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Highest Rate of Interest on Saving Account in India -  in India 2012

 

 

 

What are Saving Bank Accounts  / What are SB accounts:

 

Saving accounts are one of the most popular deposit accounts  for individuals in India.  In such accounts, the depositor is normally issued cheque books and the customer is allowed the flexibility of  deposits of any amount and withdrawal of funds from the account at any time.  Although, most of the banks have rules for the maximum number of withdrawals in a period and the maximum amount of withdrawal, yet no bank strictly enforces these owing to competition in the banking circles.   However, banks have every right to enforce such restrictions if it is felt that the account is being misused as a current account. 

 

 

 

Whether Interest on Saving Accounts is Regulated by RBI :

 

Till 24/10/2011, the interest on Saving Fund accounts was regulated by Reserve Bank of India and it was fixed at 4.00% p.a. on daily balance basis.  However, wef 25th October, 2011, RBI has deregulated SF interest rates and banks are now free to decide the same within  certain conditions imposed by RBI. 

 

 

 

 

Which Bank is Paying the highest Interest Rates on Saving Accounts or banks paying maximum  interest rates on saving bank accounts:-

 

After deregulation by RBI of the Saving Bank interest, each bank is free to fix its rate of interest on Saving Funds.  On the very first day itself Yes Bank announced the increase of Saving Fund Interest from 4% to 6%.  Other banks are likely to announce the changes in Saving fund interests in the near future.  The following are some of the banks which are offering  Best / Highest / Top / Maximum  Interest Rates on Saving Accounts

 

 

 

 

WHICH  BANK IS PAYING MAXIMUM RATE OF INTEREST ON SAVING BANK ACCOUNTS IN INDIA

 

 

 

Name of the Bank / Institution	Maximum Rate of Interest on Saving  Accounts (for balance upto Rs.1 lac)	Best Rate of Interest on Saving  Accounts (balance ABOVE  Rs.1 lac)	wef
Yes Bank	6.00%	7.00%	22/12/2011
Kotak Mahindera Bank	5.50%	6.00%	01/11/2011
IndusInd Bank	5.50%	6.00%	01/11/2011
The Ratnakar Bank	5.50%	5.50%	01/11/2011
Karnataka Bank	5.00%	5.00%	19/12/2011

 

 

 

 

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