What To Remember When Picking The Best Savings Account For You

With so many Savings Accounts available, each catering to different needs, it gets tough to choose one that suits you the best. So, how to figure out which Saving Account is best for you? Following are some aspects to think about before deciding on the ideal account for you. While your demands and the characteristics are not a perfect match, start by examining the following:

Interest Rates

The Savings interest rates are the most important aspects to consider. The Reserve Bank of India (RBI) deregulated the interest rate system in 2011, allowing banks to set the rates at their discretion. Banks provide different rates on their account, which is approximately between 4% to 6.25 % yearly. Because the rates are conditional, this is the case.

Minimum Balance Criteria

Before you open a Bank Account, make sure it is a Zero-Balance Account or if there is a minimum balance to maintain. If the money deposited falls below the minimum amount, the banks generally issue a fine. If you are unsure of satisfying the minimum balance requirement, the Zero-Balance Account does not demand such. You can open this through banking apps.

Online Access

Check to see if the bank provides good Digital Banking services. In today's world, banking from home is the preferred option. Therefore, use your phone or computer to do basic operations like checking your account balance, moving funds, or opening accounts like Fixed Deposits or PPF.

Service Charges

Sift through the terms before the online Saving Account opening to see any fees linked with it. You have the option of ignoring costs for features that you use infrequently. Is there a fee for transferring money to the account in another country? Is there a monthly limit on free ATM withdrawals? Is there a limit on free online transactions you make with your bank?

When your account balance falls below the mentioned amount, the bank charges you an administrative fee. If you are sure, you can keep up with the minimum amount and opt for a bank that does not charge you for it.

Debit Card

Banks offer a slew of freebies when you open Saving Bank Account, including a free chequebook, Debit Cards, and discounts on groceries, restaurants, and movie tickets if you use the card, among other things. Examine whether these freebies are appropriate for you. It does not matter if you get these freebies or not if you have minimal need for dining or grocery discounts.