The Best High-Yield Savings Accounts in India: Maximizing Your Returns
2 min read
A High-Yield Savings Account (HYSA) is a type of savings account that provides a higher interest rate compared to traditional savings accounts. These accounts are generally offered by online banks, which means they have lower overhead costs compared to traditional brick-and-mortar banks. This results in higher interest rates being offered to their customers.
In India, High-Yield Savings Accounts have gained popularity in recent years as more and more customers seek higher returns on their savings. These accounts typically offer an interest rate of 4% to 7% per annum, which is significantly higher than the interest rates offered by traditional banks.
Here are some of the banks in India that offer High-Yield Savings Accounts:
DBS Bank India:
DBS Bank India offers a Digital Savings Account, which provides an interest rate of up to 7% per annum. This account can be opened online and has no minimum balance requirement. Customers can also enjoy unlimited free withdrawals at ATMs.
IDFC First Bank:
IDFC First Bank offers a Savings Account that provides an interest rate of up to 6% per annum. This account comes with a Visa debit card and offers unlimited free transactions at any ATM.
RBL Bank:
RBL Bank offers a Digital Savings Account that provides an interest rate of up to 6.75% per annum. This account can be opened online and comes with a virtual debit card that can be used for online transactions.
Kotak Mahindra Bank:
Kotak Mahindra Bank offers a Savings Account that provides an interest rate of up to 6% per annum. This account comes with a Visa debit card and offers free transactions at any Kotak Bank ATM.
YES Bank:
YES Bank offers a Savings Account that provides an interest rate of up to 6% per annum. This account comes with a YES Prosperity debit card and offers free transactions at any YES Bank ATM.
Axis Bank:
Axis Bank offers a Digital Savings Account that provides an interest rate of up to 5% per annum. This account can be opened online and comes with a Visa debit card that can be used for online transactions.
ICICI Bank:
ICICI Bank offers a Savings Account that provides an interest rate of up to 3.5% per annum. This account comes with an ICICI Bank debit card and offers free transactions at any ICICI Bank ATM.
It is important to note that the interest rates offered by these banks may vary depending on the amount of money deposited and the tenure of the account. Customers should carefully review the terms and conditions of each bank before opening a High-Yield Savings Account.
Conclusion
High-Yield Savings Accounts are a great option for customers looking to earn higher returns on their savings. With the availability of online banks in India, customers can easily open a High-Yield Savings Account and enjoy the benefits of higher interest rates and easy access to their money.
