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.

 

[prash1161]

Smart savings. Requires 1k balance.

Is 5l rs insured in this bank?

 

[sm9811911]

Is 5l rs insured in this bank?

Yes.also Going to merge with au, so you can trust.

 

[prash1161]

Yes.also Going to merge with au, so you can trust.

but intrest rates will fall right

 

[prash1161]

au

but intrest rates will fall right

au provides less intrest rates

 

[sm9811911]

but intrest rates will fall right

It will fall for all banks in next year. depends also on the competition.. Savings account interest can be changed anytime.
Go with unity think they have highest interest rate on savings. But risky and do strictly under 5L

 

[Lobogris]

Is 5l rs insured in this bank?

Yes. All banks are insured.

 

[Lobogris]

but intrest rates will fall right

Rates keep changing all the time. You have to keep moving. I started with IDFC at 7% , then moved to Yes Bank, then RBL, then Fincare, then Utkarsh and finally Equitas with a little bit of AU. Now I have moved some funds back to Utkarsh and Fincare.

 

[Lobogris]

It will fall for all banks in next year. depends also on the competition.. Savings account interest can be changed anytime.
Go with unity think they have highest interest rate on savings. But risky and do strictly under 5L

No risk but their rates are not the highest.

 

[sm9811911]

No risk but their rates are not the highest.

Then which bank?

 

[prash1161]

It will fall for all banks in next year. depends also on the competition.. Savings account interest can be changed anytime.
Go with unity think they have highest interest rate on savings. But risky and do strictly under 5L

Rates keep changing all the time. You have to keep moving. I started with IDFC at 7% , then moved to Yes Bank, then RBL, then Fincare, then Utkarsh and finally Equitas with a little bit of AU. Now I have moved some funds back to Utkarsh and Fincare.

whats mab for utkarsh?

 

[praveensudhakaran]

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

12%? 😶‍🌫️ 😱

 

[dealminer]

12%? 😶‍🌫️ 😱

Yes, now it's 10per after devaluation. But still does the job.

 

[tfbeginner210]

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.

My branch manager mentioned that the debit cards are not yet launched for customers. How did you get it?

 

[TheGuy]

SO, here is the summary for the 4 banks that we considered..

View attachment 41597

can you share google sheet for the same?

 

[SSV]

can you share google sheet for the same?

As it was long time ago, need a it check and see if I can locate it

 

[TheGuy]

This was me trying to figure out Yes Bank's saving rates AFAIR..

 

[SSV]

View attachment 56960
This was me trying to figure out IndusInd's new saving rates AFAIR..

Probably..
my calculations were done based on the rates applicable at that time..
I didn’t check latest rates

 

[TheGuy]

my calculations were done based on the rates applicable at that time..

absolutely. I just wanted to see formating et al.. xD