In most of the banks, interest is being received at the rate of 2.70 per cent to 7.00 per annum on the savings account. At the same time, some banks are also giving 7.50 percent interest. Let’s get to know them.
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Everyone wants to invest in a safe and volatile medium. There are many financial instruments available in the market, which are not affected by the ups and downs of the market. One of these is the savings account. Opening a savings account is the first step in money management. And almost everyone opens this account. Like Fixed Deposit Schemes, Savings Account is considered a safe investment vehicle. In both, people get a chance to earn fixed returns.
Normally, interest in savings account is calculated daily. And it is paid on a quarterly basis. Apart from this, there is a chance to earn interest on the money deposited in the savings account and free withdrawal can also be done when needed. In most of the banks, interest is being received at the rate of 2.70 per cent to 7.00 per annum on the savings account. At the same time, some banks are also giving 7.50 percent interest. Let’s get to know them.
Ujjivan Small Finance Bank
In this small finance bank, customers are getting interest at the rate of 7.50 per cent. This interest rate is applicable for deposits above Rs 25 crore. The last change in these interest rates was done on 1 November. These interest rates are applicable for domestic as well as non-resident accounts.
AU Small Finance Bank
In this bank, interest is available at the rate of 7.25 percent on the amount deposited in the savings account. This interest rate is applicable for savings accounts with deposits between Rs 25 lakh and less than Rs 1 crore. The last change in interest rates was done on October 10, 2022. According to the bank’s website, interest on savings account is calculated on a daily basis and is paid to customers at the end of every month.
Utkarsh Small Finance Bank
In Utkarsh Small Finance Bank, interest is available on savings account in the range of 4.25 per cent to 7.50 per cent. The interest depends on the balance in the account. In this bank interest is calculated on daily basis and credited on quarterly basis. The bank is paying interest at the rate of 7.25 per cent per annum on the savings account incremental balance of Rs 25 lakh to Rs 10 crore. An interest rate of 7.50 per cent is available on accounts with a balance of more than Rs 10 crore.
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