Table of Contents
Saving Account Type of Saving Account Etc.
What is a Savings Account?
A savings account is an interest-bearing deposit account held at a bank or other financial institution that provides a modest interest rate. Financial institutions that offer savings accounts may limit the number of withdrawals from an account each month. They also may charge fees unless you maintain a certain average monthly balance in the account. In most cases, banks do not provide checks with savings accounts.
How a Savings Account Works
Investment accounts, for the most part, are opened to keep cash not planned for every day or ordinary costs. Bank accounts vary from financial records, which permit the utilization checks and electronic charge to get to reserves. Furthermore, investment accounts—not at all like financial records—commonly have confines on the number of withdrawals or exchanges you may make every month.
Saving account Advantages
Since investment accounts pay a premium, it is increasingly gainful to keep your unneeded assets in a bank account than in a financial record so your cash can develop. Furthermore, bank accounts are a standout amongst the most fluid ventures outside of other interest records and money. While bank accounts encourage sparing, they additionally make it simple to get to your assets. Conversely, it is ordinarily increasingly hard to money security, make a withdrawal from a retirement record, or move stocks or different resources.
Types of Savings Accounts
We’ll dig into the details for each of these common places to stash your cash:
- Basic savings accounts
Online savings accounts
Money market accounts
Certificates of deposit (CDs)
Specialty accounts (student savings and goal-oriented accounts, for example)
Banks That Pay the Highest Interest Rates on Savings Accounts
- Kotak Mahindra Bank Savings Account Interest Rate
Catering to a varied customer base, Kotak Mahindra offers Savings Accounts for different customers based on their residence status. For Domestic Savings Account holders, an interest rate of 6% per annum is applicable, while for all non-resident Savings Account holders, an interest rate of 4% per annum is applicable.
- State Bank of India (SBI) Savings Account Interest Rate
SBI offers multiple types of Savings Accounts like Basic Savings Account, Savings Plus Account, Yuva Savings Bank Account and more which target different levels of customers. SBI Savings Accounts carry an interest rate of 4.00% per annum.
- ICICI Bank Savings Account Interest rate
ICICI Bank is one of the leading banks in India to offer multiple types of Saving Accounts to its customers like the Silver Savings Account, Advantage Woman Savings Account, Freedom Savings Account, Basic Savings Bank Account and more. All of ICICI’s Savings Accounts carry a uniform rate of interest, which is fixed at 4.00%.
- Yes Bank Savings Account Interest Rate
Yes, Bank offers one of the most attractive interest rates when it comes to Savings Accounts. Having revised their interest rates, the bank will now offer interest rates of 7% for all Savings Accounts with a balance over Rs 3 lakh and an interest rate of 6% on Savings Accounts with a balance below Rs 3 lakh.
- Citibank Savings Account Interest Rate
As one of the most prominent international banks operating in India, Citibank offers different types of Savings Accounts to customers like the Citibank Savings Account, Citibank Suvidha Salary Account, Citibank Savings Account for Expatriates and more. The interest rate offered by the bank on these savings accounts is set at 4%, which is earned on the daily balance maintained and credited on a half-yearly basis.
- Axis Bank Savings Account Interest Rate
One of the premier banking institutions of India, Axis Bank offers a varied choice of Saving Accounts which have been specifically designed to meet specific sets of customer needs. Axis Bank offers an interest rate of 4% on all its Savings Accounts.
- IndusInd Bank Savings Account Interest Rate
To cater to the needs of a diverse customer base, IndusInd Bank offers a variety of Savings Accounts which have been designed to meet different financial needs. The bank offers an interest rate of 4% on savings accounts maintaining a daily balance of up to Rs 1 lakh; 5% for savings accounts maintaining a daily balance of above Rs 1 lakh but below Rs 10 lakh and finally an interest rate of 6% for savings accounts which maintain a daily balance exceeding Rs 10 lakh.
- DCB Bank Savings Account Interest Rate
DCB Bank is one of the leading scheduled commercial banks which offers it’s customers the facility of opening different types of Savings Accounts. The bank offers very competitive interest rates on these accounts which can help the account holders extract the maximum benefit from their savings. Currently, DCB Shubh-Labh Savings Account holders can enjoy an interest of 4% on their account.
- RBL Bank Savings Account Interest Rate
RBL is one of the nation’s emerging scheduled commercial banks which offers its customers the facility of customized savings account schemes. The bank offers ranging interest rates to savings account holders which is credited on a half-yearly basis and varies depending on the daily balance maintained in the account. Currently, the interest rates offered for the account with a daily balance of above Rs 10 lakh is 7%; for accounts holding a daily balance of above Rs lakh, it is 6.1% and for accounts holding a daily balance of up to Rs 1 lakh, the interest rate offered is 5.1%.
- HDFC Bank Savings Account Interest Rate
For those looking to open a Savings Account, HDFC offers plenty of feature-rich options. For customers to choose from. Each account comes with some unique features and privileges which make money management much easier. HDFC offers an interest rate of 4% on its savings accounts which is earned on the daily account balance and credited on a half-yearly basis.