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What is the Interest Rate on a Savings Account?
Posted on Wednesday, June 15th, 2022 | By IndusInd Bank
Opening a savings account is the first step that you take to manage your finances. Designed to help you access your money demand, a savings account helps you park your additional funds and earn attractive interest rate on the money saved. However, a savings account does more than just acting as an emergency fund. When used smartly, you get a lot of benefits on using your savings account. Read on to know more about the savings account interest rates and how to get the best out of your savings account.
What is the interest rate on a savings account?
On an average, you can expect to get from anything around 2.5% to 5% on a savings account. However, this figure does keep on changing from time to time. So, before you apply for a bank account, it is best to research the interest rates you can currently get on a savings account.
If you are looking to apply for a savings account with IndusInd Bank, you can earn some of the most attractive interest rates on a savings account..
How to get the best out of your savings account?
Savings accounts are a great addition to your investment portfolio. They provide safe and assured returns. If you face an emergency and need funds, you can always use your savings account with no restrictions. Here are a few tips on making the most of your savings account.
- Savings accounts are ideal emergency funds. You can open a savings account and set aside a specific amount that you can use for emergency. The money will keep on earning a return while being liquid.
- Ideally, you need to have a diversified investment portfolio so definitely try to keep some money in equity investments. However, in times of high volatility, you can always park additional funds in a savings account.
- Merge many of your savings accounts into 1 or 2 accounts. The interest you earn depends on the percentage of your outstanding balance. The higher your balance, the faster it grows.
Conclusion
Hopefully, this article was useful and it gave you some insights on savings accounts. If you are looking to apply for a savings account completely online, you can do so in minutes with IndusInd Bank using just your PAN and Aadhar cards. Click here to apply. Click here to apply.
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.
