Bank savings accounts are open for a variety of reasons. Generally, when money or salary is deposited in a savings account, a comfortable pool of funds is created for free use. For very important household expenses, car fuel, or occasional luxury, a savings bank account is a reliable resource for us! The funds or money that are readily available in your account are called liquidity. Liquidity means the benefit of having access to funds immediately or almost instantly whenever a need arises. Funds are readily available, including cash, ATMs, internet banking, and online or mobile app payments via debit cards.
As interest rates fall, new private banks are offering higher interest rates than top lenders such as State Bank of India (SBI), HDFC Bank and ICICI Bank.
DCB Bank offers interest rates up to 6.75% on savings accounts. The highest interest rate of any private bank is offered by this bank.
To counter this low-return proposal, DCB Savings Accounts offer interest rates ranging from 2.75% pa to 6.75% pa for savings account deposits of up to 10 chlores or more through progressive interest rates. What does this mean? This attractive interest rate on savings accounts allows you, as an account holder, to save more and prepare for the future with greater purchasing power.
Interest earned by simply depositing money in a savings account is calculated based on the progressive balance of each interest rate range.
The example here is useful. The balance of the DCB savings account at the end of the day ￡200,000 rupees.Therefore, in the first interest rate range ￡1 Lakh earns interest at the next 2.75% pa. ￡4 Lakh earns interest on the next 4% pa ￡5 Lakh earns interest at 4.50% pa, the rest ￡10 Lakh earns interest at 5% pa. In this way, every time you add Rupees to your DCB Savings Account, you will get a more favorable profit.
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This bank offers 6.75% interest on savings accounts, better than SBI and HDFC Bank
