BEST SAVING ACCOUNT INTEREST RATES

Do you know that savings account interest income is tax-free up to Rupees 10,000? That means you can park an amount of up to approximately Rupees 150,000 in your savings account and don't have to worry about paying tax on the 7% interest that you earn from that account. But wait, is it really possible in India to earn 7% interest on the cash parked in your savings account? Yes, that is possible.Here I have the list of best saving account interest rates.

Hi friends! There are newer banks in India that are aggressive in acquiring the customer base and hence try to give high interest on their savings account to attract the customers. Although there were many banks offering high interest until 2019, some of them have reduced the interest rates now due to overall reduction in interest rates in the market. If you want to park your emergency cash, then you may consider these types of high interest savings account as one of the options. This will provide you high liquidity and at the same time good returns. Let us see the top 6 savings bank accounts that can give you high interest on your savings.

At number 6, we have IndusInd Bank savings account. IndusInd Bank offers interest rate of 4% up to 1 lakh and 5% above 1 lakh. It also rewards people maintaining balance of more than 10 lakhs by giving slightly higher interest rate at 6%. There is no monthly average balance to be maintained for this account and you can open the account through their Bank website. It's also good to note that you can get a customizable account number based on your birthday or anniversary. This account is good for stock traders who want to open a three in one account with Upstocks. This allows you to continue earning interest on funds allocated from your savings account to your trading account. IndusInd Bank also offers a Visa Platinum Plus debit card for this account with exciting offers and rewards.

At number 5, we have Bandhan Bank savings account. Bandhan bank offers the savings account at 4% rate of interest up to 1 lakh balance and 6% for above 1 lakh. The monthly average balance to be maintained is Rs. 5,000 and you can open the account through their bank website.

 At number 4 comes DBS DigiBank savings account. You can open a zero balance Savings bank account with DigiBank app instantly with your AADHAAR card. The interest rate offered is 5% up to 1 lakh and 5.5 percent above 1 lakh. But only until 5 lakhs. The interest is lesser for amount held above 5 lakhs. Also remember that the bank only has contact points and no branches. The support is provided through online mechanism.

At number 3, we have Yes Bank customizable savings account. Yes Bank customizable savings account offers 5% interest up to 1 lakh and 6% above 1 lakh. The monthly average balance to be maintained is Rupees 10,000 and you can open the account through their bank website. It is also good to note that Yes bank gives you the opportunity to customize your savings account. While opening the account. You have the flexibility to choose the debit card pricing options, account related benefit packages, and even the complimentary introductory offers as per your wish.

Next comes RBL Bank classic savings account at number 2. RBL Bank provides RBL Bank classic savings account that offers interest rate at 5% up to 1 lakh and 6% for balance above that. It also rewards people maintaining balance more than 10 lakh by giving slightly higher interest rate at 6.75%. There's no monthly average balance to be maintained for this account and you can open the account through their bank website. It is also good to note that there is a 15%discount on Locker operation and 25% waiver on processing charges when you apply for property loans with them. You may also pick your own account number while opening Savings bank account.

And at number 1 we have IDFC First Bank savings account. IDFC First Bank offers the highest interest rates of up to seven percent per annum on the IDFC Bank savings account. The balance required for this is above 1 lakh but even with the balance less than 1 lakh you can earn 6% which is 2.5% higher than the interest offered by most of the other Banks. The monthly average balance to be maintained is 25,000 rupees and you may open the account online through their Bank website. It's also good to note that there is no charges or penalty if you fail to maintain the minimum balance or the monthly average balance. When you do not maintain the average monthly balance, IDFC first bank may charge for certain transactions, like reissue of cheque book, DD, replacing the debit card, annual debit card fee and ATM transaction beyond free limit etc. In summary, the interest earned in these accounts for different balances, like 1 lakh or 2 lakhs or 12 lakhs works out to be like this.

Hence plan to open your savings account accordingly this list provides information only with respect to high interest being offered on the savings. But while opening your savings account, it is also important to consider other factors, like customer service, ease of use of online platform and other mobile applications, different banking products offered, presence of branches all over India, Global presence and reliability of the bank.