New private banks are offering higher interest rates than top lenders like State Bank of India (SBI), HDFC Bank and ICICI Bank amid falling interest rates on savings accounts. DCB Bank is offering up to 6.75 percent interest on savings accounts. DCB Bank is offering an interest rate of 2.75% to 6.75% p.a. on deposits of up to Rs 10 crore and above in savings bank account. The interest you earn by simply depositing money in a savings bank account is calculated on a balance in each interest rate range.
For example, suppose your DCB savings bank account has a balance of Rs 20 lakh at the end of the day, then Rs 1 lakh in the first interest rate range will earn interest at the rate of 2.75% per annum. Interest will be available on the next 4 lakh rupees at the rate of 4% per annum and on the next 5 lakhs at the rate of 4.50% per annum. After this, the bank will give interest on the remaining Rs 10 lakh at the rate of 5% per annum. This way every extra rupee deposited in your DCB savings bank account gives more attractive returns.
Explain that savings accounts in banks are opened for many reasons. For all the important household expenses, whether it is to buy fuel for the car or other household expenses or pay for salaries, a savings bank account is the most important resource for us. The money or money readily available in the account is called liquidity. Liquidity means that we get the benefit of immediate availability of funds whenever there is a need. Be it cash, ATM, online or through internet banking or debit card or mobile app payment, funds are available instantly.
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