Best savings accounts with highest interest rates

Published on : 07:52 AM Mar 24, 2022

Many banks have cut interest rates due to inflation. This made people, who are keen to deposit their money in savings accounts in banks, are now reluctant to do so. However, now some small banks are attracting people with higher interest rates. Have a look at those banks, which are offering interests more than 7 per cent, to attract the customers.

Hyderabad: Bank interest rates have been falling for some time now due to rising inflation. As a result, the banks are providing the interest rates on the savings account from 3 per cent to 3.5%. Similarly, the return on fixed deposits, too, does not exceed 5.5%. As a result, people do not like to deposit their money in their savings accounts. Many youngsters after Corona are showing interest in investing in the stock market. In addition, Cryptocurrencies are becoming more and more popular. This is due to the high returns seen in the short term. Though you have many investments there is a need for a savings account also.

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High-interest rate banks

Now some banks are offering better interest rates on the savings account. AU Small Finance Bank is offering a 7% annual interest rate on savings accounts with a monthly cash balance of Rs 2,000 to Rs 5,000. If you deposit Rs 5 lakh to Rs 50 lakh in Equitas Small Finance Bank, it is offering a 7% interest rate. Advertisement

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Ujjivan Small Finance Bank is offering 7% interest on the savings account. The interest rate is 6.5 per cent on savings above Rs 10 crore. While Suryoday Small Finance Bank is offering 6.25 per cent interest to its savings account customers. The customer should maintain an average monthly balance of not less than Rs 2,000.

In addition, some Neo-banks and Payments banks offer slightly higher interest rates on savings accounts. While choosing these, you should not only consider the interest rates, but also the net banking services, ATMs and branches. Neo-banks can be defined as digital banks that have no physical branches. It can be called a truly branchless digital bank. Instead of physical branches, Neo-banks have their presence online. Neo-banks target tech-savvy users, who prefer the majority of money management via their mobile app or other digital media. Neo-banks provide a wide range of financial services like money transfers, money lending, mobile-first financial solutions and many more.

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Payments bank is a new form of bank-created under the purview of the Reserve Bank of India (RBI). Payments banks can accept a limited deposit of Rs 1,00,000 per customer and may be increased further. These banks cannot lend loans and issue credit cards, but they can offer services such as net banking, ATM cards, debit banks and mobile banking.

Read: RBI allows MFIs to fix interest rates

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