Boi Saving Account Interest Rate
Quarterly interest payment is effective from May 2016 and is invariably credited on regular basis in SB account irrespective of the operational status of the account. Any change/ revision in interest rate on Savings Bank Deposits shall be notified to the customers through Bank's website i.e. Saving Bank Deposit Rate of. Large banks, both government-owned and from the private sector are giving far lower interest rates to the savings account holders. For instance, State Bank of India and Bank of Baroda pays just 2.
A Savings Account is very beneficial with multiple advantages as detailed below:
Majority of public sector banks usually pay interest between 3.5% to 4% based on amount deposited but private banks offer higher interest on savings account. According to RBI guidelines, Savings Bank interest is calculated on the daily balances maintained in your account, at a rate of interest decided by the bank from time to time. Surprisingly, some banks' current accounts pay a higher rate of interest than their savings accounts, though you tend to only get interest on the first £3,000 or so. Unlike savings accounts, you'll need to pass a credit check to open one. The Best Bank Accounts guide has the highest paying options. Bank Of Ireland Discussion Activity. Bank Of Ireland 365 Regular Savings Account - Savings Q: If I have 50K on deposit with BOI, what is the best account to have it in, in order to get the best interest rate, without any term deposit restrictions. I wish to have fulltime access to funds.
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
Boi Saving Account Interest Rates
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Saving Bank Account Interest Rate
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.