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How to Earn High Savings Account Interest: A Complete Guide
Posted on Thursday, July 27th, 2023 | By IndusInd Bank
Savings accounts offer liquidity, safety of funds and, now, attractive rates of return. With IndusInd Bank savings accounts, customers can earn a higher savings bank interest rate. Additionally, they can opt for a sweep-in facility and flexibly maintain minimum balance to optimise their returns. IndusInd Bank savings accounts can be opened with a simple online application.
Offering high liquidity and a safe place to park funds, savings accounts have retained their status as an unparalleled banking product for decades.
While these accounts offer a modest rate of return, there are ways account holders can maximise their savings even further. With a few tactics, it’s possible to transform a savings account into a high-yielding financial reserve that can safeguard the account holder’s future without compromising their present.
IndusInd Bank’s savings accounts offer a highly attractive savings bank interest rate, allowing account holders to grow their savings speedily and consistently.
Here are some key ways in which account holders can optimise savings bank interest rates and their earnings.
1. Open Multiple Savings Accounts
With just one savings account, you might rely on a single account for all your financial needs. This could make it challenging to maintain adequate balance for earning an attractive interest income. But you can earn more interest by opening two or more savings accounts.
Also, with multiple accounts, account holders can set individual financial goals for each and restrict minor and major expenses to specific accounts.
2. Flexible Approach to Maintaining Minimum Balance
While savings accounts require customers to maintain an average minimum monthly balance, they don’t need to maintain it each day. For instance, if the account requires you to maintain an average monthly balance of INR 5000, you could forfeit this limit on a daily basis as long as you maintain this average on a monthly basis. Alternatively, you could opt for a zero balance savings account to save yourself the bother of maintaining a stipulated balance and save in accordance with your convenience.
3. Opt for Sweep-in Facility
A sweep-in facility linked to a savings account automatically converts an amount above a certain threshold to a fixed deposit. If, however, you need access to funds, the fixed deposit gets automatically liquidated. In this way, you earn a higher interest rate on idle funds lying in your account.
Earn Higher Savings Bank Interest Rates with IndusInd Bank
With IndusInd Bank, in addition to high savings bank interest rates, account holders also benefit from a personalised and convenient banking experience. Customers needn’t visit our bank branch to start their savings journey. They may begin reaping the benefits of our rewarding savings accounts by simply filling out an online application form and opening an instant digital savings account in just 4 simple steps!
Earn higher savings bank interest rates and a host of other benefits with IndusInd Bank. Apply today!
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.
