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Bank account with good Savings interest

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22sumit

22sumit

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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.
 
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22sumit said:
Can't thank you enough.
Appreciation for summarizing in easy words.
Click to expand...
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)...


1706555466785.png
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22sumit said:
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.
Click to expand...
If you are looking at FDs as the only option - check out IndusInd. They are giving up to 8.25% interest for Senior Citizens.

If you can slightly take more rist Cred mint is offering 9-11% returns..

Or you can opt for Debt Mutual Funds
 
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Trust Me said:
For lower variants of accounts, some free transaction entitlements are limited (e.g. for the 5k account only 2 online RTGS transactions are free per month).

They also have a devious way of calculating the apparently high FD interest rates offered, so in reality, it's not necessarily WYSIWYG.
Click to expand...
Online NEFTs are free. You can do NEFT, yes it can be time-consuming.

I am unaware of how to calculate the high FD interest rates by this bank. Please enlighten me.
 
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Trust Me said:
As others have pointed out, many other banks offer better rates.

Since this is for emergency funds, there is another aspect to consider too: you might need to break it before maturity. So it would be prudent to consider the applicable premature closure penalty too. For example, HDFC's is amongst the highest (1%). SBI's is lower at 0.5% (for upto 5L).
Click to expand...
The manager told me that no charges will be applicable. I'm not sure though, he said no charges for students🤡.
 
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tuhin said:
I am unaware of how to calculate the high FD interest rates by this bank. Please enlighten me.
Click to expand...

In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.
 
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Trust Me said:
In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.
Click to expand...
I faced one issue with Bandhan they didn't provide me with interest on time. After raising the complaint they credited to my account separately but how are they calculating? Can you please tell me? Thanks
 
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Trust Me said:
In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.
Click to expand...
Idfc is best for intrest
Per day balance/30
And credited on 1st of every month probably before 12am
 
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Lobogris said:
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.
Click to expand...
Finance is merging with au I think.
So intrest rates will be lesser
 
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prash1161 said:
Share rate i can't find on website
Click to expand...
Please see below:

Interest Rate - Fincare Small Finance Bank

Home Interest Rates Interest Rates Interest Rates Savings Account for Domestic / NRE / NRO Savings Account Click here to know more Marginal Cost of Funds Based on Lending Rates (MCLR) Click here to know more Fixed Deposit Click here to know more Recurring Deposits Click here to know more...
fincarebank.com fincarebank.com
 
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Lobogris said:
Please see below:

Interest Rate - Fincare Small Finance Bank

Home Interest Rates Interest Rates Interest Rates Savings Account for Domestic / NRE / NRO Savings Account Click here to know more Marginal Cost of Funds Based on Lending Rates (MCLR) Click here to know more Fixed Deposit Click here to know more Recurring Deposits Click here to know more...
fincarebank.com fincarebank.com
Click to expand...
Which account should I open
Will probably hold 2-3l
 
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