There are multiple options that can be explored to manage the money, and a savings bank account is a good one. It doubles up as a safe haven for customers who do not find investment interesting and prefer to park their money in their bank accounts, but also serves as a handy tool to withdraw funds in emergencies. While parking money in a bank savings account is advisable, it is equally important to know the savings interest rates offered by various banks to reap maximum benefits out of it.
Currently, interest rates offered by banks on savings accounts are at one of the lowest in the country’s history. However, the following three banks are offering the highest savings account interest rate to its customers.
The bank is currently offering savings account interest rates from 3 per cent to 6 per cent to its customers, depending on the daily bank balance maintained by them. According the bank’s official website — bandhanbank.com — the private lender is offering 3 percent annual interest rate, if the daily balance is up to Rs 1 lakh, while there is4 percent annual interest rate for daily balance above Rs 1 lakh to Rs 10 lakh. It also offers 6 per cent annual interest rate on daily balance of above Rs 10 lakh.
Among private lenders, RBL Bank is offering the highest savings account interest to its customers. As per the bank’s official figures, it is currently offering savings account interest rates that range from 4.5 percent to 6.25 percent. The private lender is offering 4.5% annual interest rate on daily balance of up to Rs 1 lakh;for accounts which have more than Rs 1 lakh to Rs 10 lakh, one gets 6 percent on daily balance. A 6.25 percent per annum on daily balance for above Rs 10 lakh is also available by the bank.
As per the details mentioned on their official website, Yes Bank is offering 4 to 5.5 percent savings account interest rates annually. The bank is said to be offering a 4 percent interest rate on saving accounts having deposits worth Rs 1 lakh or less, whileit is offering an annual interest rate of 4.75 percent for deposits between Rs 1 to Rs 10 lakh. However, the maximum interest rates on saving accounts offered by the private lender stands at 5.5% annually, which can be availed by those who have over Rs 1 crore in their accounts.