what is rate of interest your bank offers annually ?

was wondering what kinda rate of interest you get from bank for your savings account.

i get around 7% annually.

 

7% from a savings account...that's cool.

Where you from?

(In India it is 3.5% from a savings account).

 

The interesest depends on many factors, one of them is inflation.

in Romania we have an interesest of 8% at our local currency, with an inflation of 4%.


At EURO we have 5% interesest, and at USD the same 5%.

 

no its 7% which bank is giving u just 3.5% ?

fixed deposit rates going upto 8-9% a year.

 

you said savings account and not fixed deposit.

savings account interest rate is 3.5%.

 

yes for saving account u get 7%, which bank is offering u 3.5% can u tell me that ?

 

All banks in India offer 3.5% for savings bank account.

Source:http://icicibank.com/Pfsuser/interestrates/interestrates.htm

Source:http://www.bankofbaroda.com/interest.asp

 

181 days & above but less than one year 6.75%
its written there. ive asked for 1 year interest rate not 3 months.

 

That's a fixed deposit not a savings account.

 

strange i dont understand why u want to argue when its written in that page itself of the bank website

i asked for interest rate u get "annually"
annually means 1 year on whatever balance u have in your saving account.

i hope im clear , for fixed u even get 9% thats out of question.

 

Here you can get up to 6.5% but I don't believe in savings, investing is much better for your money

p.l.u.r.

 

because you don't know the difference between a savings bank account and a fixed deposit...

it is clearly written on the page that the savings bank account gives 3.5% annual rate.

here are the screen-captures for you:

 

Around 6% for a term deposit.

 

Those are the fixed deposit rates.

Do you know the difference between a Fixed Deposit and a savings account?

Let me explain.

A savings bank account is the normal bank account that a person has. The person can deposit and withdraw as much money as he wants to from it.
A savings bank account comes with a check book and an ATM card.
Interest on a savings account in India is calculated on the minimum balance between 10th of a month and last day of the same month.

This article explains how interest is calculated in a savings bank account:

http://www.rediff.com/money/2007/jun/04bank.htm

A fixed deposit is "fixed". Usually there is no ATM and no check book for a fixed deposit. Money cannot be withdrawn and money cannot be deposited in a fixed deposit. Money is locked in a FD for a fixed time period.

 

i wanted users to write up what they get from bank for 1 year for the money they put in. my concern is not fixed or current or savings account, i jus wrote saving account as it would mean personal.

 

I think you can get about 7-8% with the Syrian Currency here.

 

In Portugal around 5% is good...
There are some new deposits that offer 6,7 and recently one that offers 8% which is greaaaaaat!

 

savings account is a ripoff

 

8% which one is that?