Things to check beyond interest rate while opening a Savings Account

Opening a savings account is probably your first interaction with a bank. It is the most basic financial product for savings. You can also use it to conduct regular transactions such as receiving a salary or grocery shopping.

We often only pay attention to the interest rate while opening a savings account. Here is a quick guide on how to choose a savings account based on other important factors.

• Minimum Balance Requirement
  
  Every bank has different savings account limits and minimum balance criteria. The bank may charge a high monthly penalty if you fail to maintain this. So, understand your bank's minimum balance requirement before opening a savings account.
  
  For example. IDFC FIRST Bank offers two types of savings accounts with different minimum balance criteria:
  • Rs 25,000 (for a Visa Platinum debit card)
  • Rs 10,000 (for a Visa Classic debit card)
     
• Processing Fees
  
  While most transactions and services come free of cost, there may be a processing fee (or some other charge) on certain transactions. For example, annual debit card fees, cheque returns, international ATM transactions, etc., attract additional charges. Research well to understand the various fees, so you are never surprised. IDFC FIRST Bank believes in absolute transparency and advises you to view all the charges mentioned on the website before signing up for a service.

• Additional banking products and services
  
  A savings bank account has several other products and services you should review. For example, debit and credit cards and netbanking services are additional benefits you can enjoy as the world goes cashless. Check for these services and related additional fees. IDFC FIRST Bank's savings account comes with add-on products like personal accident insurance of up to Rs 35 lakh with your VISA Platinum debit card.
  
  
• Discounts and offers
  
  Discounts and offers are available when you transact using the debit card linked to your savings account. These offers include free airport lounge access, zero surcharges at petrol pumps, cashbacks, reward points, and other benefits. With an IDFC FIRST Bank VISA Platinum debit card for your savings account, you get one complimentary domestic airport lounge access every quarter. So, check for such offers before you zero down on a savings account with any bank. If used mindfully, you can save a lot of money simply by availing of these offers on debit card transactions.
  
  
• Great Customer Service
  
  Good customer service is paramount, and every bank should aim to offer it. Check if your bank's online customer services include internet banking, mobile banking, UPI-based transactions with various payment apps, chat support, checking account balances, online transactions, etc. In fact, many 'new-age' banks or online banks have sprung up, offering quick online services to their customers.

To sum it up
 

IDFC FIRST Bank is one step ahead regarding customer service quality. It has a 24×7 customer service helpline and comes with great features such as monthly interest credit, free and unlimited ATM withdrawals, low processing charges, and an interest rate per annum that is one of the bests in the industry on savings accounts. Reach out today to open a savings account with IDFC FIRST Bank!

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.