|Author: NK SHARMA 29 Aug 2016 Member Level: Gold Points : 1 (Rs 1) Voting Score: 0|
Some of the banks offer 6% interest on saving bank account for example kotak mahindrs bank. Rate of interest offered by all the PSU banks is not equal. they offer different rate of interest and the margin is very less.
|Author: Mahesh 30 Aug 2016 Member Level: Gold Points : 2 (Rs 2) Voting Score: 0|
As per the RBI guidelines no bank is allowed to give unrealistic interest rate. So almost every bank offers base 4% interest rate. And based on some conditions they may offer higher interest rate. For example, the Kotak Mahindra bank gives the 6% interest only on amount higher than 1 Lakh in the savings bank. Also that savings interest does invite the TDS too. So at the end you'd end up on the 3.5% yearly amount after the TDS deduction. Even the PSU banks offering similar scheme would be with same interest margin. Most of the banks however offer realistic 4% interest on amount upto 1 Lakh. And more than 4% on any amount higher than that. When it comes to TDS deduction and other fees, the PSU banks are better for savings rate because they have lesser infrastructure fees compared to the private banks such as ICICI, AXIS, and Kotak.
|Author: Reena Upadhya 30 Aug 2016 Member Level: Silver Points : 2 (Rs 2) Voting Score: 0|
- RBL bank offers 7.1% p.a. for daily balance of Rs:10 lakh and above.
-Public sector banks are giving 4% interest rate. This is because they have huge customers base and branches throughout the country and lots of trust is build up among people for PSU banks.
-Private banks at the same time are offering interest rate of 7-8% depending on the balance amount maintained to attract customers.
-Yes, all public sector banks offer almost same interest rate whereas private banks vary highly when comes to offering interests.
|Author: Partha Kansabanik 06 Sep 2016 Member Level: Diamond Points : 2 (Rs 2) Voting Score: 0|
Kotak Mahindra bank gives 6% interest p.a. only if the deposited amount is higher than INR 1 lakh in the saving account. The Public sector banks give 4% p.a. interest on the deposits in saving accounts.