening application. You can even visit the nearest branch, ask for the savings bank account opening application form, fill the details, affix the photographs and submit the form along with relevant identity and address proofs to the concerned bank official. The account will open only when the details are verified successfully.

 






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