Best Bank for Savings Account
Which is the best bank for account opening?
- A Savings Account helps you park your hard-earned money in a secure account.
- The best Savings Account is the one that offers high Savings Account interest rates.
- You must also consider whether the bank offers internet banking and other crucial facilities.
- Check for banks with multiple branches nationwide.
- Consider card offers and value-added services like low-interest loans, daily withdrawal limits, etc.
Your first-ever investment – a Savings Account, remains for your entire lifetime. Your money stays secured while earning interest. It acts as a reservoir from where you finance several expenses, including paying bills, loan EMIs, Mutual Fund SIPs, or initiating intra and inter-bank fund transfers. This article evaluates certain bank features to determine what makes a bank the best bank to open Savings Account.
What Makes a Bank The Best Bank For Savings Account?
You can choose the best bank to open a Savings Account based on the following features that it offers:
Higher interest rates
Banks that offer above-average interest rates on minimum balances are factors to consider when choosing a bank account. That way, your money does not remain idle, and you can make it work. The higher your balance, the greater would be the interest earned. The interest is the bank’s way of thanking you for availing of their service.
Another factor for a bank to be the best is its number of branches and locations. Since citizens from the remotest parts of India need bank accounts, the bank must have branches in not only metropolitan cities but also small towns and villages. A bank account should be convenient and easily accessible, making it the best bank for account opening.
Mobile and internet-banking provisions
Banks are changing with time. Today, the internet is a quintessential part of almost all aspects of life. As a generation, we are getting used to things being brought to us. The same goes for banking. An ideal bank for consumers would be the one they can access online without visiting the branch.
For the most part, a bank has been a money-lending institution. To thrive in the competition, almost all banks offer several types of loans such as home loans, car loans, personal loans etc. However, the best bank to open Savings Account would be the one that offers the lowest loan interest rate.
Choice of bank cards
Since cashless payment is the norm, banks should offer debit and credit cards. The best bank provides various categories of debit and credit cards, depending on the type of bank account you open.
Types of Savings Accounts
The Best savings banks offer numerous types of deposit accounts, i.e., fixed deposit, recurring deposit, women’s Savings Account, senior citizen Savings Account, children’s Savings Account, no-frills Savings Account, premium account, etc. As a customer, you should be able to choose your preferred account type.
Fees & charges
Banks levy various charges for the services offered, for instance, card issuance, account maintenance, etc. Essentially, you should choose one that levies lower charges and penalties so that your savings are higher than the costs incurred.
A Savings Account is necessary for you to conduct all financial transactions legally and transparently. Ultimately, the best bank to open a Savings Account is the one that closely meets all your banking requirements.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.