While the highest interest-rate savings accounts are always preferred, they may not always help you save more in the long run. A high-interest rate must complement other features, such as low charges on banking fee, that facilitates customers to enjoy the services seamlessly. This article highlights five savings account features that can help alleviate your overall digital banking experience. Let us take IDFC FIRST Bank as an example in this article.
1. Open your savings account online instantly
There are many advantages to opening a savings account online in India. IDFC FIRST Bank offers a variety of customer-friendly features that help customers save significant funds eventually. A high-interest rate coupled with monthly interest credits increases savings. Furthermore, budgeting features like IDFC FIRST Bank Track My Expense option help customers save more by budgeting better finances.
2. Choose an efficient mobile banking app
Secondly, you must choose an efficient mobile banking app after preferring an online bank account opening. The IDFC FIRST Bank mobile app automates monthly recurring transactions through the Auto Pay feature. Furthermore, the One-Swipe Pay feature helps customers seamlessly transfer money online through the app. The app also facilitates UPI (Unified Payment Interface), NEFT, IMPS, and RTGS transfers. You can also open a Fixed Deposit (FD) account instantly through the app and check the details of your loans on the go.
3. Prioritise a digital account that secures your transactions
Following a directive from the Reserve Bank of India (RBI) in this regard, in the age of quick and seamless UPI transfers, banks focus more on the security of transactions. IDFC FIRST Bank customers can add multiple layers of security to their transactions to further secure them. You must choose a digital savings account that employs multiple layers of protection on online transfers.
4. Opt for an account that charges lesser fees
IDFC FIRST Bank’s Zero Fee Banking feature helps customers avoid the fees on over 28 banking services, including ATM withdrawals and deposits, NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service) transfers. The bank offers this feature on all its savings accounts, helping customers transact easily using ATMs and avoid hefty fees while transacting online. When one views the customer-friendly features mentioned in the previous section in conjunction with Zero Fee Banking, one realises that this bank helps customers significantly increase their overall savings.
5. Your online savings account must offer higher accessibility
All banking services must be highly accessible through your mobile app. IDFC FIRST Bank customers can view and manage their credit and debit cards, view the details of their FDs, and open an instant personal loan via an online savings account. The IDFC FIRST Bank mobile app also facilitates uninterrupted access to the bank’s customer support team. Be sure to choose a bank that does not compel you to wait in endless waiting queues to resolve a query.
An online bank account opening is fruitful only when the bank’s mobile banking app is technically resilient. You must therefore check the efficacy of your bank’s mobile app before signing up for its savings account.