Best Bank to park funds <5 lakhs

[rohant]

Hi guys,

As we all know IDFC and AUSFB have decreased the interest rate on savings A/C as low as the interest given by the top banks. Which Bank would be the best to park funds <5 lakh and get the best returns on the same.

AUSFB decreased the interest for range 1 lakh-5 lakhs from 5% to 4%. IDFC has been giving the same interest rate.

What's next then?

I could have researched, but I know someone might have already done the research and could help people who are in the same boat as me.

Thanks,
Rohan

 

[mj01]

This makes sense. Is it like casa sweep in program?

It is similar though there is no premature withdrawal penalty here!

 

[sheru]

Kotak activ money gives 7%. Technically the balance gets transferred to FD, but there is no penalty for liquidation.

Many banks offer auto sweep facility.
HDFC, ICICI, UnionBank to name a few.

This makes sense. Is it like casa sweep in program?

Try asking about this in your current bank first.

 

[rohant]

I have heard some bad things about auto sweep like this. Is it recommended? Some people say we can get interest even lower than savings account there because of shady practices.

Happened same with my mom. Was getting less interest than Saving a/c

 

[ccdc]

Wait for elections if Modi is winning start investing from morning in random stocks each will give return 🌚
If raga wins
Stock market will fall to knees proposing foreign investors to not pull out

if popat wins i'll make millions shorting like there's no freaking tomorrow....if modi wins i'll make millions by buying like there's no freaking tomorrow....anywho...there's freaking lot of millions to be made...

 

[Lobogris]

Failing banks in India is not joke.😆
RBI keeps their eyes on every bank.
RBI cannot allow this to happen in a growing economy like India.
If any banks fails people will not believe in any banking system.
You are talking like a normal person.
Even yes bank still working smoothly.
And RBI saved yes bank.

Definitely. Banking failure is very unlikely in India under normal circumstances. People are needlessly afraid.