Monday, August 22, 2016

Best Savings Accounts in India

Best Savings Accounts in India

While the interest rate offered is an important factor in deciding which bank you choose, there are other factors like the bank’s approachability, dedication to servicing the customer, the efficiency and security of its mobile app, etc. that one must also consider.

It’s difficult to say which bank and which product is the best, as every individual customer’s needs are different and specific to them alone.

Some may just want to park their funds and grow the corpus with a high interest rate (and not care much about the account’s actual usability), while others may want an account through which they can conduct their everyday transactions and will place more stock by usability and customer service than on the interest rate.

SBI Savings Account

State Bank of India savings accounts are among the most balanced – as there are SBI bank branches all over the place, and the rate of interest is always competitive. These accounts also have usability through the SBI website.

ICICI Bank Savings Account

ICICI Bank savings accounts may not offer the highest interest rate, but are almost unparalleled in terms of ease of use. The intuitive mobile app and online banking facilities with direct bill pay, etc. are excellent tools that can save time.

HDFC Bank Savings Account

HDFC Banksavings accounts offer a marginally higher interest rate, but the bank has been known to delay customer queries, and hasn’t received the best customer feedback compared to its rivals. Despite this, HDFC has among the largest ATM networks in cities, which makes it the ideal account for a certain type of account holder.

In the same way, most savings accounts offered by different banks in India have their own little perks and problems – you just need to find the right one that suits your specific needs.
How to Check Your Savings Account Balance?

You can access yoursavings accountthrough a totally secure interface online, or at an ATM, or visit the bank with authentication. Today, most transactions through savings bank accounts are done online. Banks have made it incredibly simple to conduct basic and recurring transactions over the internet through their secure servers – which can be accessed through the respective bank’s smartphone app and websites.

Using the bank’s smartphone app, account holders can pay bills, check the account balance, transfer funds, and manage their finances in real-time, without the need to visit the bank at all.

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