The Different Types Of Savings Accounts In India: Which One Should You choose?

Posted on Monday, September 11th, 2023 | By IndusInd Bank

Saving money is a crucial aspect of financial well-being and a gateway to achieving your financial aspirations. It is a practice that fosters not only fiscal responsibility but also provides a safety net for unexpected expenses and future goals. A well-chosen savings account can be your best buddy on this financial journey. 

IndusInd Bank offers various types of savings accounts, each with its own set of benefits:  

1. Offer-loaded savings account: the Indus Delite Savings Account: This account provides 5% cashback on all spends using the linked debit card. 

2. High-yield savings account: the Indus Multiplier Max Savings Account: This savings account is linked to a fixed deposit for maximum returns. It also offers a 25% discount on locker rentals for the first year. 

3. Paperless savings accounts: All savings accounts with IndusInd Bank can be opened without the hassle of bank visits or excessive documentation. These 100% digital savings accounts can be efficiently managed via the IndusMobile app. 

IndusInd Bank recognises the unique needs of each customer. Thus, the bank offers a range of savings accounts that cater to different preferences. Whether you are looking for higher interest rates, premium privileges, or straightforward banking, there is a savings account for you.  

Let us explore some of the digital savings accounts offered by IndusInd Bank.  

Indus Delite Savings Account 

This account has been designed for individuals looking for a basic savings account with standard features. It provides you with a safe place to deposit and store your money. The attractive interest rates offered by the bank allow you to earn modest returns on your savings.  

Key features and benefits: 

• 5% cashback on specific categories like fuel, entertainment, dining and OTT spending when using the Delights Debit Card. 
• 5% cashback on Amazon purchases upon using the Delights Debit Card. 
• Discounts up to 20% on Swiggy and 10% on BigBasket when using the Delights Debit Card. 
• ‘Buy 1 Get 1’ offer on movie tickets when booking through the BookMyShow app by using the Delights Debit Card. 

Indus Multiplier Max Savings Account 

The Indus Multiplier Max Savings Account is a dual-function savings account from IndusInd Bank. It combines the features of a regular savings account with higher returns from fixed deposits. This feature will be especially beneficial for you if you maintain a large account balance and are looking for increased benefits.  

Key features and benefits: 

• 25% discount on locker rentals. 
• Smart Sweep feature to automatically transfer excess balance from the savings account, above a threshold limit of ₹20,000, to the fixed deposit. 

Digital Convenience at Your Fingertips 

IndusInd Bank stands out for its online / digital savings accounts. These accounts are designed to provide you with a seamless and convenient banking experience.  

A remarkable feature of IndusInd Bank Digital Savings Accounts is the video KYC process that allows you to complete your account opening journey from anywhere, at any time.  

You just need to provide your Aadhaar and PAN details. With a few simple clicks, your identity will be verified.  

Steps to open an IndusInd Bank Savings Account 

Step 1: Pick an account number of your choice 

IndusInd Bank Online Savings Accounts offer the unique privilege of selecting an account number of your choice via the MAMN (My Account My Number) facility. This number could be a familiar figure like your phone number, date of birth, or even your lucky number. This personalization adds a special touch to your banking experience. 

Step 2: Enter your details 

Once you have chosen your account number, you will need to provide your personal details. These details typically include your name, contact information, and other relevant particulars. 

Step 3: Add funds to your account 

After your account is set up, it is time to transfer your savings into the account. You can deposit money in your account through various means, such as online transfers, mobile wallets, or even direct deposits from your salary or other income sources. 

Step 4: Complete the video KYC process 

The VKYC process enables you to complete your identity verification online. You just need your PAN details to verify your identity.  

This entirely paperless process eliminates the need for physical documentation and saves valuable time and effort. Your digital savings account can be opened right from the comfort of your home or office. 

Conclusion 

The different types of savings accounts have unique benefits and features. Choose the most suitable savings accounts for yourself as per your financial needs. IndusInd Bank Online / Digital Savings Accounts, with the innovative VKYC process, redefine how you can open and manage your savings account. So, say goodbye to the hassles of traditional banking and enjoy digital convenience. 

Apply now to start your financial journey with IndusInd Bank. 

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.