Sunday, December 25, 2011

Best Savings Bank Account in India

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Government of India deregulated savings deposit rate on 25th October, 2011. Due to this decision, some banks have started offering more than 4% interest rate on savings account.

Yes Bank, private sector lendor, was the first bank to raise the savings interest rate to 6%. On 22nd December, 2011, Yes Bank raised savings deposit rates to 7 per cent from 6 per cent for domestic customers with immediate effect.

Yes Bank also raised non-resident Indian savings account deposit rate by 200 basis points to 6 per cent for deposits up to Rs 100,000. For balances above Rs 100,000, the lender raised interest rate for deposits for NRIs by 300 basis points to 7 per cent.

Yes Bank is offering the highest savings deposit rate offered by any bank in India. So, even if investors are not putting their money in fixed deposits, they will continue to earn high interest rate along with flexibility of withdrawing money at any time.
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