How should one go about growing one’s savings through a high-interest-rate savings account? There are 6 steps that you must follow to ensure that your savings increase over time, all of which are enlisted and discussed in this article. Read on to learn how you can grow your savings through an online savings account:
- Opt for a high-interest savings account
Firstly, you must shortlist savings accounts with the highest interest rates. A savings account like the one offered by IDFC FIRST Bank offers one of the industry’s best annual interest rates to its customers. This is highly desirable since your savings will grow at a faster rate when maintained in such a savings account. Most high-interest savings accounts offer debit cards that come with special benefits such as unlimited ATM transactions, a high daily purchase limit and cash withdrawal limit. In IDFC FIRST Bank’s case, the popular VISA Platinum Debit Card with ₹25,000 average monthly balance is offered to the customer. In addition to these, ore than 25 frequently-used banking services are offered at zero cost by IDFC FIRST Bank.
- Check if your bank provides monthly interest credits
Monthly interest credits add to the customer’s ability to save more through his/her savings account. An interest credit is nothing but interest earned on the already-gathered interest in the account.
- Choose an online savings account
To facilitate seamless accessibility of your savings account and access additional benefits from the bank or financial institution, you must opt for an online savings account opening. Opening an online savings account requires you to provide fewer documents as compared to opening an account the traditional way. In the case of IDFC FIRST Bank’s instant savings accounts, you only need to provide your Aadhaar card and PAN (Permanent Account Number).
- Compare overall savings online using online calculators
To understand the savings earned from the interest of a savings account, you can use a savings account interest calculator. Online calculators such as IDFC FIRST Bank’s Savings Account Interest Simulator can help you analyse this difference easily. Such calculators are free to use and can easily be found online.
- Opt for a savings account that charges less fees
Some of the fees that banks charge include IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), chequebook, and SMS alert charges. Banks can also include third-party cash transaction charges at branches, charges for insufficient balance, demand drafts/PO issuance charges, etc. IDFC FIRST Bank has a zero-fee policy that waives 25 such additional charges that the customer must bear for a savings account.
- Invest your savings
Finally, after growing your savings through monthly interest credits, a high interest rate, and lower fees, you must invest your savings in an effective investment scheme. The mobile banking services offered by the bank must be seamless for you to be able to do so. You must also ensure that the customer services offered by the bank be professional and efficient to ensure that they can promptly guide you with any required assistance.
Following the above-mentioned points can help in saving up a significant amount and establishing a stable financial corpus through your savings account.
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