Bank account with good Savings interest

[22sumit]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

 

[palen]

For those suggesting to park emergency funds on liquid funds. What if you need the money on a weekend like Saturday or Sunday? You can redeem it until the next working day.

 

[sm9811911]

For those suggesting to park emergency funds on liquid funds. What if you need the money on a weekend like Saturday or Sunday? You can redeem it until the next working day.

Emergency funds are different. They should always be in bank saving account or cash. But I feel 2 lakhs enough for that. But next few Lakhs are something which you may need if good investment opportunity or some other need. Amount depends on personal circumstances.

 

[deep@vie]

Correct .. it is only for the progressive balances.. my bad.. I didn't see that..

but for 1L to 5L , it is 4% which is definitley more than other Banks..

I guess AU,indusind give 5% above 1l

 

[Zacobite]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

how long do you want to hold this.. time?

 

[AritraSaha]

Cool ! That they have partnered with wint wealth (trustworthy company) .
However, I checked and it said that, a 0 mab savings account will be created upon completion of kyc.
However, unity bank says that 0 mab is conditional upon booking an FD equivalent to 1 lac & above.
But still there's free look up period going on till 31st march(which they r extending since past 1yr) wherein the account is free of cost.
Otherwise, min mab is 5k-10k based on branch

I tried the unity FD via wint wealth. Will say avoid it for the time being..
Unity Bank tech is super bad.
The withdrawal Process Took more then 10 days.

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

Best option with be a Bank account with Sweep in options.
Can easily get 6-7%

 

[quino]

Unity Bank tech is super bad.

apart from the long time it took, were there any other points you observed as to why unity's tech is bad?

 

[Trust Me]

Best option with be a Bank account with Sweep in options.
Can easily get 6-7%

How?! 6 - 7% rates are not for short term FDs in most banks. Emergency funds could be needed anytime before that as well. In addition, most banks would charge a premature withdrawal penalty when the FDs are broken. Depending on the situation, the effective yield could even be less than the SB rate!

 

[Nilanchal]

I tried the unity FD via wint wealth. Will say avoid it for the time being..
Unity Bank tech is super bad.
The withdrawal Process Took more then 10 days.

Best option with be a Bank account with Sweep in options.
Can easily get 6-7%

Ohh !!!
Rightly said, Tech is yet to be upgraded, I opened my savings account offline but in the app, it's written vkyc not completed therefore I did twice but still it is the same.
You won't face any issue for any kind of offline transaction. If it would have been the same fd opened offline then they would have credited instantly.

 

[AritraSaha]

apart from the long time it took, were there any other points you observed as to why unity's tech is bad?

The customer care of unity bank is decent. But they only give you emotional support..
The app is upgrading stage for last 3 months..
The Withdrawal process took 10 days cus of their broken NEFT System.
Had to call wint wealth Compliance Officer for Help (they were helpful).

How?! 6 - 7% rates are not for short term FDs in most banks. Emergency funds could be needed anytime before that as well. In addition, most banks would charge a premature withdrawal penalty when the FDs are broken. Depending on the situation, the effective yield could even be less than the SB rate!

Right Now FD rates are Highest in a decade.
kotak offering 7%. for 180 days without any pre mature withdrawal fees.
And ofcourse it will change as rate drop down.

 

[fin_avid]

Sweep in deposit in kotak, ( active money) gives 7% and even in SBI they call it as MODS that gives 6.8% on yearly basis. Both of them have no premature withdrawal fee. Personally I feel SBI s better( in this aspect oly) as in KMBL once yr sweep in deposit is broken earlier than 6 months they don't give you the the interest and instead create a new fd wit the remaining amount. But in SBI they provide interest on a daily basis and yr fd never breaks up, instead jus the needed fund for the transaction s debited from the fd.
Jus my opinion on sweep in deposit of these 2 banks.

 

[22sumit]

how long do you want to hold this.. time?

No timeline decided. Want to keep it to invest in stocks when there is a fall (can't predict that)

 

[Zacobite]

No timeline decided. Want to keep it to invest in stocks when there is a fall (can't predict that)

free in and out currently i think kotak has active money... cred. mint also is there with some risk

 

[tuhin]

I don't know why people can't consider Bandhan Bank. It's way better than IDFC or RBL or DBS in terms of charges or service quality. You may not get too many freebies like IDFC but this Bank charges a minimal cost. Mostly, there is no cost of Non-Maintenance of MAB, Zero SMS Alert Charge, and No need for a Debit Card to register yourself in UPI. Here, this is the interest rates for the SB account:

 

[ashsahu]

Utkarsh is offering good rates




I have opened it recently, you get rupay platinum DC as well (but it's chargeable even on a platinum a/c)

 

[prash1161]

Meaning they don't think it's even worth pissing on?

they provide 9.5 on fd if u open for 1001 days else rbl worth

 

[shash5252]

I need to park some emergency funds ranging from 3-4 L but not sure of which bank will provide best interest rate on savings account.
I already have HDFC salary acct, ICICI and IDFC Classic accounts but the interest isn' that good.

Any premium LTF cc would be icing on the cake but not mandatorily.
Please suggest.

I created a fixed deposit(7lakh) for emergency funds with HDFC. Upon maturity after one year, I receive 64k. Is this a good return, or are there better options available? *I'm new to this and seeking advice

 

[Nilanchal]

I created a fixed deposit(7lakh) for emergency funds with HDFC. Upon maturity after one year, I receive 64k. Is this a good return, or are there better options available? *I'm new to this and seeking advice

7.10 is less.
You get slightly better interest rate in psu banks example canara, bob, punjab&sind etc.
Check out special days plans on their website instead of standard fd rates for 1yr,2yr.
Eg- canara 444days plan, bob 399days plan etc etc

 

[SSV]

I created a fixed deposit(7lakh) for emergency funds with HDFC. Upon maturity after one year, I receive 64k. Is this a good return, or are there better options available? *I'm new to this and seeking advice

RBL bank gives you 8% pa..

 

[Trust Me]

I created a fixed deposit(7lakh) for emergency funds with HDFC. Upon maturity after one year, I receive 64k. Is this a good return, or are there better options available? *I'm new to this and seeking advice

As others have pointed out, many other banks offer better rates.

Since this is for emergency funds, there is another aspect to consider too: you might need to break it before maturity. So it would be prudent to consider the applicable premature closure penalty too. For example, HDFC's is amongst the highest (1%). SBI's is lower at 0.5% (for upto 5L).

 

[Trust Me]

I don't know why people can't consider Bandhan Bank. It's way better than IDFC or RBL or DBS in terms of charges or service quality. You may not get too many freebies like IDFC but this Bank charges a minimal cost. Mostly, there is no cost of Non-Maintenance of MAB, Zero SMS Alert Charge, and No need for a Debit Card to register yourself in UPI.

For lower variants of accounts, some free transaction entitlements are limited (e.g. for the 5k account only 2 online RTGS transactions are free per month).

They also have a devious way of calculating the apparently high FD interest rates offered, so in reality, it's not necessarily WYSIWYG.