Investors aim to get higher interest when they open a savings bank account. A savings account is a type of financial product that helps you deposit your money safely and earn interest. Opening a savings account is easy. The bank will evaluate your KYC details and open the account by giving you an account number, a bank passbook, and a debit card. Besides, you get multiple online and offline facilities like withdrawing cash, getting a chequebook issued, and numerous other products with the help of your savings account.
One of the main features of a savings account is making money readily available to you. You can always turn back to your savings account and withdraw the money you need when in need. Also, one can store funds in a savings account to handle contingencies in life.
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You can operate your savings account both offline and online. It makes it easy to use for all investors and ordinary people with no financial knowledge. Here are some of the key benefits of having a savings account.
Safety
One of the concerns while handling your money is that of safety. A savings account ensures safety and gives you a chance to earn at least the minimum interest. Customers prefer to keep their money in a savings account for safety and benefits.
Easy Access to Money
It is a kind of liquid investment that can be converted to cash. Therefore, you get easy access to your money whenever you need it, besides earning interest on the amount deposited. You enjoy the freedom to have direct access to your own money.
One Account, Multiple Facilities
Your savings account is like a bank in your pocket. You can use it with the help of your mobile phone or laptop at home or the office. The savings account also gives you offline facilities if you are not tech-savvy. You get a debit card, chequebook, and access to your account through mobile apps and an online portal. Other added facilities such as opening a fixed deposit account, availing a locker, and taking any loan as per your eligibility are some of the added benefits of your savings accounts.
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Funds for Emergency
Many financial experts suggest that customers need to have funds for a rainy day for six months to one year, and they recommend using savings accounts for storing money. Keeping your money in a savings account where you get handsome interest on your deposits is vital. As your money grows, you can make use of this money when you need it to handle emergencies.
Here are some public and private sector banks offering higher interest on their savings accounts. You can choose based on the facilities and your requirement.
HIGHEST INTEREST OFFERED BY BANKS ON SAVINGS ACCOUNT
Data as on respective bank’s website on 11 Oct 2022;
Interest rate on Savings Account for all listed (BSE) Public & Pvt Banks considered for data compilation. Up to 5 banks that offer highest interest on savings account are listed in their respective categories; Banks for which data is not available on their website are not considered. Minimum balance requirement for regular savings account and excluding BSBD account.
**AMRV: Average monthly relationship value requirement; AQB: Average Quarterly Balance; AMB: Average Monthly Balance; MAB: Monthly Average Balance; QAB: Quarterly Average Balance; MMB: Monthly Minimum Balance; MB: Minimum Balance; ^Youth Plus Account;
Banks in their respective categories are listed in descending order considering upper range of their offered interest rate. Interest rate may vary depending on the category of savings account, balance maintained in it and subject to applicable terms and conditions.
Compiled by BankBazaar.com
