NewsNCR | Edited By: Saurabh Sharma
Updated on: Dec 11, 2022, 6:47 PM IST
Today we are going to tell about such banks whose interest rates are more than PPF Interest Rate. At present, the PPF is paying 7.1 per cent interest rate, while many banks are paying up to 7.5 per cent interest on savings accounts.
The Reserve Bank of India (RBI) has increased the repo rate continuously from May 2022. This year RBI has increased by 225 basis points. After which the repo rates have been 6.25 percent. Because of which many small finance banks and new private banks have increased the interest rates on savings accounts. It is very important to practice keeping a part of your extra income in a savings account for liquidity and emergencies during uncertain times. Today we are going to tell about such banks whose interest rates are more than PPF Interest Rate. At present, the PPF is paying 7.1 per cent interest rate, while many banks are paying up to 7.5 per cent interest on savings accounts.
Ujjivan Small Finance Bank is offering an interest rate of up to 7.5 percent on savings accounts.
AU Small Finance Bank, DCB Bank and Equitas Small Finance Bank are offering up to 7% interest on savings account. The average monthly balance requirement is Rs 2,000 to Rs 5,000 in AU Small Finance Bank and it is Rs 2,500 to Rs 10,000 in Equitas Small Finance Bank. In DCB Bank, the minimum balance required is Rs 2,500 to Rs 5,000.
Bandhan Bank, CSB Bank and RBL Bank are offering up to 6.5 per cent interest rate on savings accounts. The average monthly balance requirement in CSB Bank and RBL Bank is Rs 2,500 to Rs 5,000. The average monthly balance in Bandhan Bank is Rs 2,500 to Rs 5,000.
South Indian Bank and IndusInd Bank are offering up to 6 per cent interest rate on savings accounts. The monthly average balance required in IndusInd Bank is Rs 1,500 to Rs 10,000. In South Indian Bank, the average monthly balance required is Rs 1,000 to Rs 2,500.
On the other hand, the interest rate of Public Provident Fund, one of the most popular investment schemes of the post office, is 7.1 percent. A minimum of Rs 500 and Rs 1.5 lakh can be invested annually in this scheme. The income from this scheme is completely tax free and after 15 years it can be extended thrice for 5-5 years.
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