How to find a savings account with best interest rates?

Is looking out for a high interest rate the only relevant criterion for us to find the right savings account? You must consider five important points before choosing a savings account today. Read this checklist before opting for a savings account in India.

Research the savings interest rates offered by various banks

The first step that any customer takes while researching a savings account is knowing about the interest rates. A bank can offer the best interest rates but charge you a hefty fee for its banking services. Such an arrangement might not be the most suitable option for customers. Therefore, while researching savings accounts online, you must look for a combination of a comprehensive savings account interest rate and beneficial features that help in avoiding these fees. 

Check the fees charged for savings account-related services 

As mentioned in the previous point, banks might offer a high savings account interest rate but can charge you heavily for other services. You must search for a feature like IDFC FIRST Bank’s “Zero Fee Banking” on savings account. Up to 30 commonly used savings account services are offered for free by IDFC FIRST Bank through their savings accounts. These services include third-party cash withdrawals and deposits, IMPS, NEFT, RTGS, chequebook charges, etc. Such a feature can help skip past a lot of charges, thereby increasing your overall savings. 

Check if the bank offers monthly interest credits

Your savings account must be designed for you to save more. IDFC FIRST Bank offers monthly interest credits to customers who have a savings account. Coupled with a comprehensive interest rate, this feature helps customers grow their savings significantly. More details can be found on IDFC FIRST Bank’s website. 

Read about the bank’s mobile banking app online 

Since “banking” has now become synonymous with “digital banking”, especially since the rise of Unified Payments Interface (UPI)-based transactions, choosing the right mobile banking app is important. IDFC FIRST Bank’s mobile banking app, besides helping you pay faster and more securely, also helps you budget better using the “Track Your Expenses” feature. The app also helps you open an instant online bank account without physically visiting a bank branch. You can also apply for a personal loan through the app. However, before doing so, make sure to use a personal loan EMI calculator beforehand to be aware of the loan’s monthly instalments. 

Know about the savings account limit

The fifth point in this checklist is particularly important since it requires you to read about your savings account variant in detail. IDFC FIRST Bank, for example, offers two variants of savings accounts – the ₹25,000 variant and the ₹10,000 variant. While reading about savings account variants online, you must note the savings account limits laid down by various banks and decide the one that is preferable accordingly. 

Test the bank account’s customer-friendliness 

Your savings account should be designed to save more, as was mentioned earlier in this article. To take IDFC FIRST Bank’s example, multiple factors contribute to it being one of the most preferred savings accounts in India today – a comprehensive savings account interest rate, monthly interest credits, the “Zero Fee Banking” feature, and a mobile banking app that helps customers a lot more than most other banks with some great features like expense tracking, monthly spend management etc. Your mobile banking app should have these features as they can be vital in helping you save more. 

Refer to this checklist before applying for a savings account in India to benefit from the best savings account experience!