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Interest Rates on Savings Accounts

Savings play a crucial role in achieving various financial goals, whether you are planning for a vacation, buying a new car, or securing your child's education. By consistently setting aside a portion of your income, you build a financial cushion that helps you guide through life's milestones worry-free. To ensure a safe and steady place for your savings, you need a well-maintained savings account. An IndusInd Bank Savings Account is an ideal option for those looking to maximise their savings potential. With its attractive savings account interest rates, easy application process, and minimal documentation, it offers a seamless banking experience. Whatā€™s more, you can also set an account number of your choice with the ā€˜My Account My Numberā€™ feature. Read More

In addition to competitive savings account interest rate, enjoy exclusive discounts and offers across top brands, feature-rich debit cards, and seamless digital banking services. The best part? You can open a savings account and enjoy attractive bank account interest rate in just 4 easy steps!

Click hereĀ to apply now!Ā 

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Existing Savings Account Interest Rates - w.e.f. 26th November 2024

Understanding the prevailing interest rates on savings accounts can help you with effective financial management. As of NovemberĀ 26th 2024Ā , the rates offered on IndusInd Bankā€™s Savings Accounts in India vary based on the daily balance maintained, catering to domestic and Non-Resident Individuals (NRO/NRE). Here's a breakdown of the rates:

Savings Bank Account Interest Rates Domestic/Non Resident (NRO/NRE)*

Savings Bank Account Interest Rates

Domestic/Non Resident (NRO/NRE)*

 Proposed Rates w.e.f 26thĀ Novā€™24

Daily balance up to ā‚¹1 Lakh

3.00%

Daily balance above ā‚¹1 Lakh up to ā‚¹5 Lakhs

4.00%

Daily balance above ā‚¹5 Lakh up to ā‚¹10 Lakhs

6.00%

Daily balanceĀ above Rs. 10 Lakh Upto Rs. 5 Crs

7.00%

Daily balanceĀ above Rs.Ā 5 Crs Upto Rs. 100 Crs

7.00%*

*Interest rates are applicable as flat rates on the entire balance maintained.

Note: Contact the branch or RM for rates on amounts exceeding ā‚¹100 Crores.

Stay informed about the interest rates to make strategic decisions regarding your savings allocations, ensuring the funds generate maximum returns

Features of IndusInd Bank Savings Account

Our competitive savings account interest rates can help your money grow with time. But thatā€™s not all. IndusInd Bank offers a feature-rich Savings Account to make your entire banking experience convenient and rewarding:

1. Easy Application and Minimum Documentation

Opening an IndusInd Bank Savings Account is easy and 100% paperless. Simply, pick an account number of your choice, enter your details, add funds to your account, and complete your virtual KYC verification. Your funds are ready to grow with our savings account interest rate!Ā 

2. Account Number of Your Choice

Personalise your banking experience by choosing your preferred account number with the ā€˜My Account My Numberā€™ feature. It allows you to select an account number that holds significance for you so that it is easier to remember and manage your account.

3.Ā Discounts and Offers across Top Brands

Enjoy a world of exclusive benefits and privileges with your IndusInd Bank Savings Account. Get access to discount and offers across a wide range of categories, including shopping, dining, entertainment, and more.

4. Seamless Digital Banking Services

Manage your finances seamlessly with our intuitive and secure digital banking platforms. Enjoy 24/7 access to your account, transfer funds, pay bills, and much more, all at your fingertips.

Savings Account Interest Rates FAQs

  • How are the savings account interest rates calculated?Ā 

    Savings account interest rates are calculated by multiplying the daily balance in the account by the applicable annual interest rate and then dividing by the number of days in the year. The resulting amount represents the interest earned.

  • Is the interest rate on a savings account fixed or variable?Ā 

    The interest on savings bank accounts can be either fixed or variable, depending on the bank's policies and the type of account. Some savings accounts offer fixed account interest rates for a specified period. In contrast, others may have variable rates that can change over time based on market conditions and the bank's discretion.

  • How often is the interest compounded on a savings account?Ā 

    The frequency of interest compounding on a savings account varies depending on the bank and the account type. Typically, savings account interest is compounded either monthly, quarterly, or annually. Some accounts may compound interest more frequently, leading to faster growth of savings. You can check the account terms to know more.

  • How can I maximise the interest earned on my savings account?Ā 

    You can maximise the interest earned on your savings account by:

    Ā ā— Choosing an account with competitive savings accountĀ  interest rates

    Ā ā—Ā  Making larger deposits to qualify for higher interest tiers

    Ā ā—Ā  Setting up automatic transfers to consistently add to your savings

  • What are the benefits of a savings account?Ā 

    A savings account offers several benefits, including a safe place to store money, liquidity for easy access to funds, and potential interest earnings to help grow savings over time. Interest on savings bank accounts is an easy side-income source and hence, it is essential to compare the rates offered by various banks before choosing one.

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