There are several other banks in the country in the midst of the declining interest rate which give more interest than these banks on savings account. These banks pay interest on the savings account up to 7 per cent. By keeping your money in those banks, you can earn more profits this way.
In the midst of lockdown, private banks including government have started reducing interest in Saving Bank Account. It was started by the country’s largest bank State Bank of India (SBI). In April, SBI reduced the interest rate on savings bank account by 0.25 per cent to 2.75 per cent in all slabs. After SBI, state-run Punjab National Bank (PNB), Bank of Baroda and UCO Bank have also cut interest rates on savings accounts. Apart from this, in private banks ICICI Bank, Kotak Mahindra Bank have also reduced the savings account interest rates. During the Corona period, interest rates have come down due to reduced interest rates.
However, even in these difficult times, there are many other banks in the country, which are offering more interest than these banks on savings account. These banks are paying up to 7 percent interest on savings account. In this way, you can earn more profits by keeping your money in these banks.