You have money coming in each month, and all you need is to find good savings account in a reliable bank. With the country moving towards digitisation, online banking has become the pulse of all financial transactions. Then why not your bank account? It is not just about getting a savings account, but it is also about being digitalised. While a good percentage of the population still prefers to bank on the traditional methodology of issuing cheques, updating passbooks and going to the bank every alternate day to get a DD made or any financial transactions; the other significant segment of the population has moved towards Online banking for most of their transactions. Online banking is a convenient, safe and time-saving proposition as you can practically do anything at the click of a button. Be it transfers of funds from one account to another or Bill payments of Credit Card, loans, utility bills etc., transfer money, book movie tickets and of course, shopping.
Getting a savings account with internet banking option is an idea you can vouch for. It is a perfect financial tool that allows you to make massive savings and is fully automated too to carry out your financial transactions with ease. And why not! It is essential to create a distance between the everyday spending and saving that can rescue you during financial emergencies. Ideally, if you are working, your employer takes the responsibility to get you a salaried account where the salary and incentives get credited. But what if your employer doesn't? The quest to find the right savings account thus begins.
Let’s Understand What Do We Mean by a Good Savings Account:
Savings account definition: Savings account is a deposit account that you have with a bank or any other financial institute, which will hold your money for you and in return provide you with some moderate interest in return. This is a place where you can park your savings with an easy liquidity option of withdrawal as and when required. You are issued a cheque book, an ATM cum Debit Card, a Passbook and an Internet banking kit as well while opening the account.
You can use the Debit cum ATM card for cash withdrawals, purchases – online or offline, Fuel Refills, Bill payments etc. You can practically do all transactions using your Debit card with minimal need to withdraw cash. However, some banks also have a capping on the maximum number of times you can use the card for ATM withdrawals.
Saving Account Interest rates: All Banks provide a certain interest rate on your savings bank account so that you don’t get pinched of keeping the money safe in the bank. The savings account interest rates generally range from 4% p.a. to 6% p.a. and it is payable on a half-yearly basis. In most nationalised banks, the interest rate for a savings account is around 4-4.5%. Hence a lot of customers prefer getting a Fixed Deposit done rather than a saving account. However, a Fixed Deposit also has its flip side to it. An FD will block your money for a particular period hence creating an obstacle in your fund's liquidity. Instead, a Savings account that gives higher returns becomes a more fruitful option for today's customer as he has a choice of using his funds whenever required and additionally getting some good returns in the case he parks his money for a stipulated period.
Did you know? Kotak Mahindra Bank was amongst the first few in India to revise the interest rates to 6% and upwards. The bank also offers a wide range of customised savings account and interest rate solutions to people of different ages.
The best savings account that earns interest is 811 Savings Account by Kotak Mahindra Bank, which offers up to 6% interest p.a. This had become a revolution or a game changer when it was launched. Many people prefer getting the 811 Account over their traditional savings account. This feature of the Kotak Mahindra Savings account is rapidly adding more customers to the portfolio as people realise that this is the best way to save money and earn interest as well. One can also open up this account instantly and online as well.
The Process of Opening an Instant Savings Account:
Opening an instant digital savings account is like ordering food online these days; as quick and hassle-free as the latter. Many banks are offering this feature of opening instant digital accounts online. There are different processes through which you can open these accounts instantly:
Process 1: Login to the bank’s website; and select the Instant account opening options; enter personal details and your Aadhaar card number and then upload all the KYC documents onto the same portal. Once that is done, the bank will provide a confirmation PIN number and a verification code. Someone from the bank will visit for a personal KYC check, and once that is done, your account will be opened.
Process 2: There are multiple apps, which enable instant account opening features. All you need to do is select the bank and the type of account you want to go for. Then enter all your personal as well as other details like Pan Number, Adhaar number etc. Once the uploading of documents is done, you will get a temporary bank account number, but you will have to visit the branch once to get the Biometric verification done.
Kotak Mahindra 811 Savings Account – the Best Saving Account:
Kotak Mahindra’s 811 Savings account has proved to be the best Savings account for its customers for various reasons:
Did you know? By entering the Adhaar card and PAN card details, the savings account will be instantly opened for you. The wait time is just 3-5 minutes.
Amidst a series of banks and financial institutes offering multiple saving account options, Kotak Mahindra's 811 turns out to be the most preferred customer choice because of its interest rates as well as the convenience that it offers to its customers. Hence make your comparison and choose your pick keeping comfort as well as reliability in mind.