This bank offers 6.75% interest on savings accounts, better than SBI, HDFC Bank
Savings accounts with the banks are opened for multiple reasons. Typically, when money or salary is parked in your savings account, it creates a comfortable pool of funds to use at will. For the all-important household expenses, fuel for the car or an occasional indulgence, a Savings Bank account is the go-to resource for us! Funds or money readily available in the account is called – liquidity. Liquidity means that we have the benefit of instant, or near-instant availability of money whenever the need arises. Be it cash, ATM, online or mobile app payment via internet banking or Debit Card – funds are available instantly.
Amid falling interest rates, newer private banks are offering higher interest rates than top lenders like State Bank of India (SBI), HDFC Bank and ICICI Bank.
DCB Bank is offering interest rates of up to 6.75 per cent on savings accounts. Among private banks, the best interest rates are offered by this bank.
To counter this lower return proposition, DCB Savings Account offers an interest rate from 2.75% p.a. to 6.75% p.a. on Savings Bank account deposit up to Rs10 crore and above – through progressive interest rates. What does this mean? This attractive interest rate for the Savings Bank account enables you, the account holder to save more and be future-ready with greater spending power in your hands.
Interest that you earn by simply parking money in the Savings bank account is calculated on a progressive balance amount in each interest rate range.
An example here will help. Let’s assume the end-of-day balance in your DCB Savings Bank account is ₹20 Lakh. So, in the first interest rate range up to ₹1 Lakh will earn interest at 2.75% p.a., the next ₹4 Lakh will earn interest at 4% p.a., the next ₹5 Lakh will earn interest at 4.50% p.a, and the remaining ₹10 Lakh will earn interest at 5% p.a. This way, every additional Rupee parked in your DCB Savings Bank account provides a more lucrative return.
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