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Want to get banks with high savings interest rates: Check out these banks



banks with high savings interest rates

Almost every one of us wants high returns on our savings. Therefore we tend to search for those banks which will offer us high-interest rates on our savings. But unfortunately, due to the COVID situation and the slowdown in the economy, the banks are offering meagre interest rates. So, If you are also looking for high savings interest rates on your savings, we will tell you a list of banks that can be an ideal choice for you in this article. But first, let’s look at why a savings bank account is a good option for increasing your savings by getting good returns.

Reasons which make a saving bank account a good choice for storing your savings?

saving bank account

Although there are multiple options in the market to invest your savings in, like share markets, fixed deposit schemes etc, a savings bank account remains the first choice. A savings bank account helps you to manage your money. It is a safe option, and if you are someone who can’t rely on investments, saving bank accounts is made for you. Savings bank accounts are also a good choice because you can grow your money in an emergency. So to get maximum returns from an interest offered by different banks and then make an informed choice. 

List of three saving banks that are currently offering high-interest rates on saving bank account: 

1. Bandhan Bank

Bandhan Bank

If you park your savings in the Bandhan Bank savings account, you will get an interest rate between 3 to 6%. This interest rate fluctuates according to the daily bank balance held by the bank. If you go through their official website,, you will get a list of interest rates in different daily balances. To help you out, we have jotted down the interest rates at other daily balances. These are: 

  • 3% interest rate if daily balance is more than Rs. One lakh. 
  • 4% interest rate in case of daily deposit between 1 lakh to 10 lakh. 
  • If the deposits exceed the 10 lakh limit, then the customers can get a 6% annual interest rate. 



The second option you can consider if you want to get a high-interest rate on your savings is RBL Bank. RBL Bank is a private lender currently offering high interest rates ranging from 4.5% to 6.25%. Again this interest rate varies according to the amount deposited. If the daily balance totals one lakh rupees, the customers will get a 4.5% annual interest rate. Similarly, if the deposits range between 1 to 10 lakh, the customers can get 6% interest on their savings. This interest rate can go up to 6.25% if the daily balance exceeds the 10 lakh limit. 

3. Yes Bank: 

Yes Bank

The last but not the most miniature Bank to consider for getting high-interest rates is Yes Bank. You can get an annual interest rate of 4 to 5.5% on savings, as per the official website of Yes Bank. If the deposits are more petite than 1lakh, you will get an interest rate of four per cent. But this interest rate will become 4.75% if the deposits fall between RS—one to ten lakh. 

Interestingly if you have a one crore deposit in your account, you will get the highest interest rate offered by the bank, i.e. 5.5% annual interest rate. 

Rounding up: 

In this article, we looked at the interest rates of the 3 top banks in terms of savings interest offered by them. These are Bandhan Bank, RBL Bank and Yes Bank. Now you can decide accordingly which bank to choose. But always remember to go through the bank’s history before parking your savings if it has defaulted earlier and you don’t want to lose your hard-earned money.

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Business & Finance

Banks To Be Closed From Tomorrow For 6 Days



Banks To Be Closed From Tomorrow For 6 Days

Why are banks going to be closed?

banks going to be closed

The Reserve Bank of India has announced special times of year for moneylenders under three sections: the Negotiable Instruments Act, Holiday, Real Time Gross Settlement Holiday, and Banks’ Closing of Accounts. All banks to be closed from tomorrow for 6 days, including the public area, private area, foreign banks, agreeable banks, and regional banks, the nation overstay shut on these told occasions. The bank occasions differ, starting with one state then onto the next. 

Every one of the banks stays shut on Republic Day (January 26), Independence Day (August 15), and Gandhi Jayanti (October 2), Christmas Day (December 25). Banks likewise stay shut on celebrations including Diwali, Christmas, Eid, Guru Nanak Jayanthi, Good Friday.

When Will, The Banks, Stay Closed?

When Will, The Banks, Stay Closed

Banks have 15 holidays in July; All banks will stay closed on July 16th in Dehradun for Harela Puja. Banks will remain closed on 17th July in Agartala and Shillong for U Tirot Sing Day and Kharchi Puja. July 18th is Sunday which is a national holiday for all Banks. Banks will remain closed on 19th July in Gangtok for Guru Rinpoche’s Thungkar Tschechu. July 20th marks Bakrid, so all Banks in Jammu, Kochi, Srinagar, Thiruvananthapuram will be closed for that occasion, and there will be a national holiday on 21st for Eid Al Adha. Still, the banks in Bhubaneswar, Gangtok, Kochi, and Thiruvananthapuram will be functional on that day.

What to do?

If you are a bank customer, please keep visiting your bank for a proper routine and get any urgent work done before these mentioned holidays. 

List of Dates

List of Dates
  • 16 July 2021- Friday – Harela Puja (Dehradun)
  • 17 July 2021 – Saturday – U Tirot Sing Day / Kharchi Puja (Agartala, Shillong)
  • 18 July 2021 – Sunday (Weekend off)
  • 19 July 2021 – Monday – Guru Rinpoche’s Trungkar Tshechu (Gangtok)
  • 20 July 2021 – Tuesday – Bakrid (Jammu, Kochi, Srinagar, Thiruvananthapuram)
  • 21 July 2021 – Wednesday – Eid al Adha (Nation-wide except for Aizawl, Bhubaneswar, Gangtok, Kochi, and Thiruvananthapuram)


If you have any future work at the bank, here is a notice for you as banks to be closed from tomorrow for 6 days beginning one week from now because of the moving toward celebrations. According to the Reserve Bank of India (RBI) occasion schedule list, every nine occasions is a state-explicit occasion for various events. Consequently, on the off chance that you have significant bank-related work in July, this news article should have indeed helped you identify these holidays.

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Business & Finance

Will The Ban on Mastercard by RBI affect existing Indian Customers?



Ban on Mastercard by RBI affect existing Indian Customers

What has happened?

The R.B.I has banned Mastercard Asia and Pacific Pte. Ltd. from getting new customers into their company in India. Will the ban on Mastercard by RBI affect existing Indian customers? The ban has happened because Mastercard Asia, Pacific Pte Ltd have not accepted the terms and conditions of foreign card companies to store payment data in India.

The ban will take effect from the 22nd of July. The regulator of R.B.I said that “The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data.”

What will banks do now?

What will banks do now

Being a reputed payment system operator, Mastercard was authorized to issue cards for payment in India under the Payment and Settlement Act System. But as of now, R.B.I has banned the production of credit, debit, or prepaid cards from Mastercard to new customers, from the 22nd of July. Banks will not be able to issue new mastercards from now on. R.B.I also added that “Mastercard shall advise all card issuing banks and non-banks to conform to these directions.”

As the order was issued, RBL Banks Said, “We await further information from Mastercard on RBI’s supervisory action. RBL Bank currently issues credit cards on the Mastercard network only.”

Will This Affect Existing Customers of Mastercard?

Affect Existing Customers of Mastercard

India has millions of Mastercard’s credit and debit card users. So, the ban on mastercard by RBI affect existing Indian customers.

According to the data released by PPRO, London Based Payments, Mastercard was held accountable for over 30% of total transactions done in India. So, if you are an existing customer of Mastercard in India, you don’t have to worry as this new regulation will not affect the existing customers, The regulator of R.B.I earlier mentioned that “This order will not impact existing customers of Mastercard.”, So if you own a Mastercard Credit, Debit or Prepaid card, you can use it without any hassle.

What is the R.B.I’s Payment Data Storage Rule?

R.B.I's Payment Data Storage Rule

In 2018, R.B.I.’s regulator issued a notice that “All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India.”

It affected tech giants like Google, Paytm, Whatsapp, who used to store data in cloud-based storage outside India. The Bank further stated that “This data should include the full end-to-end transaction details or information collected or carried or processed as part of the message or payment instruction.”

RBI gave a half year time to guarantee new installment information stockpiling standards. The organizations were approached to report consistency and present a review report inside the course of events. Even after two years, a few unfamiliar organizations are yet to follow RBI information localization rules.


So it seems that the Indian Government has finally started getting strict in terms of digitized data storage. This will continue to affect tech companies who hesitate to show their privacy policy. Thus, all data will be more regulated and protected.

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Business & Finance

Critical judgment on Cash Deposits by Housewives Up to Rs 2.5 Lakh



Critical judgment on Cash Deposits Up to Rs 2.5 Lakh by Housewives


Tax is an essential source of revenue for the government. But to avoid the exploitation of poor people due to high taxes, we have several laws providing certain exemptions to specific people. But still, there remains some ambiguity in his rules due to which the court and tribunals have to intervene and clarify particular provisions. Along the same row, the ITAT (Agra bench of Income Tax Appellate Tribunal (ITAT) has recently held that if a housewife makes a cash deposit of Rs. 2.5 lakhs after demonetization, it will not come under the purview of Income Tax. So, in this article, we will tell you all the details of this critical judgment on cash deposits by housewives up-to Rs.2.5 lakh.. 

What was the case, and what did the Tribunal hold? 

what did the Tribunal hold

Recently, a housewife named Uma Agarwal, a resident of Gwalior, appealed in the Agra bench of Income Tax Appellate Tribunal. She had a total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17. After demonetization, she deposited Rs 2,11,500 cash in her bank account. But the Income-tax department asked her how she got this much money in her account, to which she explained that she saved this amount from the savings of her husband, children, etc. 

However, the CIT did not believe her, and they ordered to treat this money as unexplained money. Therefore the lady appeal in the matter. The appellate tribunal after hearing both the parties said that it allows the appeal because women’s contribution to the family is immeasurable. It further explained the earlier decision taken by the Supreme Court. In addition, the tribunal acknowledged that nearly 159.85 million women have household work as their primary occupation in Indian homes. 

The Tribunal held that women save every money they get in gifts, but due to demonetization, they had to deposit this money in the bank to get new currency notes. Therefore the Tribunal exempts all the women who made cash deposits of less than Rs. 2.5 lakh during demonetization. This decision will become an important precedent for other future decisions. 

Closing words: 

This critical judgment on cash deposits by housewives by the Income Tax appellate tribunal is an important decision for housemakers. We often ignore The wives who do housework. Even government does not count their contribution in National Income. Therefore it becomes difficult for them to show how they collected their Income. But after this decision, there are chances that the scenario might improve in the future, and we will start valuing household work as we weigh the professional work.

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