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
- 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.
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.