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Bank account with good Savings interest

22sumit

TF Select
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.
 
Solution
Can't thank you enough.
Appreciation for summarizing in easy words.
SO, here is the summary for the 4 banks that we considered..
This table shows , how much effective interest rate we get for the entire SB account balance
(taking into consideration of different slab interest rates according to the each Bank)...


1706555466785.png
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.
You should park emergency funds in overnight or liquid mutual funds.
 
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.
R b l .aspire account
 
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.
You may already be aware that , by increasing your SB balance to 5L , you get 7% return in your IDFC SB account .. right??
 
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You may already be aware that , by increasing your SB balnce to 5L , you get 7% return in your IDFC SB account .. right??
Oh is it?
What if I withdraw some funds later, making my balance to be <5L.
I'm aware that HDFC automatically upgrade my account to imperia or preffered depending on acct balance. Does same thing happen with IDFC or Will they charge any penalty ?
 
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Oh is it?
What if I withdraw some funds later, making my balance to be <5L.
I'm aware that HDFC automatically upgrade my account to imperia or preffered depending on acct balance. Does same thing happen with IDFC or Will they charge any penalty ?
No penalty.. Interest on savings account balances will be calculated at the following rates...

1706537939138.png
 
i believe liquid funds will give 5-7% returns with charges (expense ratio + exit load)
where rbl bank gives 7.5% interest rates above 1L (25L bal required)

so why go for liquid funds??
 
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Oh is it?
What if I withdraw some funds later, making my balance to be <5L.
I'm aware that HDFC automatically upgrade my account to imperia or preffered depending on acct balance. Does same thing happen with IDFC or Will they charge any penalty ?
Caviet is its not flat 7% . So better get fd


For Comparision:

IndusInd:
1706538578024.png

RBL:

1706538641013.png

IDFC :
1706538698979.png
 
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One way would be to have sweep in fd. In case you need money, you dont need to break the fd, the transaction will go through. In case you dont add the amount back in your account by eod, the fd gets liquidated automatically.
I am using it for emergency fund. One thing I did was instead of one big fd, I made fd of 25k, 50k, 75k and 1L. This way in case I am unable to add the amount back by eod, the fd closest to the amount gets broken thus saving big interest penalty.
 
Though one benefit of keeping in savings account is you dont have to pay tax on interest upto 10k. So do your calculations accordingly.

Also the reason, I don't prefer liquid funds for emergency fund is because if something happens to me, atleast my family can use my account/debit card for funds instead of liquidating the funds which would be a bit more difficult.
 
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