While selecting a new account, most people generally focus only the interest rate. However, there are five other important considerations as well that you must make a note of before opening a new bank account. Your bank must design its savings accounts in a way that can help people save more money. This article enlists six points you must consider while following any bank account opening process in India.
1. The savings account interest rate should be decent
Savings account with a high interest rate can yield higher returns. To grow your savings, you must opt for a savings account with a high interest rate. IDFC FIRST Bank offers an online savings account opening at an interest rate per annum on its savings accounts. A higher interest rate can help you save more money amount over time.
2. The bank must offer monthly interest credits
In addition to offering a comprehensive interest rate, IDFC FIRST Bank also offers monthly interest credits. Monthly interest credit is a characteristic feature of these savings accounts that helps IDFC FIRST Bank customers save more. While researching, you must prefer a bank that offers monthly interest credits.
3. Mobile banking services must be satisfactory
Ever since the rise in popularity of the Unified Payments Interface (UPI) in India, digital banking has become synonymous with the term 'banking'. IDFC FIRST Bank's mobile banking app offers two efficient money transfer options besides UPI transfers - 'Auto Pay' and 'One-Swipe Pay'. The app is secure and allows customers to open fixed deposit accounts and apply for instant personal loans. You should also be able to clear any personal loan EMI payments via mobile banking.
4. The fees for savings account-related services must be minimal
'Zero Fee Banking' is now a popular IDFC FIRST Bank feature that applies to its savings account variants. Thanks to this feature, IDFC FIRST Bank charges no fee from the customer for close to 30 savings account-related services such as IMPS (Immediate Payment Service), RTGS (Real-Time Gross Settlement), NEFT (National Electronic Funds Transfer), cash deposit and withdrawal at bank branches, debit card issuance charges, etc. Such a feature can help customers considerably increase their savings.
5. The savings account must prioritise accessibility
Your bank's customer service must always be accessible through net or mobile banking. IDFC FIRST Bank's mobile banking app provides seamless access to its customer service team. You must prefer such accounts that prioritise the accessibility of banking services to their customers.
6. Opt for an online account opening
You must choose an online account opening to benefit from a completely digital account opening procedure. Most banks, including IDFC FIRST Bank, offer instant online savings accounts online. Moreover, banks offer special benefits to customers who opt for an online account opening!
Prioritise the points mentioned in this article before opening a savings account in India to choose a bank account that is geared towards helping you save more. With an effective mobile app, monthly interest credits, and minimal charges, you can save a lot of money just through your savings account.