Banks with maximum interest rates on savings account: Park your money in these banks for better returns

There are several people who do not find investment interesting and prefer to park their money in their bank accounts. This has to do with their idea of withdrawing fund in emergencies. They feel investing in different financial instruments sort of block their investment and cannot be withdrawn as per their needs. It also has to do with their lack of awareness of financial instrument and their casual approach towards capital appreciation.  

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As these people find it difficult to invest for various reasons, it becomes really important that they make an informed decision at least while selecting the banks so that they can capitalise on interest rates offered by these banks on different savings account. There are many private banks that offer very good interest rate on savings account as compared to public sector banks. These banks offer interest rate up to 6.25 per cent. Those averse to the idea of investing in equities, mutual funds or gold can wisely select these banks and maximise returns by simply parking money in these banks.  

Among private lenders, maximum interest rate on savings account is being offered by RBL Bank. RBL offers a lucrative interest rate of 4.50 % per annum to 6.25 % on daily balance as per set amount limit carved out by the bank. These interest rates came into the effect from May 7, 2021.  

Similarly, Bandhan Bank offers from 3.0 per cent per annum to 6.0 per cent per annum interest rates on its savings account, up to Rs 10 crore. For amount above Rs 10 crore, one could contact the bank, said Bandhan Bank official website. The rates have come into effect from June 7, 2021. IndusInd Bank savings account interest rate varies in the range of 4 per cent to 5.50 per cent up to Rs 1 crore daily balance. For deposits above Rs 1 crore, one can contact the bank branch or Relationship Manager.

Yes Bank offers interest rates on its savings account in the range of 4.0 to 5.5 per cent per annum up to Rs 100 crore. YES Bank had announced changes in its Savings deposit Interest Rates slabs for Resident & Non-resident customers, with effect from December 8, 2020.