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These Savings Bank Accounts Offer Higher Interest Rate Than Bank FD

Fixed Deposits aka FDs are a giving but a long affair. You need to pay a premium for a good number of years to get the best returns after some 10-15 years. However, in recent months, the RBI has lowered the repo rate, which has prompted banks to lessen the interest rates on fixed deposits.

Source – Yahoo Finance

Banks and financial institutions, as per reports, are currently healthy enough to offer only a mere 2.5%-5.5% of interest rate on fixed deposits. Well, this might inspire you to look for a different investment option and here, savings accounts come to the rescue.

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Despite the pandemic, some private banks and small finance banks are offering between 3% and 7.25% interest if you are ready to maintain a specific amount of average balance in your savings account.
Source – Money Under 30

Also, for the unaware, the interest amount earned from fixed deposits and savings accounts is usually taxable. However, as per Section 80TTA, a deduction of Rs 10,000 is offered in interest income earned from the savings account.

Here are saving banks that offer higher interest than a bank FD
Private Sector Banks
Source – Times Now

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Small Finance Banks
Source – Times Now

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Feature image source – The Financial Express

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