Ideal Account for Emergency Savings: Suggestions Needed

[anuragmukherjee28]

Hey everyone, I’m looking for suggestions on which bank account is best for parking emergency funds.

Here’s what I’m looking for:

• Safe and reliable (no risk to principal)
• Easy access in case of emergencies — instant transfer or withdrawal
• Decent interest rate (not expecting huge returns, but better than basic savings if possible)
• Preferably no or low charges for maintaining the account
• Good mobile app / online banking experience

Basically, I want a place to park my emergency money, it should be accessible when needed but not mixed with my regular spending account.

Would love to hear what’s working for you, which bank or account type do you recommend, and why?

 

[rohit_20085]

For bank with decent interest rate, can opt for any small finance Bank, which are offering better rates on savings as well as FD accounts. The deposit in these banks are secured upto 5 lakh per account holder by DICGC. You may also opt for slice bank account, which was earlier unity small finance Bank, giving interest on saving account equal to repo rate. For low or no charges, can opt for bsbda account in any of above mentioned banks but it comes with certain restrictions & one individual can have only one bsbda account.

 

[rohit_20085]

Also, many liquid funds also offer instant redemption upto 50k

 

[knagar0078]

Slice Small Finance Bank is a good one for now...