Home Finance 5 Things to Consider While Opening a Savings Account 

5 Things to Consider While Opening a Savings Account 

by Ragini Salampure
5 Things to Consider While Opening a Savings Account

Savings accounts are considered the most widely used offering of public and private sector banks and NBFCs. This is because they are mainly preferred by the income-earning individuals who want to park some funds for earning some interest in the short-term, without making a substantial commitment. 

Moreover, there are different savings accounts available to cater to various needs. Versions exist for business persons, salaried individuals, homemakers. To ensure the convenience of the customers, IndusInd Bank has also introduced e-KYC based savings account. The e-KYC based accounts are not only easy to open but also come with a set of rewards and benefits. However, before you open a savings account, whether online or offline, there are certain overarching aspects that are common for all accounts. Here are the five most important things to be aware of when opening a savings account. 

  • Interest Rates

The savings account interest rate is the most prominent aspect that goes into consideration when one decides to open a savings account. The interest rates can vary from one bank to another. Therefore, you should do thorough research to settle for the best option. The bank that you prefer for your finances may not offer the best rates, and it would be wise to branch out in such a case. At IndusInd Bank, you can open a high interest savings account, with rates up to 6%. 

  • AMB – Average Monthly Balance 

Next, it is necessary to consider the average balance you need to maintain on a monthly or quarterly basis. It is advisable to go for an account that has low or nil average balance requirement, as failing to meet this requirement can result in the levy of a penalty. You should go ahead with a bank that does not mandate locking in a substantial amount of money. For instance, IndusInd Bank’s online banking savings account also gives you an option to open a zero balance account, also known as Indus Delite and Indus Digi-Start. In addition, if you don’t want to open the Indus Delite and Indus Digi-Start, IndusInd Bank offers a number of other online accounts with a host of rewards and benefits.

  • Online Access and Convenience Banking 

Nowadays, banking services are increasingly shifting to the online mode, and you can quickly open a savings account online, deposit and withdraw money via the internet. Check if your bank offers convenient internet banking services along with having robust measures to prevent online fraud. 

IndusInd Bank excels in providing online banking services. Some of its features include enhanced security with fingerprint lock on the mobile app, balance and transaction alerts on WhatsApp. 

  • Additional Services and Benefits 

The ideal savings account is not just a pit-stop where you can safely park your funds, but it also caters to your all-round needs by offering a host of allied services. These include debit cards, phone banking, free IMPS and RTGS money transfer. These services augment your experience as an account holder and prove to be a good incentive to choose one bank over the other. In addition to these benefits, IndusInd Bank also provides multiple value-added offerings such as discount on lockers, discounts and offers on Swiggy and BigBasket and many more benefits. 

  • Documentation Method

Lastly, you must also check the documentation method when opening a savings account. In some cases, it may not be possible to provide hard copies of the verification documents to open an account. This is where online savings account can be great help. The IndusInd Savings Account (IOSA) is an Aadhar based eKYC account, which implies you can open this account without any physical documentation. The account can also be funded online and accessed using the Indus Mobile App.

Over To You 

Now, you can quickly open a savings account at IndusInd Bank, without leaving the comfort of your home. IndusInd Bank provides the best-in-class digital banking services, using which you can select the best fit from a range of savings accounts and open your account online. 

Related Articles

Leave a Comment