A savings account is one of the most prevalent types of bank accounts in our country. It is easy to set up, offers great liquidity, and gives you a safe place to park funds. It even allows your money to grow by paying you a decent interest on your deposits.
However, before opening a savings account, make sure you research a bit to know the perks and benefits offered by different banks. Being aware of the basics can help you choose an ideal account for your banking needs.
Here is a complete guide that will help you understand how you can open your first savings account.
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Compare Interest Rates and Features
The interest rate is probably the most common benchmark to evaluate. This will determine how much you earn on your deposits. Compare the interest rates offered by different banks to make the right decision. In addition, look around for additional features like a rewards system that gives you cashback, discounts, and special offers on your spending.
Analyse the Bank’s Online Presence
Online banking has become a mandatory feature that many people look for when opening a savings account. The bank’s online presence makes it easy for the customers to carry on with their transactions from the comfort of their homes. In addition, customers can also keep a tab on their account balance without visiting the branch or ATM.
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Know the Different Charges
When looking for a savings account, always go for a bank that is transparent about its fees and charges. There may be a transaction fee, maintenance fee, cash deposit fee etc. You should also check if a savings account has an opening deposit requirement. Choose an account with negligible or low fees is suitable.
How to Open your First Savings Account
Opening a savings account is not as cumbersome as it used to be, thanks to IndusInd Bank’s online savings account. You can easily open an online savings account in three easy steps. All you need to do is visit the website, enter your mobile number, which will automatically become your account number, provide your PAN and Aadhar number, and you are good to go. Once you open this account, you can enjoy several perks and benefits such as free IMPS/RTGS transfer, balance and transaction alert on WhatsApp, free cash withdrawal and deposit.
The Bottom Line
When looking to accumulate funds for a vacation, retirement, emergency fund or any major purchase, a habit of savings helps in the long run. So, if you’re serious about achieving your financial goals, the first thing you can do is start feeding money into a savings account. Do keep the things mentioned above in mind before zeroing in on an account.
