Banks of India offer some of the best savings account options wherein you can deposit your money and keep it safe. Additionally, the banks grant you interests. Although the interest rate isn’t too high, it is certainly better than keeping the money home. To choose the best savings account, you must compare the available options’ important features and interest rates.
Factors To Consider for Choosing the Best Savings Account
The following factors help decide which one is the best saving account for individual:
Rate of Interest
The interest rate provided by a bank is one of the key factors in choosing where to invest your money. This rate decides how much you can earn on your savings. Therefore, you must thoroughly scan the best savings account options and choose the one that offers high rates because a subtle variation in the interest rate can pay off well in the long run!
Minimum Cash Balance
Minimum cash balance is something that often irks a customer. It is the minimal amount that you must open an account with and always maintain in your bank to keep it operational.
While some banks have this condition, others do not require a minimum balance in your savings account.
Usually, people prefer the latter because it gives them the freedom to use their money. However, minimum cash balance conditions have some perks too. For instance, it encourages individuals to be thriftier and more responsible with their money.
Regularity of Withdrawals
It is always better to choose an account that does not have any monthly withdrawal restrictions. An account that offers frequent withdrawals without any fees is the best option.
Fees and Charges
Your savings account may be subject to several fees, such as monthly fees, cross-currency markup, SMS charges, PIN regeneration fees, and more.
Therefore, you must take into consideration the maintenance fees that the bank would charge each year from your account.
Lastly, customer service is of the utmost importance. You should be able to get in touch with customer service whenever you encounter any issue or have queries. A reputable bank is always ready to extend support to its account holders, whether there is a stolen debit card issue or you are facing difficulty in transferring funds.
Best Savings Account in 2022
|State Bank of India (SBI) Savings Account||2.70% p.a.||YONO mobile appSBI Quick facilityNo restriction on the maximum balanceNo MAB requirement|
|HDFC Bank Savings Account||3.50% p.a.||Free debit cardsMobile bankingOffers for senior citizens and women|
|Kotak Mahindra Bank Savings Account||3.50% p.a.||10+ savings account variantsUnlimited cash withdrawals from ATM without any fee|
|DCB Bank Savings Account||6.50% p.a.||No minimum balance conditionFree ATM cardNEFT & RTGS free servicesUnlimited free cash withdrawals at ATMsFree replacement of damaged debit card|
|RBL Bank Savings Account||6.00% p.a.||Unlimited free transactions at ATMsFree RuPay Debit card with ₹50,000 cash withdrawal limitFree replacement of damaged debit card|
|Indusind Bank Savings Account||5.00% p.a.||Different savings account variants.Dedicated relationship manager for customer service|
|ICICI Savings Bank Account||3.50% p.a.||Advantage Woman Aura Savings Account for working womenUnlimited cash withdrawals at any bank’s ATM|
|Axis Bank Savings Account||3.50% p.a.||Five different savings account variants.₹10,000 minimum balance requirement|
Concludingly, determining the best saving account is not solely looking at the interest rate. Rather one should evaluate the advantages and disadvantages of the options and compare their features. There isn’t a particular bank that can be deemed the best savings account. You must decide as per your preferences.
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