If you have started your search for a savings account as a safe way to park your money, you are probably aware that there are numerous options in the market. Most of these options have minor variations in terms of their offerings, while the base criteria remain the same. This makes it challenging for a newcomer to identify the best savings account for themselves.
A savings account is perfect for your short-term needs. What makes them the most commonly opened bank account is the twofold benefits they come with: the ease of both saving money and withdrawing it. You can deposit funds in a savings account and earn some interest, while also being able to withdraw it at any time to meet your everyday needs. However, before you decide to zero-in on one option, here are the points to consider. Read on.
Define Your Purpose for Saving
When on the lookout for a savings account, it is best to define your purpose for saving to get the best options. You should be fully aware of why you want to invest in a savings account and the end-goal of saving. For instance, some people save simply when they have idle cash, while others may be saving to prepare for a future need, such as a child’s education or marriage. You could also be saving to amass funds to buy a car, house, home appliances.
This exercise will help you understand whether you want to open an account for a short or long period, and how much money you will be allocating from your income.
Research on Interest Rates
A typical savings account can earn you between a 3.5% and 6% interest rate. Savings account interest can be a good way of putting your extra income to use without locking it away for a specific period. For instance, IndusInd Bank offers some of the highest interest rates, going up to 6%. The rate may also differ based on the bank’s policies, your eligibility, income, etc.
Assess the Bank’s Features and Benefits
Make sure that the bank’s features and values match yours. One of the deciding factors should be whether you hope to earn a high interest rate from your savings or want to park your funds for a short period. Does the bank offer widely accepted debit cards? Does it have a vast network of ATMs and branches? Does it support internet banking? These are some of the questions you should ask to narrow down on a few favourable options.
Ensure That the Bank Offers Good Customer Service
Robust customer service is a must in the world of banking and has the power to elevate your banking experience. You should be able to get immediate assistance in case of an issue and not suffer from any losses. IndusInd Bank is known for its excellent customer service, which enables you to get solutions without leaving your home. Also, it has numerous branches and telephone numbers that are ready to assist you and do the needful in events of debit card theft, loss, etc.
The Bottom Line
Now that you are aware of the top factors to consider, you can choose the right bank that can satisfy your expectations. At IndusInd Bank, you get competitive rates, convenient banking services, and many other benefits upon opening an online savings account. The online savings account offered by IndusInd Bank can be opened in a matter of minutes. All you need is your PAN and Aadhar to open the account. The account also offers a number of benefits such as free IMPS/NEFT/RTGS transaction, discount on locker, fingerprint banking on mobile to name some. So, what are you waiting for? Open an online savings account with IndusInd Bank today.
Author : Barton Hanes
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