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.
I always make sure that my hard earned money works even more hard. Keeping money in a savings account will not give you returns of more than 6%. If you have some spare money in your account then FIXED DEPOSIT is the safe bet.
Go ahead and make your money earn more interest to you. This is the best time to invest in Fixed Deposit in India. Most of the banks give around 9% for two or more years. According to my research, following banks/private institutions were providing the best returns :
- Mahindra Finance gives around 10% for 24 months (source click here)
- Karur Vysya Bank gives around 10% for 24 months (Source click here)
- Karnataka Bank fives around 9.75% for 24 months (Source click here)
- HDFC Bank gives around 9.5% for 24 months (Source click here).
According to me if you want good bank, go for HDFC (option 4) or if you prefer private institutions then Mahindra Finance (option 1) looks good as they offer around 10%.
Note: Please make sure that you have read the terms and conditions properly before you decide to apply for a fixed deposit as most of the banks have penalty clause for premature withdrawal.
Welcome to my blog.
This blog will provide information on INR (Indian Rupees) Savings that can done in India. This will be an interactive blog where I would like others to comments and pass knowledge they have to others.
Note: Do remember that this blog is to pass information only and does not guarantee any assured returns. It is for individuals to decide.