Importance of a High-Interest Savings Account

Posted on Monday, July 31st, 2023 | By IndusInd Bank

In an era where financial planning is pivotal, the role of a savings account cannot be overstated. A savings account is the cornerstone of personal finance, and understanding its importance is the first step towards financial security. This article focuses on the advantages of opening a high-interest savings account online to maximise your returns. 

The power of a high-interest savings account 

High-interest savings accounts, such as those offered by IndusInd Bank, provide more than just a safe place to store your hard-earned money. They offer attractive interest rates so that your savings grow faster. 

The online features of your high-interest savings account make it a powerful asset. You can access your account 24×7, monitor transactions, and manage your funds with just a few clicks. This ease of an online savings account makes it an integral part of your financial management system. 

With the advent of digital banking, IndusInd Bank allows you to open a savings account online with ease. It’s convenient, time-saving and perfect for today’s fast-paced lifestyle. 

Why do you need a high-interest savings account? 

• It grows your earnings: A high-interest savings account is more than just a secure avenue to store your money; it’s a tool to grow your wealth.  The higher the interest rate attached to these accounts, the faster your money will grow. Over time, this additional interest can compound, leading to substantial growth in your savings. Additionally, you can also use the gamechanger sweep-in feature, which automatically transfers excess funds in your account to your linked fixed deposit account, so you can grow your savings faster with higher returns. 

• It encourages the habit of savings: Having a high-interest savings account can motivate you to save more. As you watch your account balance grow, owing to the attractive interest rates, you’ll likely be encouraged to maintain or even increase your rate of savings. 

• It helps you achieve your financial goals: Whether you’re saving for a vacation, a home, your child’s education, or your retirement, a high-interest savings account can help you reach your financial goals quicker. As your savings earn more interest, you’ll be able to accumulate the required amount and achieve your life goals faster. 

• It offers flexibility: High-interest savings accounts do not lock your funds, meaning you can access your savings whenever needed. This provides you with the flexibility to manage your short-term and long-term financial needs effectively. 

• It ensures peace of mind: Knowing you have a financial buffer in place provides peace of mind. With a high-interest savings account, you’re prepared for emergencies, equipped for future needs, and on the right track to achieve your financial goals. 

Benefits of opening an online savings account with IndusInd Bank 

Opening a high-interest savings account like IndusInd Bank’s Indus Delite Savings Account allows you to watch your savings grow while enjoying various exclusive benefits designed to enhance your banking experience. Here’s a rundown of the enticing perks that accompany your IndusInd Bank Savings Account: 

• Get insurance cover: The debit card that comes with your Indus Delite Savings Account provides an insurance cover worth ₹1.5 lakhs. This gives you an added layer of financial security. 
• Receive Amazon purchase rewards: Benefit from a 5% cashback on all purchases made on Amazon using your Indus Delight Debit Card. 
• Enjoy food and grocery discounts: Enjoy up to 20% off on food delivery and grocery shopping with Swiggy and BigBasket, respectively, with your Indus Delight Debit Card. 
• Get entertainment perks: With the Indus Delight Debit Card, you can avail the ‘Buy 1, Get 1 Free’ offer on BookMyShow. You can get up to 1 free ticket every quarter, up to a maximum value of ₹250. 
• Avail reward point benefits: Get rewarded for your lifestyle expenses with Indus Delight Debit Card. Earn 5% cashback on fuel, dining, entertainment and OTT subscriptions. Click here to know more about the Indus Delite Savings Account.  

Opening your IndusInd Bank High-Interest Savings Account 

With its digital banking solutions, IndusInd Bank makes the online account opening process incredibly easy and efficient. Here’s how you can do it: 

Step 1: Choose your account number

Unlike traditional banking where an account number is assigned to you, IndusInd Bank allows you to choose your own account number. This can be a significant number for you, such as your mobile number, thus making it easier to remember. 

Step 2: Enter your details 

The next step is to fill in your personal and contact details. This includes your name, address, email, phone number and other relevant information. This is a crucial step as it allows the bank to create your banking profile. 

Step 3: Fund your account 

Once you’ve entered your details, it’s time to add funds to your new savings account. IndusInd Bank allows you to deposit funds into your account using a variety of methods, including bank transfers, cheques and digital wallets. 

Step 4: Complete your video KYC 

The next step in opening your IndusInd Bank High-Interest Savings Account online is the video KYC (Know Your Customer) process. This is an important regulatory requirement that verifies your identity. All you need is your Aadhaar and PAN details. 

With IndusInd Bank, the online account opening process is completely digital and paperless. You don’t have to visit a bank branch or submit physical documents. Instead, you can complete your video KYC from anywhere, at any time, in just a few clicks. This makes the entire account opening process seamless and hassle-free. 

Conclusion 

A high-interest savings account is a powerful tool in your financial arsenal. With the higher interest rates and superior banking facilities offered by IndusInd Bank, you’re equipped to enhance your savings significantly. 

Remember, your financial well-being starts with the right savings account. Choose IndusInd Bank, and experience a new level of banking convenience, growth, and peace of mind. 

Apply now for an IndusInd Bank Savings Account and unlock a world of banking convenience and financial security. 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.