5 top features of online savings account to check before opening
Savings account is highly favoured among individuals due to its versatility as a multi-purpose bank account, offering benefits beyond investment opportunities. Whether you are considering opening your first savings account with high interest rate or adding another account to your existing portfolio, the wide array of choices available can be overwhelming.
Here are 5 key features you should remember to make the most out of your banking experience:
Table of Contents
Convenience
A savings account offers the convenience of conducting banking transactions through online channels. Utilising a bank’s mobile banking app or internet banking platform, you can engage in many functions, including money transfers, bill payments, stock investments, selection of insurance or other investment opportunities, and even ordering a chequebook. These services are easily accessible online, eliminating visiting a physical bank branch.
Mobile banking and digital features
Opt for a bank that offers robust mobile banking and digital features. With a mobile banking app, you can check your account balance, track transactions, transfer funds, and pay bills from your smartphone or tablet. IDFC FIRST Bank’s mobile app provides a comprehensive banking solution. It enables convenient fund transfers, good interest rates on savings accounts, bill payments, expense management, mutual fund investments, and one-click access to bank statements.
Minimum balance requirements
The minimum average balance requirement refers to the average of all the closing balances you need to maintain in your savings account within a month. Various banks have different balance requirements for their savings accounts. Public sector banks typically have a minimum average balance requirement ranging from nil to Rs 2,000. On the other hand, leading private banks usually require a minimum average balance of Rs 5,000 to Rs 10,000, depending on the bank’s policy and location.
Customer support and security
The majority of banks offer Internet banking services to their customers. However, some banks still limit online access to essential transactions. Additionally, certain banks may provide online account but need a more user-friendly experience on their Internet and mobile banking platforms. Suppose you prefer conducting most of your banking transactions online. In that case, verifying whether the bank offers a 24×7 banking facility and allows for a wide range of internet and mobile banking transactions is recommended.
Linked debit card or ATM access
Banks offer savings account holders an ATM or debit card that serves multiple purposes beyond simply accessing their account at ATMs. This versatile card allows account holders to make payments conveniently, in-person at merchant stores, and through online payment gateways. Whether shopping at your favourite retail store or making secure online transactions, having an ATM or debit card provided by your bank ensures seamless payment options at your fingertips.
When you open a savings bank account online, you entrust your financial matters to the bank. Therefore, it becomes essential to carefully select a bank that provides attractive deals and excellent customer service.
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