Finance

Find A Perfect Saving Account To Save Your Money

The savings account is for everyone who wants to save their extra income for some future goals. The main benefit of keeping your money in the saving account is that they are easily available and perfect for keeping liquid cash. During the time of emergency, you can easily withdraw cash from your savings account.

But there are multiple savings account options available in the market nowadays, which may be confusing for you. As different institutes offer savings accounts along with various options of both offline and online banking services. But you need to focus on a few factors while choosing a perfect savings account for yourself.

Savings Account Interest Rate

  • The Least Balance Required
  • Processing fee and Other Services Charges
  • Easy Access To Online Banking Facilities
  • Debit Cards Facilities
  • Available Of Nearest ATM and Branch
  • Savings Account Interest Rates

The basic and crucial factor to consider while choosing a savings account is the issuer’s interest rate or the bank. In 2011, the RBI announced that the banks are now free to set the interest rate at their discretion. Thus the bank offers varieties of interest rates which range between 4% to 6.25% each year.

If you have savings that have a value of fewer than 50 lakhs, then the maximum Interest rate you can earn could be 3.50% per year. But the interest rate could be 6.25% per year only if you can maintain the saving account balance of Rs 1 crore. Naturally, you want to apply for a saving account with a high-interest rate though it is beneficial only if you could meet other application criteria.

The Least Balance Required

Before applying for a savings account, it is crucial to ensure that you should have a zero balance account or a minimum amount in your account to avail of the facility. As if your account balance falls below the minimum balance criteria set by your bank could result in charge of extra fees as a fine. If you find it difficult to fulfill these criteria, then it is better to opt for a zero balance account.

Processing And Other Services Fees

While opening a savings account, it should thoroughly check the related terms and conditions to find out any extra fees related to a savings account. Though if the interest rate is attractive, then you can ignore those additional fees. The bank’s basic fees are administrative charges that you have to pay if the minimum balance of the savings account falls below a certain limit.

Easy Access To Online Banking Facilities

Ensure that the bank provides good online banking facilities. Due to the recent pandemic situation, online banking has become an important facility for various banking transactions like fund transfer, checking the balance of the account, opening new accounts, etc.

Debit Cards Availability

Along with other facilities, your selected bank must offer you free kits like check books, supplementary cards, additional discounts on various activities on using debit cards.

Availability Of ATM And Bank Branch Savings Account Interest Rate

Finding the nearest ATM card and bank branch is crucial, especially in these post-pandemic situations, so that you withdraw cash whenever you want.

Thus, if you want to have the highest Interest rate on the savings account, you have to check the above factors before applying.

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