DBS bank reduced interest rates on First 1 lakh to 4%

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Critic
guest_999

DBS bank reduced interest rates on first 1 lakh from current 5% to 4% from 1st Feb so now for for 2 lakhs in dbs you will get an avg interest rate of (4+7)/2 = 5.5% It is still a bit better than kotak which also gives 4% on first 1 lakh & 6% on balance above that 1 lakh. Now it seems like IDFC ( 7% interest on entire balance if it is above 1 lakh by even a rupee) & DCB bank(effective 8.3% interest incl cashback on 1 lakh but not more than that as cashback is capped) are the best options for keeping money in savings account.

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Mobile Guru Mobile Guru
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7>>5>>4

Helpful Helpful
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from best to average bank, no physical banks means less trust

Mobile Guru Mobile Guru
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Now they are allowing users (Savings account) only from the cities with physical branches

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Deal Lieutenant Deal Lieutenant
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I think dcb is best now, so I will open account in dcb elite account.

Deal Cadet Deal Cadet
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Idfc is better

<= 1 Lac – 6.00%
> 1 Lac <= 1 Cr – 7.00%

Critic Critic
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Best part is that you supposedly get 7% on entire amount if balance is even 100001 & not like 6% on 100000 & 7% on Rs.1.

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Analyst Analyst
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So, it means DBS got enough CASA smile

Critic Critic
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Doesn’t this mean IDFC & DCB still have low CASA to offer higher interest rates. smile

Critic Critic
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He is correct though & I understand.Major banks can’t afford to give higher interest rate because of their large size compared to smaller banks like IDFC & DCB. Kotak service is fine but their credit cards are not worth taking & personally seen a friend getting rejected for a credit card just because he was not holding any job currently but the avg bank balance he kept in kotak was enough to get him a decent ltf credit card if he had maintained the same balance in hdfc or icici.

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