GOOD NEWS savers – RBI has deregulated savings interest (source FT). This means you will get more than traditional 4% interest on your savings account.
According to my research, following banks/private institutions were providing the best returns :
- Kotak Mahindra Bank gives 6% interest (source click here).
- Ratnakar Bank gives 7% interest (Source click here).
Note: Please make sure that you have read the terms and conditions properly before you decide to apply for a savings account as most of the banks have penalty clause for not maintaining minimum account every month.