High-Interest Savings Account Tips and Resources

High-Interest Savings Account Tips and Resources

Generally, when someone decided to put money aside for the future or create a wealth preserve, they choose to open a savings account. Children can open a savings account with their parents to inculcate the habit of savings. Teenagers open the best savings accounts for students to keep cash earned from their first side-job or home chores.

Let's admit that it is an excellent way to put some cash aside for unexpected emergencies. However, many people ignore savings accounts as it relatively offers low long-term interest rates than other long-term investments. So, to help you decide why you should go for the best savings account in India, we have listed down some advantages

1. Minimum Investment Required

If you browse through various investment options, you will discover that a savings account can be opened with even Rs 100. You merely have to keep Rs.100 or minimum balance in your account to keep earning interest and the account active. Please note that the minimum deposit amount varies from bank to bank. However, failing to maintain the minimum average would subject you to a penalty.

2. Netbanking Facility

The best savings account bank in India will provide you with net banking facilities. And we kid you not, online banking has created a win-win situation for both the banks and customers. Just with a few clicks, you can send and receive payments online without actually having to go to the bank. Today, almost all the banks have mobile apps, which you can download on your phone for convenient banking activities.

3. Access and availability

The best part is that it is effortless to open a savings account. Unlike other long-term investments, you can withdraw or deposit money anytime at CDMs and ATMs via 24-hour access. Besides, it is easy to transfer funds from one account to another.

4. Additional benefits

Opening a savings account could provide you with additional benefits from the bank. In some banks, you can open a free DEMAT account, which can be used for trading in the stock market. Some banks render a free-locker facility, while some would waive off the annual maintenance fee.

5. Income-generating account

Unlike a current account, the best savings account earns interest depending on the amount deposited in it. Although the interest rate is relatively low than the other investments, it is a pretty good option. You can keep on adding extra cash that you have and keep on earning internet, even nominal.

6. Bill payment and easy transaction

Most of the savings account comes with the facility of the scheduled transaction, which can be used to pay bills for electricity, gas, and food. You can even recharge your prepaid phone directly from your account. Easy transactions diminish the dependency on cash, especially now when India has gone digital.

A savings account might seem plain and simple, but it makes an essential part of your savings venture. With Paisadunia, open a savings account instantly in a few simple steps and start saving.

Also read about top 5 highest interest rate paying banks on saving accounts