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.

 

[prash1161]

Hdfc savings max charges for imps/neft?

 

[financewizard]

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.

If you are looking at FDs as the only option - check out IndusInd. They are giving up to 8.25% interest for Senior Citizens.

If you can slightly take more rist Cred mint is offering 9-11% returns..

Or you can opt for Debt Mutual Funds

 

[Trust Me]

Hdfc savings max charges for imps/neft?

Online NEFT is free for any account.

IMPS is free for Imperia. Don't know for Savings Max.

 

[SSV]

Hdfc savings max charges for imps/neft?

Online NEFT is free for any account.

IMPS is free for Imperia. Don't know for Savings Max.

IMPS charges applicable for savings Max

Update Aadhaar information in your account with HDFC Bank

Update Aadhaar information in your account with HDFC Bank

www.hdfcbank.com

 

[samm255]

IMPS is only free for Preferred and Imperia in HDFC.

 

[tuhin]

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.

Online NEFTs are free. You can do NEFT, yes it can be time-consuming.

I am unaware of how to calculate the high FD interest rates by this bank. Please enlighten me.

 

[prash1161]

IMPS charges applicable for savings Max

Update Aadhaar information in your account with HDFC Bank

Update Aadhaar information in your account with HDFC Bank

www.hdfcbank.com

😕😕😕😕 Kya mtlb fir classic banking ka

 

[shash5252]

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).

The manager told me that no charges will be applicable. I'm not sure though, he said no charges for students🤡.

 

[Trust Me]

I am unaware of how to calculate the high FD interest rates by this bank. Please enlighten me.

In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.

 

[Trust Me]

The manager told me that no charges will be applicable. I'm not sure though, he said no charges for students🤡.

Ask for this promise in writing!

 

[tuhin]

In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.

I faced one issue with Bandhan they didn't provide me with interest on time. After raising the complaint they credited to my account separately but how are they calculating? Can you please tell me? Thanks

 

[prash1161]

In high school math we all learn how to calculate interest. The problem is, 2+2 doesn't always equal 4 in the Indian financial system! Yet, for some reason RBI allows banks to apply their own inaccurate and archaic methods of interest calculation to this day!

Some banks choose to use this to their own advantage, presumably for some ill-gotten gains at the cost of their customers! Bandhan is one of them.

Some devious banks in this respect (from my own experience):

Bandhan, Axis (but of course!), IDBI, perhaps ICICI too.

Some honest banks in this regard (for these 2+2 usually equals 4):

SBI, HDFC, IndusInd.

Idfc is best for intrest
Per day balance/30
And credited on 1st of every month probably before 12am

 

[prash1161]

Fincare has really good savings interest rates as well.
3.5 till 1 lakh
5.11 from 1 to 2 lakhs
7.11 from 2 to 5 lakhs
7.5 above 5 lakhs.

So that’s the best option along with Kotak where you can get 7% via ActivMoney if you can hold it for 6 months.

Finance is merging with au I think.
So intrest rates will be lesser

 

[Lobogris]

Finance is merging with au I think.
So intrest rates will be lesser

For the moment, those are the rates.

 

[Lobogris]

Idfc is best for intrest
Per day balance/30
And credited on 1st of every month probably before 12am

Low rates though.

 

[prash1161]

For the moment, those are the rates.

Share rate i can't find on website

 

[Lobogris]

Share rate i can't find on website

Please see below:

Interest Rate - Fincare Small Finance Bank

Home Interest Rates Interest Rates Interest Rates Savings Account for Domestic / NRE / NRO Savings Account Click here to know more Marginal Cost of Funds Based on Lending Rates (MCLR) Click here to know more Fixed Deposit Click here to know more Recurring Deposits Click here to know more...

fincarebank.com

 

[prash1161]

Please see below:

Interest Rate - Fincare Small Finance Bank

Home Interest Rates Interest Rates Interest Rates Savings Account for Domestic / NRE / NRO Savings Account Click here to know more Marginal Cost of Funds Based on Lending Rates (MCLR) Click here to know more Fixed Deposit Click here to know more Recurring Deposits Click here to know more...

fincarebank.com

Which account should I open
Will probably hold 2-3l

 

[Lobogris]

Which account should I open
Will probably hold 2-3l

Smart savings. Requires 1k balance.

 

[prash1161]

Smart savings. Requires 1k balance.

Can only see this 3 options