For most, the journey of financial independence begins with opening a saving bank account. And to have a decent start, one must consider different features of savings accounts before finally selecting one. With the online application process, opening a bank account now is much more convenient and quicker. This article enlists the steps you must follow before opening a bank account in India.
How to Choose the Right Savings Bank Account and How to Open Online?
Most beginners often confuse choosing the best bank for their savings account. It becomes convenient if you outline your financial requirements and research online. Let us take the example of IDFC FIRST Bank to understand the features of an efficient savings account in India:
1. Your Bank must offer a High-Interest Rate
The objective of every savings account is to help individuals save money. A high-interest-rate savings account like IDFC FIRST Bank’s savings account can help you increase your savings over time. The bank offers a comprehensive interest rate of up to 6.75% per annum on its savings accounts which helps customers increase their savings over time.
2. Monthly Interest Credits are Important
IDFC FIRST Bank savings account, besides a high-interest rate, also offers monthly interest credits to customers. The account holders receive these monthly interest credits, which further help them increase their savings through compounding.
3. The Savings Account Fees must not be very High
IDFC FIRST Bank’s popular “Zero Fee Banking” feature is making waves across the financial ecosystem. As many as 28 commonly-used savings account-related service charges like IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), cash deposit and withdrawal charges at branches, and SMS alert fees are waived off! . This makes IDFC FIRST Bank’s savings account a preferred choice when combined with other benefits.
4. The Bank must offer Superior Mobile Banking Services
Mobile banking apps matter the most in today’s age of digital banking. The IDFC FIRST Bank mobile app offers multiple modes of online transfer besides UPI (Unified Payments Interface), quick and uninterrupted access to customer service, and a mobile banking experience without technical glitches.
5. You should be able to open an Online Savings Account
Opening an online savings account has its own advantages, and very few banks’ mobile apps offer this feature. IDFC FIRST Bank customers can open an instant savings account directly from the IDFC FIRST Bank mobile banking app.
6. Calculate your Savings using a Simulator
Before opening your savings account, you should use an online Savings Account Simulator – like the one on IDFC FIRST Bank’s site – to calculate the interest you would earn on your savings account balance. These online simulators offer a savings estimate over the period and help you draft a better saving plan. You can find them on the sites of popular banks and financial aggregators and use them for free.
While it is necessary to consider the features and benefits of your preferred savings account, it is equally crucial to go through other products, such as credit cards, personal loans, and insurance policies, to have comprehensive benefits. IDFC FIRST Bank is well known for its benefits to customers on all banking products and services, such as zero-fee banking, high interest on savings, monthly crediting of interest to your savings account , high-interest deposit accounts and many more.