A majority of people rely on a savings account for safely parking their funds. It is a great means for promoting the healthy habit of saving. Besides, you earn a modest interest on the money stashed away in your account.
The online saving account opening process has become fairly simple as banks allow you to open an account digitally irrespective of your physical location. Now you can easily start pursuing your saving goals without even visiting a bank’s branch!
Furthermore, there are a bunch of strategies that you can use to take full advantage of your savings account.
Let’s have a look at five practical tips to make the most out of your online savings account.
Choose an Account with Higher Yields
When it comes to savings accounts, there are a lot of options you can choose from. It is wise to choose a product that aligns with your unique lifestyle needs. Ideally, it is best to opt for a high-interest account. On opening an online savings account with IndusInd Bank, for instance you can earn a high interest rate of 5.5%.
Free Withdrawals and Deposits
Almost all the banks now charge a certain amount for every withdrawal or deposit. When looking for an online savings account, look for a bank that allows you to make free withdrawals and deposits. IndusInd Bank online savings account, for instance, allows customers to withdraw or deposit up to Rs. 2,00,000 without paying any extra charges.
Use Technology to Become Aware of Your Expenses
Most banks today provide you with internet and mobile banking facilities. Use them to view your balance, transactions, etc. regularly and observe your spending patterns.
There is also a wide range of mobile apps that can help you save money by setting goals, automating deposits, budgeting and so on. Netbanking enables you to stay up-to-date on your finances and make sound decisions. After all, saving money efficiently is the one of the main reasons you chose online saving account opening.
Free Transactions
This is another important point that you need to consider when choosing a savings account. Gone are the days when people had to visit the bank to transfer money. With the help of online banking facilities, you can transfer money within hours. However, some banks may charge a certain sum for these transactions. It is advisable to look for an account that enables you to make free RTGS/IMPS/NEFT transactions on online channels.
Look out for Associated Benefits/Discounts
Depending on your bank, you can avail of exciting rewards, discount or cashback when you transact through your online savings account. You can get numerous offers when doing recharges, paying bills, ordering food, booking flights, and so on.
Always check for these added benefits when you log on to a bank’s website for online saving account opening. These little benefits discounts add up saving you many rupees in the long run!
Wrapping Up
Improving your financial behaviour is the key to better money management. And these aforementioned methods help you smartly handle your finances and extract the maximum benefit out of your online savings account.
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