New Delhi: Saving account in bank means to deposit money and withdraw it at the time of need. The bank does not pay any interest on the savings account money, no matter how many days. But imagine if banks start paying interest on these amounts as well as FD.
According to the report of Financial Express, five banks of the country are giving 7.5 percent interest on savings accounts to customers. Some of these banks have implemented this rule now, while some banks are giving this benefit to customers for two years. Let us know about those five banks.
Suryoday Small Finance Bank- Suryodaya Small Finance Bank is giving three ways benefits to customers on savings account. The bank gives an interest rate of 6.25 percent to customers for keeping up to Rs 1 lakh per annum, while on paying 1 to 1 lakh rupees, it pays 7.25 percent interest annually. At the same time, for keeping more than 10 lakh, the bank gives an interest rate of 7 percent. At the same time, Suryoday Bank pays 9 percent interest on FD.
AU Small Finance Bank - This bank also pays interest on keeping money in a savings account to its customers. Although the interest rate of this bank is less than Suryoday Bank. 4.5 per cent for keeping 1 lakh in AU bank, 5.5 per cent on 1-50 lakh and 7 per cent interest on 50 lakh to 5 crore. This rate of the bank is applicable from 15 April 2020.
Jana Small Finance Bank - Here also the interest rate is like AU bank. 4.5% per annum on balances up to Rs 1 lakh, 5.5 per cent per annum on the amount of Rs 1 lakh to Rs 10 lakh, 7 per cent per annum on the amount of Rs 10 lakh to Rs 5 crore, 7.5 per cent annually on the amount above Rs 5 crore. Interest is being paid This interest rate of the bank has come into effect from 10 April.
Ujjivan Small Finance Bank - The interest rate in this bank is also similar to the interest rate of AU Bank. 4% per annum on amounts up to Rs 5 lakhs, 5.50 per cent annually on amounts ranging from Rs 5 lakhs to 50 lakhs, 6.75 percent annually on amounts ranging from Rs 50 lakhs to 5 crores, 7 percent annually on amounts above Rs 5 crores. The bank pays interest to its customers.
North East Small Finance Bank - Two categories of funds have been divided in this bank. In the first category, the interest of 5 percent per annum on the balance up to Rs 10 lakh, while in the second category, the bank will give interest of 6 percent per annum on the amount of Rs 10 lakh and above.
Private banks also pay interest - Apart from these finance banks, some private banks also pay interest on savings account to people. Among these, HDFC Bank, RBL Bank and Yes Bank are the main ones. However, you get interest only when you deposit more money in these banks.
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