In today’s modern age we can do everything digitally. We can do any work online. Nowadays, every one of us has a bank account. Everyone in India can open a bank account. Even after the RBI’s record hike in the repo rate from May 2022, banks have marginally increased interest on savings accounts.
In comparison, bank loan interest has increased manifold. Apart from this, interest on fixed deposits has also increased manifold. Some banks are even offering up to 9.5 percent interest to people on fixed deposits.
Some private sector banks like RBL Bank, DCB Bank, Bandhan Bank and smaller banks like Equitas SFB and Ujjivan SFB offer 7.25 percent interest per annum on savings bank accounts up to Rs 25 lakh. However, the rating of these banks is lower than the major banks of the country.
We keep the balance in the bank but if we keep it in the saving account, we do not get the savings interest, but if we keep it in the fixed deposit, we get the savings. Due to this, the customer benefits.