5 things to keep in mind before opening a Savings Account online

A savings account is one of the most popular options to create a safe avenue for your funds. It allows you to take control of your income and expenses. For many people, a savings account is their first interaction with the banking and financial system. With a range of options available to the modern customer and the convenience of online banking, it is critical to choose your savings account wisely.

So, what factors should you consider before opening an online savings account?

1. Online Safety                    

While online savings accounts are generally safe and secure, you must ensure that the bank you choose to open an account with follows the necessary safety protocol. The majority of banks have watertight measures to keep your personal information secure from hackers. However, there are circumstances beyond a bank’s control where the responsibility lies with the customers to ensure online safety. Some tips to remember include:

• Don’t click on suspicious links sent via SMS or email
• Only use links that are from your bank’s official id
• Don’t use unsecured public Wi-Fi connections 
• Create unique and difficult-to-guess passwords
• Change passwords frequently

2. Minimum Balance Criteria 

Most banks require you to deposit an initial pay-in amount to open your savings bank account. Additionally, banks also require customers to maintain a minimum monthly balance, making it essential for you to know the minimum balance criteria and penalty charges in case of non-maintenance of balance. 

IDFC FIRST Bank requires an initial pay-in of Rs 25,000 or Rs. 10,000 to open a savings account and an average monthly balance of Rs. 25,000 or 10,000. You can also opt to open an account with more savings to earn better interest. 

3. Debit Card Offers

The debit card is a nifty tool to make all your transactions easy and quick, and truthfully you cannot get by without it in the current digital-first world. Generally speaking, with your savings account, you become eligible for a free debit card. Different banks offer a variety of debit card benefits to provide the best value to their customers. Ensure that you research these offers before you initiate the bank account opening process. For example, IDFC FIRST Bank offers options between a VISA Platinum card and Classic debit card, with multiple benefits such as a higher daily purchase limit of Rs. 6 lakhs, a higher ATM withdrawal limit of Rs. 2 lakhs, and free, unlimited ATM transactions across banks in India. 

4. Fees and Charges

Many services and transactions are available free of charge for savings account holders, while several others are chargeable. Find out what charges are applicable for various activities, such as cheque returns, international ATM or POS transactions, etc. To avoid being trumped by hidden charges for services availed, it is necessary to do thorough research. IDFC FIRST Bank has minimal, transparent fees and charges laid out clearly on the website and no nasty surprises.

5. Instant Access

It is the age of physical distancing, and the world is banking online. Factors like ease of opening your savings account, customer service, and the efficiency of online banking can be the differentiating factor for a seamless and hassle-free online banking experience. IDFC FIRST Bank has one of the easiest digital account opening processes and offers several benefits and features. 

Instant bank account opening, video KYC, immediate account number generation, mobile banking, and contactless, virtual banking are some of several features that make banking easier and quicker. IDFC FIRST Bank offers all of these facilities along with free multiple fund transfers, free VISA debit card, SMS alerts, and e-statements to enable you to enjoy banking rather than dread it.

A savings account is a great start to managing your financial goals. Compare banks, check eligibility criteria, and open your savings account. To digitally open your savings account with IDFC FIRST Bank, you only need a PAN number and Aadhaar number/VID no.

So, don't wait anymore and start your banking journey with IDFC FIRST Bank today!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.