Indian Bank Deposit Rates
Now this is plain and simple. People are attracted to those banks that offer high rates of interest. Irrespective of the deposits offers, Indian banks are recognized as the best and the safest option to go with. Depositing in SBI or any other nationalized banks are not considered a very good option by many. Some offer 8% or 8.5% for your money while some other offers deposit interest rates up to 10%. Though the variation might seem very small, even a minor difference of 0.5% interest rate will fetch you around Rs.500 more per year. This way over the years your hard earned money will increase in figure. Therefore, whenever you plan on depositing your money, make sure you deposit it with higher rate of interest.
Federal Bank is known for offering the highest NRE Fixed deposit interest rates for 1111 days at 10% for any NRE Deposit. South Indian Bank (SIB) SIB offers 10% interest rates for an NRE FD for 3 long years. Karnataka Bank offers 9.5% interest rate for an NRE FD for 3-5 years. Indian Bank’s medium-term fixed deposit rates are for tenures that range from 1 year to 5 years. The interest rate for deposits less than Rs.2 crore ranges from 5.10% p.a. The highest interest rate of 5.15% p.a. Is for a tenure of 3 years to 5 years.
For Non-Resident Indian, the benefits of making NRE Deposits are awesome. NRI gets a waiver on income tax as whatever money you sent from abroad is considered income tax-free plus the interest you can bag.
We have come up with the top 10 banks that offer the highest Deposit interest rates in the NRE/ NRI Fixed deposit sector. Read along:
1. Catholic Syrian Bank (CSB)
Catholic Syrian Bank or CSB has been an active part of the banking business for more than 93 years now. This Phenomenal Scheduled bank offers an NRE interest rate of 10.1% for a period of 3- 5 years.
2. ICICI Bank
Sbi Fixed Deposit Interest Rate
ICICI is the largest private bank in India and offers an interest rate of up to 9.5% for an NRE Deposit for 3-5 years.
3. Federal Bank
Federal Bank is known for offering the highest NRE Fixed deposit interest rates for 1111 days at 10% for any NRE Deposit.
4. South Indian Bank (SIB)
SIB offers 10% interest rates for an NRE FD for 3 long years.
5. Karnataka Bank
Karnataka Bank offers 9.5% interest rate for an NRE FD for 3-5 years.
6. IDBI
IDBI offers 9.5% rate of interest in the NRE sector for 3-5 years.
7. Lakshmi Vilas Bank (LVB)
Lakshmi Vilas Bank gives away an interest rate of 9.5 % for 1 year for NRI citizens in the NRE Fixed deposit sector.
8. Dhanalakshmi Bank (DLB)
Dhanalakshmi Bank has a 9.5% fixed interest rates on NRE Deposit for 3-5 years to offer.
9. Tamilnadu Mercantile Bank (TMB)
Tamilnadu Mercantile Bank offers 9.5% interest rates in the NRE fixed deposit sector for 1 year.
10. Karur Vysya Bank (KVB)
Karur Vysya Bank gives away an interest rate of 9.5% for1-2 years.
Note: The list above is just to make you aware about the best options available. The interest rates offered by these banks might however change from time to time. Again, outside of these, there are many other banks that offer better interest rates for a high value deposit, probably above 1 crore. Daily quotes are also provided to give you better returns on your money.
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A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
India Bank Interest Rate
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
Indian Bank Fixed Deposit Rates
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.