A savings bank account is a financial product all banks across India offer. It is the key to accessing all financial services, including home loans and mutual funds. They are a safe form of deposit, but some banks offer additional features to help maximise benefits from savings accounts. Listed below are common features of the best savings account in 2023.
1. Interest rate
The top feature of the best savings account is the rate of interest. The interest rate is the amount the bank pays in exchange for deposits. Rates vary from one bank to another, with IDFC FIRST Bank offering India’s one of the highest interest rates on savings accounts.
IDFC FIRST Bank is also among very few banks in India offering monthly interest credit. You can receive your savings account interest monthly and use it to manage expenses
2. Easy access to your money
The best banks savings accounts in India allow you to withdraw money from your account at any time, regardless of your location. They allow you to withdraw money from your savings account at minimal or zero cost Here also, IDFC FIRST Bank is one of the few top banks that offer unlimited ATM withdrawals. You can access your money wherever you want to and transfer it to another account or invest in fixed deposits (FDs) and mutual funds.
3. Minimum balance requirement
The best banks require their savings bank account holders to retain a minimum balance in their accounts. If you fail to maintain the minimum balance amount, you must pay a penalty to the bank. However, it is vital to note that some types of savings accounts may not require a minimum balance. Salary bank accounts and zero balance accounts are a few types of savings accounts that do not require a minimum amount.
4. Debit card availability
Savings bank accounts come with a debit card. You must enter your ATM pin or tap it on the card swipe machine to purchase something from a shop. Debit cards can also be used for online shopping and for withdrawing cash from ATMs.
5. Excellent net banking service
E-banking services are a must-have service in the best savings account. Ideally, a net banking service should allow you to pay bills, invest in assets, order a chequebook, and transfer money.
6. Account tenure
The best savings bank accounts do not have a time limit. You can maintain them for as long as you wish. However, if your account is inactive for more than two years, it might be considered inactive. If this were the case, you might need to speak to the bank to reactivate the account. Opening a savings bank account is the first step to accessing financial services. While you can open a savings bank account with any bank, IDFC FIRST Bank offers more flexibility and features. The bank offers India’s highest interest rate and other vital features, such as monthly interest credit, unlimited ATM withdrawals free of charge, and a paperless account opening procedure