How to Choose the Best Savings Account for Your Needs
A savings account with no minimum balance requirement is a big advantage.
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A savings account is one of the most essential financial tools you will utilise throughout your life. It offers a safe place for your funds, provides 24/7 liquidity, and earns interest over time. Additionally, it provides easy access to Fixed Deposits (FDs) and Recurring Deposits (RDs), enabling more structured savings options. This versatile banking product supports everyday expenses, short-term needs, and long-term financial goals.
However, the most critical decision to make is choosing the right savings account. A poor choice could result in missed opportunities for better interest rates, higher fees, or financial inefficiencies that impact your monetary goals. On that note, let’s explore seven key factors to help you choose the best savings account for your financial goals.
1. No Average Monthly Balance (AMB) requirement
A savings account with no minimum balance requirement is a big advantage. With such an account, you don't have to worry about maintaining a specific amount to avoid penalties. You can utilise every rupee in your account and enjoy greater financial flexibility. This is particularly important if you have fluctuating income or in times of emergencies when access to every rupee matters.
The IndusInd Bank Indus Delite Savings Account offers you the benefit of no non-maintenance charges. Therefore, even if your account balance drops to zero, you will incur no penalties or charges. Having a zero-balance savings account doesn't mean you compromise on features. You also get exclusive features like:
A customised account number
A 100% digital process to open the savings account
Discounts, cashback, and offers across leading brands
Access to digital banking via the IndusMobile app and IndusNet banking Apply for a zero-balance savings account with IndusInd Bank today!
Apply for a zero-balance savings account with IndusInd Bank today!
2. Attractive debit card deals and offers
With certain savings accounts, you have the option to apply for a specialised debit card that offers perks beyond the usual features of standard cards. For instance, with the IndusInd Bank Indus Delite Savings Account, you can apply for the Delights Debit Card separately. This high-end debit card enhances the value of your savings account with benefits like:
Dining and grocery discounts: Get up to 20% off on food delivery services like Swiggy and 10% off on BigBasket
Entertainment benefits: Benefit from exciting offers like 'Buy 1, Get 1 Free' on movie tickets through BookMyShow
Comprehensive insurance: Get a complimentary insurance cover worth ₹1.5 lakh and enjoy an additional layer of financial security
Extra savings on multiple categories: Enjoy 5% cashback on fuel, entertainment, and OTT spends
3. Best-in-class interest rates
The interest rate is one of the most critical factors to consider, as it directly influences how much your deposited balance grows over time. Choose a bank that offers the highest interest rate savings account to maximise your money’s growth and achieve long-term financial goals like retirement or buying a home more effortlessly.
4. Auto-sweep FD feature for better returns
An auto-sweep facility helps you boost your savings without much effort. The IndusInd Bank Indus Multiplier Max Savings Account offers this unique feature. Any balance above ₹20,000 is automatically converted to fixed deposits in multiples of ₹1,000 and earns higher returns.
When the account balance falls short, the system will break a portion of the linked FD and transfer the funds automatically. The best part is that you incur no penalties for premature closure. This way, you earn FD-like better returns and 24/7 liquidity. The process to open this savings account is 100% digital and paperless. Just apply online and get your account activated in four steps:
Step 1: Choose a preferred account number
Step 2: Enter your details
Step 3: Add funds to your savings account
Step 4: Complete video KYC anytime at a location of your convenience
5. Easy account accessibility via a mobile banking app
When choosing a savings account, check if it offers a dedicated mobile banking app so that you can manage your finances 24/7 from anywhere. For example, the IndusMobile app offered by IndusInd Bank offers all crucial banking services at your fingertips. These include:
Make bill payments quickly
Order food from popular platforms instantly
Book cabs and enjoy cashback offers on every trip
Enjoy easy money transfers via email, SMS, and social media
Make cardless cash withdrawals from ATMs
Block lost debit cards within seconds
Order chequebooks, apply for a locker, and manage card limit
Open and manage recurring deposits and fixed deposits
In simple words, you enjoy a world of convenience and top-notch security.
6. Minimal fees and transparent charges
Hidden fees and unclear charges can reduce your savings without you even realising it. Some banks charge fees for ATM withdrawals, account maintenance, or even mobile banking transactions. These small charges can add up over time and diminish the growth of your hard-earned savings. So, before opening a savings account, review the bank's fee policies thoroughly. Opt for bank accounts that have low or no maintenance fees, free transactions, and clear guidelines on any possible charges.
7. Availability of different types of savings accounts
It’s wise to choose a bank that offers demographic-specific savings accounts, as this allows each family member to enjoy personalised benefits. Some categories to explore include:
Savings accounts for young savers: Promote financial literacy in children with features such as low minimum balance requirements, rewards for saving, educational tools, and parental control options
Senior citizen accounts: Often provide higher interest rates, priority services, healthcare benefits, and free insurance
Women's savings accounts: May offer special perks like lower interest rates on loans, discounts on select products, and exclusive debit card privileges
Each account variant caters to specific needs and helps address the financial priorities of different customer groups.
Open a savings account today
Choosing the best online savings account goes far beyond just finding a secure place to keep your money. You need to consider factors such as zero-balance requirements, debit card offers, account accessibility, and minimal fees. Features like auto-sweep facilities, higher interest rates, excellent customer support, and specialised savings accounts also matter.
By evaluating these aspects thoroughly, you can make sure that your savings account not only protects your money but also helps it grow.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)