Finance

Features and Services Offered by Banks on Savings Accounts

Finding the best Savings Accounts may become challenging in a country with a growing economy and many banks. You need to consider the interest rates offered, minimum balance requirements, Digital Banking features, and customer service quality. The best one depends on your needs and financial goals.

Almost every bank offers a decent Savings Account Interest Rates. However, you need to make an informed decision and choose the right bank to grow your wealth and secure your financial future. Here is a breakdown of the features and services Indian banks offer:

Debit Cards with Reward Programs

debit card
Source: freepik.com

All leading banks in the country provide Debit Cards with reward programs to their customers, letting you earn points for every transaction. You can redeem them for various products, services, or cashback offers, making everyday spending more rewarding. You can also select the ideal Debit Card to suit your preferences and lifestyle.

Zero-Balance Accounts

Plenty of banks offer attractive Savings Account interest on Zero-Balance Accounts. These do not require customers to maintain a minimum balance. These are ideal for individuals who may not wish to maintain a high account balance but want to enjoy the benefits. Also known as Basic Savings Bank Deposit Accounts, you get all the benefits, such as passbooks, chequebooks, ATM and Debit Cards, and other digital access facilities.

Family Banking Solutions

Nowadays, banks also introduce family banking solutions, enabling customers to link their accounts with their family members’ accounts. This feature lets families manage their collective finances more efficiently and enjoy additional benefits, such as higher interest rates, lower charges, and exclusive offers. You can avail of these benefits on the Banking app too.

Insurance and Investment Services

insurance
Source: freepik.com

Leading banks also offer Insurance and investment services on their accounts, letting customers diversify their investment portfolios and secure their future. These may include Life Insurance, Health Insurance, Mutual Funds, and other investments tailored to the customer’s risk profile and financial goals.

Customised Offers

Top banks often collaborate with various brands and merchants to offer exclusive discounts to enhance customer satisfaction and loyalty. These may include special rewards, points, and cashback on shopping, travel, dining, and entertainment, helping customers save on their daily expenses. You also get welcome bonuses when you open Savings Account online with a bank.

How to Choose the Best Savings Account

With numerous banks offering savings accounts with varying features, how do you select the most suitable one for your needs? Here are some tips:

Analyze Your Usage

Assess your usage – the frequency of deposits/withdrawals, average balance maintenance, need for physical branch access, etc. This will help shortlist accounts aligning with your usage patterns.

Compare Interest Rates

Interest Rates
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The interest rate should be a prime criterion. Compare rates offered by leading banks on regular and zero-balance savings accounts. Opt for higher rates at your balance levels.

Evaluate Fees and Charges

Carefully examine the schedule of charges and penalties applied for minimum balance non-maintenance, over-the-limit transactions, ATM usage, etc. Avoid accounts levying excessive charges.

Check Additional Features

Compare the digital banking facilities, debit/ATM card benefits, account linking flexibility, etc. provided. Opt for the bank offering features that best suit your needs.

Examine Customer Service

Check the bank’s customer service quality via online reviews and feedback. Good service quality enhances the overall banking experience.

Points to note

Before opening your account online, you should consider your preferences. You can opt for the right account type only after gaining knowledge of the interest rates, your financial goal timeline, and how often you wish to withdraw money from it.

For example, Regular Savings Accounts let you withdraw funds at least thrice a month and impose a penalty for non-maintenance of minimum balance and exceeded withdrawal attempts.

These are some common features and services of Savings Accounts, but they differ between banks.

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