A money-wise south Indian, who advices his fellow mates about how they can save more. No, I am not talking about your friend but Vinay Pathak as “Subbu”. This person has been advising on adverts regarding an extra savings that can be made on a higher deposit rate. By now even if you are a teenager who is probably asking for a raise in pocket money, you know one thing –

4 se bada hai 6

6 bigger than 4

Now, Kotak has ensured that the advert keeps bombarding you with the number 6, without making any claims. Nowhere in the advertisement can you see Kotak making any claims as giving “the highest deposit rate”

[box type=”shadow” align=”aligncenter” class=”note” width=”600″ ]Reason is pretty simple, because Kotak Bank doesn’t offer the highest deposit rates.[/box]

The highest deposit rates is offered by Yes Bank, and for some unknown reason they don’t make any fuss about it, except on their website.

Yes Bank offers a 7%, for balance more than 1 lac and 6% for balance less than 1 lac. Kotak on the other hand offers a 6% deposit rate for balance of more than 1 lac and 5.5% for balance less than one lac.

I thought that probably other banks must be providing with a somewhat competitive rate, but no, almost all the banks offer a rate of 4%.

This ‘almost all banks’ includes PNB, SBI, ICICI, Axis Bank, HDFC. Of course there are other reasons to consider before opening a bank account like ATM service, service charge, branch location etc. But the ATMs will soon be centralized and we won’t have to pay extra for using other ATMs.

What Kotak has done and what YES isn’t doing, is marketing. But for my father pointing this out to me, I wouldn’t have known.

For some reason, I ended up thinking that Kotak offers the highest interest rates and off late I saw most of my friends contemplating shifting to Kotak. I am not sure how many will actually do so, but still the advertisement has accomplished its mission.

“tu 6 par kyu hai atka, le sakta hai jab satta”

(Visited 5,130 time, 1 visit today)

5 Responses to Which Indian Bank offers highest interest rate on Savings account

  1. South Indian banks like TMB or Karur Vysya Bank do always provide higher interest rate on deposit than anyother banks in India (upto 10.5% for senior citizens). Please do furthur research in it, and correct me if i am wrong

  2. @ Kavin Pradeep,
    The interest rate which you are referring to is for Deposits.
    What Sudarshan is referring to is the interest any Bank pays for the amount lying idle in our Savings Bank account (s/b a/c).
    Just my two paisa 🙂

  3. From Indian Banks which one provides a Higher % of interest to SB Account?
    And What is minimum amount could be in that SB Account ?

Leave a reply