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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...
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.
 
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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...
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.
 
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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...
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 sak38.app.goo.gl
 
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Nilanchal said:
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.
Click to expand...
Is there any option to open account online in Unity Small Finance Bank?
 
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WinSuperb7251 said:
Do fd in unity small finance bank via wint wealth
Click to expand...
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
 
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Nilanchal said:
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
Click to expand...
Remember they don't have cbs yet
 
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sm9811911 said:
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
Click to expand...
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.
 
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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.
 
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No
Nilanchal said:
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
Click to expand...
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.
 
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WinSuperb7251 said:
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.
Click to expand...
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).
 
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dealminer said:
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 sak38.app.goo.gl
Click to expand...
Bro it's damn risky . If they say we don't have left with penny you can't do anything
 
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