Tips to open a savings account with best interest rates
While researching for banks that offer the highest interest rates, one might think that the only criterion to be considered is the interest rate. However, you must consider four other criteria to get a bank account that really helps you save in the long run. Read this article to know 5 tips to open an efficient online savings account in India today.
Shortlist banks that offer the highest interest rates
Since you intend to choose a bank with a high interest rate, you must start by shortlisting banks that offer the highest interest rates. Besides the interest rate, you must also check if the bank offers a monthly interest credit. IDFC FIRST Bank offers a comprehensive interest rate per annum on its savings accounts along with monthly interest credits.
Prefer banks that charge a lower fee
To open a savings account that helps you save more in the long run, you must prioritise other criteria besides a high interest rate. IDFC FIRST Bank’s “Zero Fee Banking” feature applies to all of its savings accounts. IDFC FIRST Bank does not charge any fee for around 28 savings account services such as cash deposit and withdrawal charges, ECS return charges, ATM transaction charges, and IMPS (Immediate Payment Service) charges. Such features, coupled with a high and competitive interest rate that is among the bests in the industry can help you grow your savings significantly.
Choose banks with an efficient mobile banking service
Instant access to your bank account is essential. You must, therefore, choose banks that offer an efficient mobile banking service. IDFC FIRST Bank’s mobile banking app offers to customers immediate access to the bank’s customer service team and other services. The app has two features besides UPI (Unified Payments Interface) payments that help customers make online transfers – “Auto Pay” and “One-Swipe Pay”. Apart from these features, a mobile banking app should also allow users to apply for personal loans too. Today, users can also clear their personal loan EMI payments via their mobile banking apps. The best banks for savings accounts in India rely on an efficient mobile banking app to render their services.
Choose a savings account that grows your savings
Certain savings accounts offered by well-known banks are designed to help the customer save more. You must opt for such savings accounts. To take IDFC FIRST Bank’s example, three features help customers grow their savings – a comprehensive savings account interest rate, monthly interest credits, and the “Zero Fee Banking” policy. The bank’s mobile app also helps customers budget better through the “Track My Expenses” feature.
Open a savings account online
There are many advantages to opening a savings account online. Certain banks offer special benefits for doing the same and the documents required to open an online savings account are lesser as compared to a physical account opening. To open an online savings account with IDFC FIRST Bank, you require an Aadhaar card and a PAN (Permanent Account Number) card. An online savings account is one of the most convenient means of opening a bank account in India.
Follow the tips mentioned in this article to open an online savings account that offers you increased access to all banking services and helps you grow your savings over time.