Opening a Savings Account is important for your financial future. To make the most of your Savings Account, you must
learn the do's and don'ts. Choose the right account type and understand interest rates to manage your money wisely.
Do's
1. Check interest rates: Interest rates aid the growth of your savings. Higher interest rates mean
your money grows faster, so seek out banks that offer competitive rates. It's wise to understand how interest is
calculated and compounded. Banks offer daily, monthly or quarterly compounding, which can affect your overall
returns.
2. Evaluate fees and charges: Understanding the fee structure of a Savings Account is important.
Some accounts come with maintenance fees, ATM withdrawal charges and other hidden costs. Opt for an account with
minimal fees to maximise your savings. Be sure to read the fine print to avoid unexpected charges and look for banks
that offer fee waivers or minimal fees for certain accounts.
3. Consider e-banking facilities: Ensure the bank offers robust online and mobile banking
facilities. Check for features like mobile deposits, online bill payments and easy transfer options. A good digital
platform can save you time and make managing your account hassle-free.
4. Minimum balance requirements: Many Savings Accounts have a minimum balance requirement. Choose an
account that matches your ability to maintain the required balance to avoid penalties. Accounts with lower minimum
balance requirements can be beneficial if you're just starting to save.
Don'ts
1. Don't ignore terms and conditions: Read the terms and conditions before opening a Savings Account. Overlooking these details can lead to unexpected
hassles. Make sure you understand the policies on fees, interest rates and account usage. This helps you avoid any
surprises that could disrupt your savings plans.
2. Don't have multiple accounts: Opening multiple Savings Accounts can be cumbersome and difficult
to manage. Stick to one or two accounts that meet your needs effectively. Having too many accounts can spread your
savings thin and make it harder to meet minimum balance requirements, resulting in unnecessary fees.
3. Don't overlook account accessibility: Ensure the bank has sufficient branches in your vicinity.
Accessibility is crucial for managing your finances efficiently. Also, consider the bank’s ATM network and its
affiliations, which can save you from incurring additional withdrawal fees.
4. Disregard security features: Choose a bank that prioritises the security of your funds. Features
like two-factor authentication, fraud detection mechanisms, and secure online banking protocols are vital for
safeguarding your savings. Look for banks with a strong track record in security and customer protection.
Also Read: Top 9 benefits of having
a Savings Account
Wrapping up
By researching available options, checking interest rates and considering digital banking facilities, and not
ignoring terms and conditions or overlooking account accessibility, you can make informed decisions to grow your
savings.
For a seamless banking experience, open an Axis Bank Easy
Access Digital Savings Account. Enjoy features like an instant virtual Debit Card with 1% cashback on online
spends, video-based KYC for quick and paperless account activation within 60 minutes, and exclusive offers such as
10% cashback on Flipkart and Amazon via GrabDeals.
Disclaimer: This article is for information purpose only. The views expressed in this article
are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd.
and/or the author 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. Please consult your financial advisor
before making any financial decision.
