MobiKwik offers 6% interest! Here's what banks give you on savings accounts

Mobile wallet company, MobiKwik announced on Wednesday that it will give 6% interest or annual profit to its mobile wallet users. This will be given to its over 30 million users.

For MobiKwik users to avail the 6% annual profit, they need to maintain an average of Rs 5,000 or more in their wallets per month. Profits will be credited to users’ MobiKwik accounts on a monthly basis only.

This is the only mobile wallet in the country to offer interest on money put into the account.

Banks too have their own mobile wallets such as Axis Bank’s Lime, SBI’s Buddy, ICICI Bank’s Pockets and HDFC Bank’s PayZapp.

However, none of them offer any interest on money stashed in the mobile wallet.

What is more interesting, none of bank's in India offer interest as high as MobiKwik on a very nominal balance limit of Rs 5,000 in their savings accounts.

Here is the interest offered by Indian banks on savings accounts:

RBL Bank - 7.1% p.a. on daily balance above Rs 10 lakh

                  6.1% p.a. on daily balance above Rs 1 lakh

                  5.1% p.a. on daily balance upto Rs 1 lakh

Yes Bank - 6.1% p.a. on savings account balance below Rs 1 crore

Kotak Mahindra Bank - 6.1% p.a. on minimum monthly balance of Rs 1 lakh

Lakshmi Vilas Bank - 5% p.a. on daily balance upto Rs 5 lakh

                                6% p.a. above Rs 5 lakh

IndusInd Bank - 4% p.a on daily balance upto Rs 1 lakh

                        5% p.a on daily balance above Rs 1 lakh but less than Rs 10 lakh

                        6% p.a on daily balance above Rs 10 lakh

                        4% p.a on non-resident NRO and NRE accounts

Bandhan Bank - 4.25% p.a on daily balance upto Rs 1 lakh. Interest paid half yearly.

                        5% p.a on daily balance above Rs 1 lakh. Interest paid half yearly.

HDFC Bank - 4% p.a.

Axis Bank - 4% p.a. 

Source: BankBazaar.com