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Everything You Need to Know About Opening a New Savings Account

Everything You Need to Know About Opening a New Savings Account

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Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.

If you are scouting for a bank to create a savings account, you will find multiple options. Each saving account comes with its benefits and interest rates, key components that influence your decisions. Hence, it can be confusing to decide to open a new savings account online.

However, there are several core factors that can help you decide the ideal account for you. Stay with us as we walk you through the essentials of a savings account.

Breaking Down the Concept of Savings Account

Think of a savings account as a virtual space to store and hold your money. You can withdraw this money using an ATM or use the funds in your account directly through a debit card. Plus, each bank offers a small interest on savings accounts.

Most Indian banks and financial institutions have different kinds of savings accounts, such as:

  • Regular savings account, ideal for day-to-day use – different banks have a prescribed minimum balance limit for these accounts
  • Zero balance savings account, where you don’t need to maintain a minimum balance
  • Kids’ savings accounts, catered towards parents who aspire to set aside some amount for their children
  • Senior citizens’ savings accounts, which offer additional benefits in the form of health insurance and other coverage to cater to people above 60

Before you decide to open a new saving account, explore these types and determine the best option for your need.

3 Factors to Consider Before Choosing a Savings Account

Selecting your savings account is crucial since it acts as a central platform for all your transactions. Hence, be mindful of the following before you commit to a savings account:

1. Facilities offered by the Bank

Ensure that your bank has a strong presence in your vicinity and a respectable presence throughout the country. Plus, research and enquire about their digital services. In this era of net banking and online payments, you will miss out on seamless digital transactions if your bank does not provide access.

2. Ancillary Fees

You might notice that some banks charge extra for additional services. For instance, you might be asked to pay surplus charges for acquiring a new chequebook. Take a comprehensive tour of the bank’s services and confirm no hidden costs that will impact your overall banking experience.

3. Deals on Debit Cards

Cashback, e-vouchers and other benefits are commonplace when you gain a debit card. Look for banks that offer lucrative offers with a new savings account and reward you for debit card transactions.

Wrapping Up

Undoubtedly, a savings account is the need of the hour for streamlined financial activities. That’s why Fi offers a zero-balance savings account in collaboration with the Federal Bank. Sign up for free and open your savings account online. Benefits include a VISA platinum and a free Forex debit card with no hidden charges! But that’s not all. With Fi’s online savings account, you can distribute your funds into savings to earn additional interest, budget smarter, send/receive payment quickly and even invest in mutual funds!

Frequently Asked Questions

1. How do customers choose the right type of savings account for their financial needs?

The best savings account for you depends on your requirements from this account. Whether it is a salary or personal expense account, you can choose according to your expenses. Plus, take note of the minimum balance and make sure it is as low as possible.

2. Can savings accounts be opened through online banking platforms and mobile apps?

It is super easy to open a savings account online. You only need your mobile number to begin the process, and you can complete it indoors.

3. What are the fees and charges of opening a new savings account?

Every bank levies different fees on a new savings account, depending on their services. However, the general range is between INR 100 to INR 800.

4. How can customers compare different savings accounts to find the best one for them?

Each bank has a dedicated website detailing the strengths and benefits of each type of savings account. Alternatively, you can contact a bank’s relationship manager to learn more.

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