Interest rates on savings accounts: Exciting news! 7.5% return on savings accounts, no trouble with minimum balance requirements—know the specifics

 Interest rates on savings accounts: Exciting news! 7.5% return on savings accounts, no trouble with minimum balance requirements—know the specifics

Have you heard of any savings accounts that provide 7.5% interest, similar to FDs, and don't need you to have a minimum amount in your account? Learn more about this unique RBL Bank account here.

Most individuals have a savings account these days. There is sometimes interest accessible on it as well. However, this interest ranges from 2.5% to 4%. In addition, a certain quantity has to be maintained in each account. In the event that it is less, banks impose penalties.

However, are there savings accounts like this that provide 7.5% interest, similar to FD, and don't need you to have a minimum amount in your account? You may be shocked to learn that there are several benefits offered by RBL Bank's Go Account that aren't found in a traditional savings account. Recognize all of its advantages.

coverage for insurance up to Rs 1 crore

The Go Account from RBL Bank is a Zero Balance Account that offers 7.5 percent interest rate in addition to free credit report, simple cash withdrawal, and a premium Go Debit Card. In addition, the Go Debit Card comes with eight different forms of free insurance coverage up to Rs. 1 crore as well as free cyber insurance coverage up to Rs. 1 lakh for the first year after opening a Go account.

You must pay a subscription fee in order to get the perks.

This RBL Bank zero balance account is a subscription-based bank account. An yearly fee must be paid in order to get this advantage. The first year's membership charge is Rs 1999; thereafter, you must pay Rs 500 a year. Additionally, you must pay GST. Nevertheless, this yearly charge will be eliminated if you use the debit card that comes with this account to make more than Rs 1 lakh in purchases in a single year.

How will I create an account?

You need both an Aadhar card and a PAN card in order to establish this RBL Bank account. You may open this account online or using the app if you have these papers. Since it's a digital account, you may use a smartphone to access it from home.