GUIDESBANKING
Everything You Need to Know About Opening a New Savings Account
5 MIN • 
LAST EDITED BY ATHARVA GUPTE ON APRIL 22, 2025.
LAST EDITED BY ATHARVA GUPTE ON APRIL 22, 2025.
GUIDES LAST EDITED BY ATHARVA GUPTE ON APRIL 22, 2025.
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.
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:
Before you decide to open a new saving account, explore these types and determine the best option for your need.
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:
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.
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.
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.
Undoubtedly, a savings account is the need of the hour for streamlined financial activities. That’s why you can sign up for a Federal Bank Savings Account on Fi. Benefits include a VISA platinum zero-Forex Fi-Federal debit card on select plans! But that’s not all. With this 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!
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.
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.
Every bank levies different fees on a new savings account, depending on its services. However, the general range is between INR 100 to INR 800.
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.
