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How to select the right Savings Account

New generation savings account come with a host of features. Select your savings account wisely. 

Savings account is the first step towards financial inclusion. Until a few years ago, public sector banks had a lion’s share of savings account in the country.  This is slowly changing as private banks appeal youngsters.  The growth of private sector corporations has also boosted private sector banks. Whether it is public sector banks or private sector banks, all the banks are coming with exclusive offers and discounts to attract customers. With the availability of cheaper and faster data, many banks have introduced online savings account. Minimal to no paper work is needed to open an online account.

Savings account come in different shapes and sizes and hence it is important to choose the right savings account. Minimum balance, debit card charges and other charges are some of the key features that you should look out for before applying for a new savings account.

Take a look at the different charges levied by some of the popular savings account:

Bank Interest rate Minimum balance Debit card  issuance charges Debit card replacement Annual Maintenance charge Account Closure charges Cheque charges
Axis Bank Basic Savings Account 3.50% – 4.00% Nil Free Rupay Debit card Nil Nil NA NA
DBS Bank Digi Saving 6.00%

Additional interest based on incremental amount

Nil

 

Free

Rs.150 from the 2nd year

150 Nil 500(Within 6 months)
SBI Basic Savings Bank Account

 

 

3.50% – 4.00% Nil Free Basic RuPay ATM-cum-Debit card Nil Nil Nil
Indus Online Savings Account – Premium Debit Card 4.00%-6.00% Nil Titanium: Rs 249

 

Platinum Plus with Voucher :Rs 1000 p.a

Titanium: Rs 249

 

Platinum Plus with Voucher :Rs 1000 p.a

Nil Nil if closed within 14 days.

 

Rs. 200/-, or balance in the A/c

whichever is lower, if account is closed post

14 days and within 6 months

 

In order to stand apart from the other saving account, banks have come with their exclusive offering and services to their customers. Some of the unique features of the four banks are as follows:

Axis Bank

Axis Bank has around 14 different types of savings account meant for the different individuals.  There are special savings accounts for women, senior citizens and younger ones. The online saving accounts have high transaction limits, free cheque books etc. They give free subscriptions and discount movie tickets.

DBS Bank

Digi saving is an online savings account by DBS Bank. Digibank Debit Card lets you do cashless, contactless, PINless payments up to Rs.2,000 enabled by VISA Tap to Pay. You just need to wave your digibank debit card at a Tap to Pay enabled terminal.

State Bank of India

One of the oldest surviving bank SBI has also gone a sea of change in the last few years to remain relevant in the changing times. It comes with six different types of saving deposits. SBI Digital Savings Account is an online savings account that customers sign up using their Aadhaar Card and PAN Card.  Their Yono app is a two-in-one app with lifestyle and banking facilities meant for SBI customers.

IndusInd Bank

IndusInd Bank has around 12 types of savings accounts. The feature ‘My Account My Number’ lets you to choose your own bank account number based on your birthday, anniversary or any other date. It is an exclusive feature available for the customers of IndusInd Bank’s savings account.

Indus Maxima Savings Account and Indus Diva Savings Account, Indus Senior Savings Account, Indus Classic Savings Account, Indus Privilege Savings Account are some of the savings accounts of IndusInd Bank that have a minimum balance requirement based on the location.

Savings account is a financial need and the right savings account can make your life easier. So choose your savings scheme wisely.

 

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