Tips on How to Open a Savings Bank Account Online

A savings account is a fundamental financial instrument that ensures secure money management while offering growth opportunities through interest earnings. Evolving digital banking solutions have simplified the process of opening a savings account. Features like zero-fee banking, monthly interest payouts, and a seamless account-opening process are offered. When choosing a savings account, it is important to consider features that align with your requirements.

Savings Account with IDFC FIRST Bank

1. Easy account opening process

Opening a savings account online can be initiated from your home and your account is activated in minutes with just your PAN card and Aadhaar card.

2. High interest rates

Banks offer varying savings account interest rates, depending on your account balance. At IDFC First Bank, for example, the interest would be calculated on the daily closing balance x the number of days divided 365 (number of days in the year)

3. Monthly interest payouts

Interest is calculated on the daily closing balances and earnings to your account every month. This monthly payout provides frequent access to earnings.

4. ATM withdrawals

Many banks provide ATM withdrawals across the country however you must keep the following factors in mind network availability, daily withdrawal limits, any additional fees, etc. These details are available on the bank website or via customer service.

5. Zero-fee banking

IDFC First Bank offers zero-fee banking features on all commonly used banking services such as online fund transfers including NEFT, IMPS, RTGS, etc., chequebook re-issuance, demand draft issuance, debit card, and more.

6. Higher purchase and withdrawal limits

With the 25K AMB (Average Monthly Balance) savings account, you have a higher purchase limit of up to ₹6 lakhs and withdrawal limits of up to ₹2 lakhs. It is important to note that these limits may vary from one bank to another.

7. Debit card

Debit cards come with features such as:

• Access funds at any ATM without any withdrawal charges or limits
• Complimentary access to domestic lounges once every quarter
• Avail a personal accident cover of ₹35 lakhs and an air accident cover worth ₹1 crore with the 25K AMB savings account variant
• Get purchase protection of up to ₹50,000 and lost card liability cover of ₹4 lakhs with the 10K AMB savings account

*The features may vary depending on the type of debit card and savings account variant.

Conclusion

Opening a savings account online with features like high interest rates, monthly interest payouts, zero-fee banking, and a debit card offers a way to manage your earnings. When opening a savings account, keep in mind that you consider those features that are most relevant and important to your needs.

Note to the reader: This article is part of Hindustan Times's paid consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently.