Bob Saving Account Interest Rate

• Bob Saving Account Interest Rate Calculator
• Bob Saving Account Interest Rate Calculator
• Bank Of Baroda Fd Rates
• Bob Saving Account Interest Rate Per Month

However, with the changes in other banking products, savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account with high-interest rate which is more in demand as compared to the age-old pattern of keeping a few thousands in bank account to.

Interest Rates on Deposit (AED) w.e.f. 20/12/2020

• At Bank of Baroda, we seek to be the source that will help all our stakeholders realize their goals. To our customers, we seek to be a one-stop, reliable partner who will help them address different financial.
• .Interest Rates for Term Deposits with aggregate balances of over €500,000 will be quoted upon request. Foreign Currency Savings/Call Deposits (Applicable as from 15th January 2021) Balance in Account.
• Auto / Reverse Sweep with flexibility in threshold and Sweep out amount: Auto transfer of funds exceeding Rs.50000/- to short deposit with a minimum of Rs. 10000/- for 181 days and auto retransfer to the account from short deposit, in case funds are required in the Super Savings Bank account in multiple of Rs. 1000/- to bring you higher interest.

*Terms: Rates are subject to change from time to time and Negotiable.

Interest Rates on Deposit (USD) w.e.f. 20/12/2020

Rate of Interest for amount upto USD 10 million

Rate of Interest for amount above USD 10 million

*Terms: Rates are subject to change from time to time and Negotiable.

Interest Rates on Recurring Deposit w.e.f. 08/10/2020:-

*Terms: Rates are subject to change from time to time and Negotiable.

Rate of interest on various deposits (including NRI Deposits) and advances in India please click here
* For Deposit other currency and less than AED 25000 please contact to branch.

The locker facility is available at our Bur Dubai branch and Ras Al Khaimah branch.

Savings account holders with the country’s largest lender State Bank of India (SBI) will now earn an interest of 2.75 percent effective from April 19. With interest rates being slashed twice in two months, it is the lowest ever return offered by any Indian banks for its savings account. Amidst a pandemic, the falling interest rate for savings accounts is becoming a concern, as taking the cue from SBI, other banks might also follow suit.

The trigger for the second cut within a month

Following the Reserve Bank of India (RBI) declaration of 75 basis points repo rate cut as a COVID-19 rescue package last month, SBI announced a 25 basis point cut in its savings account interest rate to 2.75 from existing 3 percent. This was in fact the second interest rate cut for SBI saving accounts. Earlier on March 11, the rates were brought down from 3.25 to 3 percent for savings accounts with the balance above Rs 1 lakh. For this, the bank had explained that it does not need to incentivize customers with the extra rate of interest for deposit inflow as it already has enough liquidity. The real explanation, however, is due to RBI’s liquidity easing measures, banks are forced to cut lending rate, hence they wanted to make up the losses by bringing down the deposit rates.

Savings account interest rate revision in the past

As a part of financial sector reform, the RBI, in 2003, deregulated interest rates on deposits, other than savings accounts. The interest rate for savings deposits (fixed by RBI) between March 2003 and May 2011 remained 3.5. Finally, in 2011, individual banks got the power to determine their saving bank deposit interest rates, under two conditions:

• Each bank will have to offer a uniform interest rate on savings bank deposits up to Rs 1 lakh
• However, for savings bank deposits over Rs 1 lakh, a bank may provide differential rates of interest, if it so chooses

Following this, most major banks have been paying a 4 percent interest rate to its savings account holders.

However, for the first time ever since deregulation, SBI slashed its savings account interest rate to 3.5 percent in July 2017 triggered by demonetization and also falling inflation and real rate recovering.

Falling Savings Account Interest Rates

Your cash in the bank account will now give negative inflation-adjusted returns.

With the interest at 2.75% and the annual inflation hovering at around 4%, the real returns you are getting now are actually negative. Forget about it growing, your money is now losing its value sitting in the bank account.

Bob Saving Account Interest Rate Calculator

So if you are still keeping any cash apart from what you need for your regular expenses like paying bills etc., you are making a loss. But it doesn’t have to this way.

SmartDeposit as an alternative to a bank account

Bob Saving Account Interest Rate Calculator

While we all cannot afford to let go of a savings account, we can make sure all the extra cash we have like an emergency fund or the money we don’t need in the next 7 days is not losing its value. And there is a solution that allows you to do that at almost zero risks.

That solution is ETMONEY SmartDeposit. Here are some key reasons why-

1. Low Risk – There is almost negligible risk of you incurring any loss. That’s because you are putting money in a liquid debt fund, which are the safest mutual funds.
2. FD-like returns with no lock-in or penalty – While there is no guarantee of returns, SmartDeposit 1-year returns are 6.24%. That’s similar to FD of similar duration will give. Plus there is no lock-in and you don’t pay any penalty if you redeem after 7 days
3. Bank Account like liquidity with Instant Redemption – With SmartDeposit, you can get instant access to your money. Just tap and money comes into your account. Be it a holiday or the middle of the night.

Bank Of Baroda Fd Rates

Bottom line:

With banks flush with cash due to government push to infuse liquidity in the system, banks have little or no incentive to pay a higher interest rates to retail investors. Due to this, interest rates are expected to stay low for quite some time. So, move your money to ETMONEY SmartDeposit today. And if you are someone who hasn’t build an emergency fund, it is a good idea to begin now and SmartDeposit is the perfect place due to reasons we mentioned earlier.

Bob Saving Account Interest Rate Per Month

You can download ETMONEY to invest with Smart Deposit, which is the smartest way to invest in liquid funds.