Higher Interest Rate on Deposits in India

1. Which Banks offer Higher Rate of Interest on Deposits in India? Though in today’s scenario, expecting higher rate of interest on your deposits is just a false hope of getting higher returns. Instead, better to invest in SIP to get higher returns. However, everyone need atleast one saving account. So, here is the list of highest rate of interest on Savings Account. RBL BANK (RATNAKAR BANK LIMITED): The interest rates of RBL Bank Savings Account are: For daily balance up to Rs 1 lakh it is 5.1% pa. above Rs 1 lakh and below Rs 10 lakhs it is 6.1% pa. above Rs 10 lakhs it is 7.1% pa RBL Bank, is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 2 million customers through a network of 215 branches and 374 ATMs; spread across 16 Indian States and Union Territories. RBL Bank has won the title of ‘Global Growth Company’ (GCC). The World Economic Forum has given this title to RBL Bank. It has also been rated as ‘India’s Fastest Growing Small Bank’ for five consecutive years (2012, 2013, 2014, 2015 & 2016) as per Business Today –KPMG India’s Best Bank study. RBL Bank has made it’s place on NSE and BSE, both. Established in 1943, RBL Bank started a transformational journey under a new management team in 2010. Today, the Bank offers specialized services under six business verticals. And, the verticals are : Corporate and Institutional Banking, Commercial Banking, Branch and Business Banking,

2. Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. Recommended Read : What are Tax Saving Fixed Deposits? YES BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 6 % PA YES Bank, India’s 5th largest private sector Bank, Founded by Rana Kapoor. It’s the only Greenfield Bank license, which got award from the RBI. The Bank, a “Full Service Commercial Bank”, has steadily built a Corporate, Retail & SME Banking franchise, with a comprehensive product suite of Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country. KOTAK MAHINDRA : SAVINGS ACCOUNT RATE OF INTEREST IS 6 % PA Kotak Mahindra Bank Ltd. is a one stop shop for all banking needs. The bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products. Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Kotak has one of the largest and most respected Wealth Management teams in India, providing the widest range of solutions to high net worth individuals, entrepreneurs, business families and employed professionals.

3. INDUSIND BANK : The interest rates of IndusInd Bank Savings Account are: For daily balance up to Rs 1 lakh it is 4% pa. above Rs 1 lakh and below Rs 10 lakhs it is 5% pa. above Rs 10 lakhs it is 6% pa. For IndusInd Bank the “Customer Responsiveness” theme has always been of paramount importance to provide customer satisfaction. The bank’s mission is to provide solution to its customer’s needs. LAKSHMI VILAS BANK : The interest rates of Lakshmi Vilas Bank Savings Account are: For daily balance up to Rs 5 lakh it is 5% pa. above Rs 5 lakh it is 6% pa. A group of seven progressive businessmen, founded Lakshmi Vilas Bank in 1926. Shri V.S.N. Ramalinga Chettiar was the leader of this group. Their objective was to cater to the financial needs of the people in and around Karur. Specially, who were occupied in trading businesses, industry and agriculture. The Bank was incorporated on November 3, 1926; under the Indian Companies Act, 1913. And, got the certificate to commence business on November 10, 1926. The Bank obtained its banking license from RBI on 19,June 1958; and on 11, August 1958, it became a ‘scheduled commercial bank’ signifying capability to operate as a full-fledged commercial bank. The bank has 481 branches and 7 extension counters with PAN India presence. There are 11 Regional Offices to control the operation of the bank. Also, Bank has 25 “B” Category Branches. The bank is active across the entire spectrum of customer segments – retail, mid-market and corporate. Further, taking part in all the Government initiated financial inclusion plans. BANDHAN BANK : The interest rates of Bandhan Bank Savings Account:

4. For daily balance up to Rs 1 lakh it is 4.25% pa. above Rs 1 lakh and below Rs 10 lakhs it is 5% pa. above Rs 10 lakhs it is 6% pa. Bandhan Bank Limited was incorporated on 23rd December 2014 as a wholly-owned subsidiary of Bandhan Financial Holdings Limited. Bandhan received the in-principle approval of the Reserve Bank of India (RBI) for setting up a universal bank in April 2014. The banking regulator gave its final nod in June 2015. Bhandhan Bank has it’s headquarter in Kolkata. Also, Bandhan is the first bank founded in eastern part of India after Independence. Bandhan Financial Holdings are owned by Bandhan Financial Services Limited (BFSL); the largest micro finance organization in India. Its public shareholders include International Finance Corporation (IFC), Small Industries Development Bank of India (SIDBI), Caladium Investment Pte. Ltd. (a company managed by GIC Special Investments Private Limited), Bandhan Employees Welfare Trust, and a few individuals. The Bank’s mission is “To provide our customers accessible, simple, cost- effective and innovative financial solutions in a courteous and responsible manner. To create value for all stakeholders through a committed team, robust policies and superior systems and technology” CITI BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA Citi Bank began operations in India over a century ago in 1902 in Kolkata. Today, Citi Bank is a significant foreign investor in the Indian financial market. As promoter-shareholder, Citi has played a leading role in establishing important market intermediaries such as depositories, credit bureau, clearing and payment institutions. Citi helped lay the foundation of the Indian software industry by establishing Citicorp Overseas Software Ltd. and Iflex Solutions Ltd.; it pioneered the ITES industry in financial services through Citigroup Global Services Ltd. (CGSL). Oracle acquired Iflex in 2005 and CGSL was acquired by Tata Consultancy Services in 2008.

5. Citi India added two more green certified buildings to its office premises in 2012. And, in 2013 moved its headquarters to The First International Financial Centre (FIFC), a world-class environmentally friendly building. In addition, Citi India, through its network of Citi Service Centres, has been a leading offshoring unit for Citigroup globally, providing employment opportunities in the areas of technology, processing, analytics and financial processes. STATE BANK OF INDIA : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921. SBI is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. ICICI BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution; and was its wholly-owned subsidiary. ICICI’s shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. The principal objective was to

6. create a development financial institution for providing medium-term and long-term project financing to Indian businesses. AXIS BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA Axis Bank is the 3rd largest private sector bank in India. The Bank offers the entire spectrum of financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The Bank has a large footprint of 2904 domestic branches (including extension counters) and 12,743 ATMs spread across the country as on 31st March 2016. The overseas operations of the Bank are spread over nine international offices; with branches at Singapore, Hong Kong, Dubai (at the DIFC), Colombo and Shanghai. And, the representative offices are at Dhaka, Dubai, Abu Dhabi and an overseas subsidiary at London, UK. The international offices focus on corporate lending, trade finance, syndication, investment banking and liability businesses. Axis Bank is one of the first new generation private sector banks to have begun operations in 1994. The Bank was promoted in 1993; jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The shareholding of Unit Trust of India was subsequently transferred to SUUTI; an entity established in 2003. HDFC BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalization of the Indian Banking Industry in 1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’; with its registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995. This Bank began operations in 1995 with a simple mission: to be a “World-class Indian Bank”.

7. The Bank’s objective is to build sound customer franchises, across distinct businesses. So, the bank could emerge as preferred provider of banking services for target retail and wholesale customer segments. And, to achieve healthy growth in profitability, consistent with the bank’s risk appetite as well. HDFC Bank’s business philosophy is based on five core values. And, the values are Operational Excellence, Customer Focus, Product Leadership, People and Sustainability. PUNJAB NATIONAL BANK : SAVINGS ACCOUNT RATE OF INTEREST IS 4 % PA Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorized capital of Rs 2.00 Lakhs and working capital of Rs 20,000. The far-sighted patriots like Lala Lajpat Rai, Mr. E C Jessawala, Babu Kali Prasono Roy, Lala Harkishan Lal and Sardar Dyal Singh Majithia displayed courage in giving expression to the spirit of nationalism by establishing the first bank purely managed by the Indians with Indian Capital. visionaries and During the long history of over 122 years of the Bank, 7 banks have merged with PNB and it has become stronger and stronger with a network of 6888 Domestic branches and 9997 ATMs as on 31st December 2016. Bank’s mission is “Creating Value for all its customers,Investors and Employees for being the first choice for all stakeholders” Save Tax On Fixed Deposit Open Sbi Holiday Account Sbi PPF Account Online

8. Sbi Saving Account Online Kid’s Savings Account With Indian Banks Open Kids Savings Account Open Sukanya Samriddhi Account