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How to select the perfect Savings Account #SavingsHaiAsaan

RBL Bank Feb 28, 2022

In a quaint street of Chennai, a family was preparing to bid goodbye to their son leaving the nest for the first time. Manohar walked up to his son's room, who was busy packing for his internship in Bengaluru. Amid the chaos that surrounded them, Manohar decided to give Shyam, his son, a quick rundown of making the right choices with the money he would be handling. Although the conversation started with the teenager wanting to postpone the conversation, it soon became evident to him that his father had much knowledge on saving from a young age, particularly about the benefits of having a good savings bank account and having financial discipline.

As a fresher, Aisha moved to Hyderabad. She was preparing her monthly budget when she realized her shopping and entertainment expenses were mounting up. And as much as she tried to save, something was missing. Soon she began researching ways of having passive income or for options that offered better benefits through reliable and safe means. Banking websites and their ads quickly popped up on her feed, and she realized there is more to banking than just debit and credit cards.

A newly married couple, Dina and Rohan, moved to Mumbai to start their life together. Like most millennial couples in their late 20s, they wish to travel the world. Instead of spending from their life savings, they decided to open an account exclusively to fund their wish list and contingencies. Although they invest in mutual funds and the share market, they wanted a safer option for these needs. With the help of their banker friend, they started exploring various savings account features.

Amid the pandemic, different people from different cities and walks of life are experiencing one underlying theme — the need for a good savings account. Before we dive deep into finding the right savings account for them, let us understand the concept of interest rates from banks and how to build a savings portfolio.

Importance of interest rates

We all know banks offer an interest rate on a savings account, and that is paid quarterly. However, very little forethought is given to this percentage as there are many other lucrative means of saving and growing wealth. Having a bank account that offers a significant interest rate helps the account holder in the long run. When we say significant, anything north of 5% p.a is acceptable. Here are a few reasons why this is helpful to an investor.
  • High-interest rate on liquid cash held at the bank is a source of passive income to the holder. More cash in the account, better quarterly interest rate.
  • One of the safest avenues to save on a regular basis. Along with the benefit of access to liquid cash, a savings account gives a sense of security to the holder.
  • The easiest way to start creating wealth. Savings accounts and other bank deposits can be opened even at a very young age, with a guardian's permission. The power of compounding will help the holder grow their savings over time.
  • The quickest way to start saving with minimal formalities. Opening a savings account or fixed deposit is instantaneous as banks have various ways of completing KYC.

#SavingsHaiAsaan

There is no one definition of a good savings account. But from experience, the attributes of a good savings account include - an effortless transactional experience with the Bank, the range of services and facilities linked to an account, and most importantly, the ability to open and access an account without contact. RBL Bank ticks all three boxes. Here is why —

  • RBL Bank's interest rates
    Over the years, RBL Bank has been recognized as one of the few banks in the country with the most competitive interest rates for fixed deposits, recurring deposits, and savings bank accounts.
  • Contactless banking facility
    Opening an account with RBL Bank takes only five minutes. With only Aadhaar and PAN card, a customer can open an account through the Bank's latest 'Contactless Banking' facility. Both the mobile app and desktop version of digital banking allow customers to perform all tasks hassle-free from the comfort of their bed or couch.
  • Secure transactions
    Transacting through RBL Bank is completely safe. With an SSL certificate, the payment gateway is completely secure for users. In the event of stealing or loss of a card, an account holder can instantly deactivate the card from anywhere to prevent fraud or theft.

There is no one size fits all in a savings account. RBL Bank understands the needs of individuals and offers a range of savings accounts to suit your needs.

Back in Chennai, Manohar showed his son, Shyam, the benefits of a savings account, and together, they opened a Digital Savings Account with RBL Bank through the MoBank2.0, a mobile app that offers a 360-degree view of your relationship with the Bank. Shyam was glad to avoid the hassle of going to the Bank.

Aisha's quest for passive income led her to RBL Bank's Woman's First Savings Account. The account has various benefits, including higher interest rates, year-long discounts, and exclusive Woman's First Debit cards with the best of offers in lifestyle, dining, health, and finance.

Dina and Rohan found their perfect savings companion in the Prime Digital Savings Account. The account seemed tailor-made to their needs as it offered a high-interest rate, free withdrawals from the Titanium Debit card, and insurance benefits.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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