A savings bank account is one of the most basic accounts that offer bank interest rates on your deposits and easy fund access to meet your daily financial needs.
For many, it is the starting point of the financial journey, as savings bank accounts serve numerous investment opportunities such as funding mutual funds and fixed deposits.
When opening a bank account, you need to consider a few factors including bank interest rates to meet your financial requirements. Let us understand how a bank’s interest rate is crucial when applying for a savings account.
Consider a bank interest rate when opening an account
A savings account acts as a venue to save your hard-earned money and provide fund access to meet your financial requirements. To cope the inflation and keep your money from devaluating, the banks also offer savings account interest rates. on a quarterly or half-yearly basis.
A bank interest rate is an important feature to consider when opening a savings account, as it helps you forecast your savings and capital gains over the period. With a decent savings account interest rate, you can get good returns and fulfil your short-term financial goals.
While the interest rates are not the only factor that you need to consider, it is still an important consideration that you don’t wish to skip. Along with bank interest rates, you also need to consider whether the features and benefits align with your financial requirements or not.
Several banks offer attractive rates on savings accounts that accompany good returns. For instance, IDFC FIRST Bank savings accounts offer the industry’s best savings account interest rates with monthly interest credits.
Moreover, you get a completely paperless application process to get access to your account within minutes. The bank also offers Visa debit cards for convenient fund access and, it comes with numerous features to secure you financially and provide high withdrawal and shopping limits.
Additional points to keep in mind while opening a savings bank account online
Along with bank interest rates, here are a few important things to consider when opening a savings bank account online.
Minimum average balance
Every savings account comes with a minimum balance requirement on a monthly basis unless it is a zero-balance savings account. You need to maintain this amount in your account to avoid penalties. When opening an account, check if it is convenient to maintain the account or not.
Services charges and fees
While the savings account offers a range of services, you need to pay services charges and fees to avail of numerous financial services. Ensure that the charges you pay are affordable and reasonable.
Types of services offered
Banks provide a range of services with your savings account. When applying for an account, go through the terms and conditions and the variety of services offered to make the most of your financial journey.
Online banking and mobile banking
As a savings account holder, you also get access to online banking and mobile banking free of charge. When signing up for an account, check whether your bank offers easy access to online banking or not.
An online banking facility enhances your banking experience and, you don’t need to visit the bank each time you wish to avail of the services.
Savings account paves way for a convenient financial journey. You can open a bank account online and enjoy a range of financial services from the comfort of your home.
However, ensure to consider the above-mentioned factors when opening a bank account and most importantly consider the bank interest to get a good return on your earnings.
