Do you focus solely on the interest rate while choosing a savings account? Opening a savings account based only on the interest rate is not advisable since banks offer several other beneficial features today. Using a mobile banking app, you can check your bank statements, invest in various schemes, and open Fixed Deposit (FD) accounts. This article enlists four new-age savings account-related features that you must prioritise in your bank account besides a high interest rate.
1. Banks are focusing on savings-friendly features
Let us take IDFC FIRST Bank’s example to understand the definition of the term ‘savings-friendly features.’ IDFC FIRST Bank’s customers can significantly increase their savings over time thanks to the following features:
IDFC FIRST Bank’s Zero Fee Banking helps customers increase their savings
Zero Fee Banking is a key feature of IDFC FIRST Bank’s savings account that waives the fees of 28 savings account services. Since fees like SMS alert charges and Demand Draft Pay Order issuance charges account for a sizeable sum over time, the customer’s savings reduce. Other charges that IDFC FIRST Bank waives through this feature are IMPS (Immediate Payment Service) charges, NEFT (National Electronic Funds Transfer) fees, Account closure charges, and chequebook re-issuance charges.
The bank transfers interest credits directly to the customers’ accounts
IDFC FIRST Bank offers also offers monthly interest credits through its savings accounts. This feature further contributes to increasing a customer’s savings.
IDFC FIRST Bank offers a high-interest rate
A high interest rate helps the customer grow their savings steadily over time.
2. Banking apps are prioritising quick online transfers
Besides UPI (Unified Payments Interface) transactions, IDFC FIRST Bank facilitates Auto Pay and One-Swipe Pay – two newer modes of online fund transfer. Auto Pay automates the customer’s recurring online payments like contributions towards rent. One-Swipe Pay, however, is a contemporary to other payment methods like NEFT or IMPS.
3. Savings accounts are offering superior accessibility
You can easily access any banking service through a mobile banking app. From viewing and managing their credit cards to checking their bank account balances, customers can access multiple services through IDFC FIRST’s app. Customers can also access IDFC FIRST’s customer support team conveniently through the app.
4. Customers can access a significant personal loan amount at any time
Finally, an online savings account like IDFC FIRST Bank’s can help you always have access to a high personal loan amount too! IDFC FIRST Bank’s instant personal loans help customers access loans worth up to ₹1 crore. You can use IDFC FIRST Bank’s Personal Loan EMI Calculator to know the value of your future EMIs and plan for your future expenses.
If your bank account helps you save more, facilitates quick online transfers, offers superior access to services, and helps you access a high loan amount; rest assured about having made the right choice. Use IDFC FIRST Bank’s savings account interest simulator to calculate the total interest you can earn through an IDFC FIRST Bank account.
