Bank account with good Savings interest

[22sumit]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

 

[Nilanchal]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

You can park your money in Unity small finance bank, if you have any branch nearby.
6% interest on below 1Lac
7% interest on above 1Lac
Its progressive rate, credited monthly
Min 5k-10k mab required.
Check if you have any branch nearby. Upi is live for few users, imps service is available on app (cnf before opening the account, becoz I use upi )
No sms, debit card fees as of now due to free look in period uptil 31st march.

 

[SSV]

Can't thank you enough.
Appreciation for summarizing in easy words.

SO, here is the summary for the 4 banks that we considered..
This table shows , how much effective interest rate we get for the entire SB account balance
(taking into consideration of different slab interest rates according to the each Bank)...

 

[shashank08]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

For emergency fund.. you can also look at kotak mahindra bank.
They have sweep facility which they call activ money.
Your money will go into sweep in FD for 7% interest rate.
Threshold is 25K for their edge savings account. MAB requirement is 10K.
So whatever be the money more than 25K in the multiples of 10K will be put into sweep FD.
So it provides complete liquidity and you get higher return upto 7%.
As you are looking to park emergency fund which you don't need usually but you would like to have complete liquidity as well so you can look this option.
It doesnt charge any penalty on interest rates if withdrawal prematurely which happens automatically if you take out money and your balance goes below 25K.
So in a way you get 7% on 6 months Sweep in FD.
PS: I also use kotak bank's account and sweep-in facility for parking emergency fund.

 

[dealminer]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

You can park funds in MobiKwik Xtra up to 10L (as per the app), I do the same. It gives a 12% return and calculates the return daily too. The process is seamless and easy.
p.s. Just a suggestion, pls do your research too.
Pls use my referral if wish to go for it:

Online Mobile & DTH Recharge, Bill Payments, Easy Recharge

sak38.app.goo.gl

 

[Humanbeing]

You can park your money in Unity small finance bank, if you have any branch nearby.
6% interest on below 1Lac
7% interest on above 1Lac
Its progressive rate, credited monthly
Min 5k-10k mab required.
Check if you have any branch nearby. Upi is live for few users, imps service is available on app (cnf before opening the account, becoz I use upi )
No sms, debit card fees as of now due to free look in period uptil 31st march.

Is there any option to open account online in Unity Small Finance Bank?

 

[WinSuperb7251]

Is there any option to open account online in Unity Small Finance Bank?

Do fd in unity small finance bank via wint wealth

 

[Nilanchal]

Do fd in unity small finance bank via wint wealth

Cool ! That they have partnered with wint wealth (trustworthy company) .
However, I checked and it said that, a 0 mab savings account will be created upon completion of kyc.
However, unity bank says that 0 mab is conditional upon booking an FD equivalent to 1 lac & above.
But still there's free look up period going on till 31st march(which they r extending since past 1yr) wherein the account is free of cost.
Otherwise, min mab is 5k-10k based on branch

 

[sm9811911]

Cool ! That they have partnered with wint wealth (trustworthy company) .
However, I checked and it said that, a 0 mab savings account will be created upon completion of kyc.
However, unity bank says that 0 mab is conditional upon booking an FD equivalent to 1 lac & above.
But still there's free look up period going on till 31st march(which they r extending since past 1yr) wherein the account is free of cost.
Otherwise, min mab is 5k-10k based on branch

Remember they don't have cbs yet

 

[quino]

Remember they don't have cbs yet

what's that & who?

 

[sm9811911]

what's that & who?

Unity bank. They don't have core banking system. So that means you can not get any info or support from customer care. Neither from any other branch other than home branch

 

[quino]

Unity bank. They don't have core banking system. So that means you can not get any info or support from customer care. Neither from any other branch other than home branch

though that sounds untrue, i can understand because of the financial state of the bank, which is troubled. how do you know this home branch info?

 

[Nilanchal]

Unity bank. They don't have core banking system. So that means you can not get any info or support from customer care. Neither from any other branch other than home branch

I don't know about cbs n all.
I hv good relation with BM so she clears off any problem in spree. However, I haven't faced any issue uptil now.

 

[Lobogris]

Fincare has really good savings interest rates as well.
3.5 till 1 lakh
5.11 from 1 to 2 lakhs
7.11 from 2 to 5 lakhs
7.5 above 5 lakhs.

So that’s the best option along with Kotak where you can get 7% via ActivMoney if you can hold it for 6 months.

 

[WinSuperb7251]

No

Cool ! That they have partnered with wint wealth (trustworthy company) .
However, I checked and it said that, a 0 mab savings account will be created upon completion of kyc.
However, unity bank says that 0 mab is conditional upon booking an FD equivalent to 1 lac & above.
But still there's free look up period going on till 31st march(which they r extending since past 1yr) wherein the account is free of cost.
Otherwise, min mab is 5k-10k based on branch

No the wint wealth unity small finance bank account is completely zero balance no limit of the 1 lakh fd. But remember that the unity small finance bank don't have the upi service even if you open the 10k mab account directly.

 

[Nilanchal]

No

No the wint wealth unity small finance bank account is completely zero balance no limit of the 1 lakh fd. But remember that the unity small finance bank don't have the upi service even if you open the 10k mab account directly.

Yes, last year there was a section in the app named as debit card, which is not there right now.
At that time, whoever accessed debit card details, they got their upi services live (like mine).

 

[redcarpet]

Unity bank. They don't have core banking system. So that means you can not get any info or support from customer care. Neither from any other branch other than home branch

Where did u get this info?
google search shows they have CBS..

 

[sm9811911]

Where did u get this info?
google search shows they have CBS..

Personal experience.. .

 

[prash1161]

No

No the wint wealth unity small finance bank account is completely zero balance no limit of the 1 lakh fd. But remember that the unity small finance bank don't have the upi service even if you open the 10k mab account directly.

I have a branch nearby, I don't even see dogs going around.

 

[prash1161]

You can park funds in MobiKwik Xtra up to 10L (as per the app), I do the same. It gives a 12% return and calculates the return daily too. The process is seamless and easy.
p.s. Just a suggestion, pls do your research too.
Pls use my referral if wish to go for it:

Online Mobile & DTH Recharge, Bill Payments, Easy Recharge

sak38.app.goo.gl

Bro it's damn risky . If they say we don't have left with penny you can't do anything

 

[Trust Me]

I have a branch nearby, I don't even see dogs going around.

Meaning they don't think it's even worth pissing on?