Forget SBI, HDFC! This bank is giving double interest on your savings account, know where you will get the maximum benefit.

If your money is also lying in the savings account of any big bank like SBI, HDFC or ICICI, then you are incurring a big loss on your earnings. These big banks give a whopping 2.5% to 3% annual interest on your money, which is nothing compared to inflation.

But imagine, if a bank directs you to this savings account. 5.5% How will it be if you give interest of Rs. Yes, this is absolutely true. There is one bank which is going against the market and giving excellent returns to its customers.

Which bank is giving this amazing offer?

this is bank Slice Small Finance BankAccording to BankBazaar.com, Slice Bank is offering 5.5% interest rate on deposits up to Rs 1 lakh in its savings account, which is currently the highest among all banks and small finance banks.

When all banks are reducing interest, why is it increasing it?

This offer is also special because recently the Reserve Bank of India (RBI) has reduced the repo rate by 1%. After this, almost all banks have reduced the interest rates on their FD (Fixed Deposit) and savings accounts. Big banks like SBI, HDFC and ICICI are giving only 2.5% interest on savings up to Rs 1 lakh. In such a situation, Slice Bank’s 5.5% interest rate is really surprising.

How is the bank earning so much profit?

Now the question will come in your mind that how is this bank able to give so much interest? According to Rajan Bajaj, founder of Slice Bank, banks earn money by lending and their profits are high. “We have learned this skill from global banks and are applying it in India,” he said. The bank claims that its interest rate is 100% linked to the repo rate of RBI.

What about deposits more than Rs 1 lakh?

It is important to know here that this exciting offer of Slice Bank is applicable only on deposits up to Rs 1 lakh. If you want to keep more than Rs 1 lakh, some other small finance banks also offer interest up to 8%. But for those with small amounts, Slice Bank’s offer is the best.

See which bank is giving how much interest (on deposits up to ₹ 1 lakh)

So the next time you think about saving your money, don’t just go for the big names, but also look at where you are getting the most benefit.