- Know the best banks for Savings Account.
- Check highest Savings Account interest rates in India.
A savings account is the oldest form of keeping money safe. The account not only provides money security but also gives interests on the maintained balance. There is a minimum balance requirement at each bank depending on the type of savings account. Also, savings account interest rate is segregated for different balances and here we will focus on the annual rate of interest you can earn on maintaining a balance of more than ₹1 lakh. Here are the best savings account options where either you already have bank accounts or you may open it online today as well.
Highest Savings Account Interest Rates for Balance Above ₹1 lakh
Below are the interest rates that you get on a savings account for maintaining a balance of more than ₹1 lakh on a monthly basis.
|S.No.||Banks||Savings Account Interest Rates for balance above ₹1 lakh (per annum)|
|1||Kotak Mahindra Bank||5.5%-6%|
What are the services offered by banks on savings account balance above ₹1 lakh?
Below are the features of savings account banks in India offer:
- Interest on the balance
- Cash withdrawal facility
- Fund transfer via NEFT/RTGS/IMPS
- Net Banking
- Free Debit Card facility
- Chequebook facility
- Stop-check payment
- Insurance cover facility
- Locker facility
- ECS facility for loans
- Personalized Debit Card
Which bank gives highest interest rate on Savings Account for balance above ₹1 lakh?
A thorough savings account comparison can help you know which bank is offering the best interest rate. While comparing different banks, you should consider a few things such as the minimum balance requirement and the interest rate on a amount you can maintain in the account. If your present bank is offering lower rate of interest as compared to others, you can switch to another bank as well wherein the rate is higher.
For instance, you have a balance of ₹1,00,000 in your savings bank account but your bank is giving the rate of 4% per annum (interest calculated on monthly basis), you are only earning the interest of ₹4,074.15 which makes it to ₹104,074.15. If you get a higher rate let’s suppose of 7% in a bank, you would make a total of ₹1,07,229.01 which is a smart choice. So, to make the most out of your money, you can keep your money in a bank account giving you the highest rate of interest with the security of your money. So, open a new savings account online if you are not satisfied with the present rate of interest.