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Savings Account
How should you use your savings account for maximum benefits?
Key Takeaways
Choose the right savings account type that suits your life stage and optimise benefits like preferential rates or special privileges.
- Understand the interest rate structure and aim for monthly interest credits to harness compounding and maximise returns.
- Be aware of fees and charges on savings account services.
- Use your savings account for more than basic transactions: automate investments, use value-added debit card perks and link to other financial tools for smarter money management.
How should you use your savings account?
Ask yourself this question and you will have several answers popping up in your mind, like:
- To park surplus funds
- For easy fund transfers
- To make quick payments
- For hassle-free online banking
…and more.
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But did you know these are not the only benefits of savings accounts? With optimal usage, you can unlock the account's full potential and make it do more. This will help in –
- Enhancing your disposable income
- Managing your investments more effectively
- Saving on transactions and purchases
- Minimising the fees and charges to save more
All in all, you can have better control over your finances and can use the savings accounts to your advantage.
Wondering how? Check out some tips listed below for useful insights.
Tips to optimise savings accounts for maximum benefits
Choose the right account
Start with the first thing – choosing the right type of savings account. There are different types of bank accounts offered by banks. Common examples include the following –
- Regular savings account
- Women’s savings account
- Minor’s savings account
- Senior citizen’s savings account
Each account comes with its own set of features and benefits. For instance, a women’s savings account might offer additional banking privileges for women and preferential interest rates on loans. Similarly, a senior citizen’s savings account might offer higher interest rates.
Depending on your needs and use, choose the right type of account. This will help in unlocking the benefits and privileges that match your banking needs and make your banking experience all the more enhanced.
Understand the interest rates
Savings accounts offer guaranteed interest rates on the balance maintained in the account. Look for the best rates to earn the maximum returns on your deposited funds. Moreover, check the compounding frequency of the interest, i.e. when the interest is calculated and credited to the account. The higher the frequency, the higher your overall interest earnings.
For instance, IDFC FIRST Bank Savings Accounts offer interest rates up to 6.50% p.a. with monthly interest credits. Not only is the interest rate on the higher side, but the monthly credits offer one of the highest compounding frequencies (which is 12), allowing you to earn more from the account.
Know the fees and charges
Savings accounts have different types of fees and charges associated with them. Common examples include charges for online fund transfers (NEFT, RTGS or IMPS), ATM charges, debit card charges, chequebook issuance charges, etc.
Know these fees and charges as they form an additional expense deducted from your savings account balance.
Maximise debit card privileges
Most savings accounts offer debit cards that help ATM withdrawals and cashless transactions. These debit cards also come inbuilt with various merchant offers and other privileges. You can earn cashbacks on merchant transactions, higher purchase limits, complimentary insurance coverage, and more.
Choose automated payments and investments
The savings account allows the auto-debit mandate, handy for paying your bills and investing. Set up the mandate and pay your bills within their due date to avoid late payment fines.
Moreover, invest in suitable avenues automatically, through auto-debit mandate, with the help of your savings account. This would debit the investment amount from your savings account and credit to the investment that you have selected.
For instance, start a Systematic Investment Plan (SIP) in a mutual fund scheme and set up the debit mandate. The SIP amount would be debited monthly from the savings account and credited to the mutual fund scheme for attractive returns. Similarly, you can save systematically in a recurring deposit scheme or invest yearly in the Public Provident Fund (PPF) account directly from the savings account.
This automates investments, eliminating the possibility of missed instalments. It also inculcates the habit of disciplined savings and allocates the account balance to different avenues for attractive returns.
Get #MoreFromYourBank with IDFC FIRST Bank Savings Accounts
The aforementioned tips allow optimal usage of your savings account, and for a rewarding experience, choose IDFC FIRST Bank Savings Accounts. Besides the high interest rates with monthly credits, enjoy the following benefits too –
- A choice of different types of savings accounts for different needs
- A convenient digital account opening process
- Choice of rewarding debit cards with complimentary insurance coverage and higher transaction limits
- Cashbacks and discounts on debit cards
- 24X7 customer support
And more!
Make your savings account work for you
Don’t just open a savings account for convenient banking transactions. Unlock the benefits of a savings account and make it work for you. Use the aforementioned tips and realise the potential of the savings account. Choose the right account, like IDFC FIRST Bank’s Savings Accounts, and enjoy effective financial management, which helps you save more and gives various banking privileges.
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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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