How to earn upto 9% interest on your Savings account Balance?
Yes. You read it right. In this post, I will explain how to earn upto 9% interest on your idle savings account balance.
Option 1 - Choose High Interest Saving Account
Typically banks give 4% interest on savings accounts. However, after RBI de-regulated the savings account interest rates, few banks are offering higher rates.
Bank / Rates
Balance upto 1 lakh
Balance above 1 Lakh
Yes bank
6%
7%
Kotak Bank
5.50%
6%
IndusInd Bank
5.50%
6%
So, you can get maximum of 7% interest from your savings account.
Option 2 - Choose Sweep in / Out Facility on your Savig Account
But, let’s see how you can increase your returns upto 9% using “Sweep In/Out” facility.
A. What is this “Sweep in / out” facility?
This is like a combination of Savings account & F...