Stack cash in one high-yield account for better interest, but keep a separate buffer for emergencies and goal-based spends.
RBL Bank and IDFC First Bank top the list of banks offer savings deposit rates of more than 7 percent.
Small and new private banks are offering higher interest rates on savings accounts compared to leading private and public sector banks to acquire new retail customers
DCB Bank offers interest rates of up to 6.75 percent on savings accounts
"We are offering customers 7 percent interest rate per annum having savings balance between Rs 1 lakh and Rs 5 crore. We believe that this will enable existing customers and also new to bank savings account holders an opportunity to save more with better returns,” the bank's president and country head (branch banking, liabilities, product and wealth), Murali Vaidyanathan, said.
The bank will soon take a decision on interest rates, said Romesh Sobti, Managing Director and Chief Executive at IndusInd Bank. The bank's interest rates for savings account ranges between 4-6 percent depending on the account balance.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books.
The finance ministry asked banks to ramp up their savings deposits growth as this will help the government to improve the country‘s ratio of savings deposits to GDP. Lenders should also achieve 30% growth in retail loans excluding SME and agriculture,
RBI has done it at last… freeing up the interest rates on Savings accounts and allowing the market to determine the rates. This is a very welcome move. Also, this corrects a historical wrong.
Upendra Kamath, chairman of the bank joins CNBC-TV18 to discuss the yearly numbers and give his views on how the company is poised, going forward.