5 Factors That Can Affect Your Savings Account

Posted on Thursday, January 27th, 2022 | By IndusInd Bank

Easy to open and manage, a savings account is the primary mode of banking for most people. It acts as a safe place for your surplus funds while at the same time allowing them to grow. Whatever your savings needs are, a secure and flexible deposit accountis your best bet. And with banks offering many great options today, you can easily open a savings account online with the click of your fingers.

Of course, certain factors come into play when you want to open a new savings account. They can affect your overall savings and need to be considered carefully before making a decision. But what are the top 5 factors? Let’s find out.

1. Interest Rate

When you think of opening another savings account, you must always consider the interest rate offered by the bank. After all, it ultimately determines how much extra you are going to earn on your savings. The interest rate can differ with the bank, and the type of savings account you choose. As a result, it is wise to go through the fine print to invest in a suitable savings account.

At IndusInd Bank, we offer the most competitive interest rates on our savings deposits to help you grow your funds over time and fulfil your goals.

2. Minimum Balance

Typically, most banks require you to deposit a minimum amount to open a savings account. While some banks might require you to maintain a monthly balance of up to Rs. 10,000, several banks also offer zero to a low-balance savings account. Moreover, this can also depend upon the banking features and services you want to avail yourself of. Therefore, you should contact your bank to know about the balance requirements and opt for a savings account that best accommodates your financial needs.

3. Additional Charges

Do you think savings accounts do not come with various charges? Think again. Before you open a savings account online, know about the service and transaction charges that the bank levies. Banks might charge you a fee for various services such as annual charges on debit cards, fees for issuing duplicate ATM cards or cheque books, ATM withdrawal fees, and so on. Understanding such fees beforehand will give you an idea of the additional costs and allow better financial management. Therefore, opt for a bank that offers transparency and has no hidden charges involved.

4. Deals on Debit Cards

To encourage more savings, many banks provide excellent deals and discounts on debit cards. You can get exciting offers such as cashback rewards, discounts on purchases, EMI facility, insurance coverage, etc. If used wisely, a debit card can add to your savings and enhance the utility of your savings account.

Moreover, many banks also offer premium debit cards with certain annual charges but a host of benefits you cannot say no to. Therefore, compare the available deals and features on your debit card for a better banking experience.

5. Ease of Access

Another critical factor that can affect your savings account is the accessibility of funds. Does it offer an internet-banking facility? Does it allow quick withdrawal in case of emergencies? It is vital to consider these questions as they can affect the way you manage your funds. Get in touch with the bank to get a clear understanding of the services your savings account will offer.

With IndusInd Bank’s Indus Mobile application, you can experience effortless banking and easily access your funds from the comfort of your home.

Why Should You Choose IndusInd Bank’s Savings Account?

No matter what your financial goals are, IndusInd Bank is here to help you. We offer you a wide range of savings accounts with zero to minimum balance requirements. Our tailored-made offerings come with competitive interest rates so that you can make the most of your savings. With us, you get exciting deals on debit cards without any hidden charges, mobile banking services for instant transactions, doorstep banking services, and much more.

So why delay? Reach out to us to learn more about our savings accounts.

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.