In this past year, it has been more important than ever for Indian households to prioritise their spending and saving needs as well as their methods of saving and investing. A Digital India that has always been tech-savvy is on the rise, and is rapidly adapting to the changing landscape. With increasing financial literacy, Indians are looking to conserve and invest their money wisely. With decisions around money and its management having always been based around ‘trust’ and the discussions around money becoming increasingly fluid, a high-trust banking platform is now simply a prerequisite for a curious customer; they are on the lookout for more. Today the customer wants convenience, perquisites, digital options that are fast, secure, safe, trustworthy and transparent, and so much more. They have many questions in their mind when choosing their savings accounts:
- How easy is it to open a digital savings bank account?
Is the process online, quick and hassle-free?
- Which bank gives me a higher interest rate on a savings account?
- Which bank offers a higher interest rate on a fixed deposit?
- Do I get any offers and benefits on my debit card and other online transactions?
With contactless banking, emergency funds and optimization of spends having a newfound importance post the year 2020, the savings accounts of today need to have much more to offer.
Here are 5 ways in which you can make smarter banking choices for your money.
1. Prioritise Contactless Banking Options
What started as a “need of the hour” with quarantine and lockdown restrictions has today eased into a regularly accepted, even expected practice. The ‘new normal’ mandates a banking partner that offers an end-to-end digital experience instead of still expecting you to physically visit their bank branches for basic tasks, services and inquiries.
You can open an RBL Bank savings account online in less than 5 minutes. All you need to do is:
✓ Download the RBL MoBank App from Playstore or App Store, and
✓ Keep your PAN card and Aadhaar Card ready for a quick video KYC.
Know more about opening a Digital Savings Account effortlessly with RBL Bank.
2. Compare Interest Rates Offered On Savings Bank Accounts
First things first, savings accounts give you ease of access to your money for your day-to-day expense needs. The interest rates routinely offered on savings accounts are extremely low as these are not exactly looked at as a source of income earning. But for savings accounts with good and consistent account balances, the basic rate of interest offered has to be comparable to say the least.
3. Compare Interest Rates Offered On Fixed Deposits
Fixed Deposits are a traditionally preferred method of investment in India. FDs offer a consistent return or interest on your investment, are free from the volatility and risk associated with market investments and are liquid, i.e., your investments are accessible to you at any given point. It’s always advisable to have such investments at your disposal for a rainy day, and the obvious next step is to invest in FDs that get you solid returns.
4. Does Your Bank Offer Rewards On Your Spends
All spending has the potential to contribute to even more benefits. Allied banking services like Debit and Credit cards often offer rewards for staying on top of your spending in the form of periodic rewards and reward points, discount vouchers, cashbacks, and so on. Check if your savings account gives you your spendings’ worth in the form of usable rewards.
5. Go For Savings Accounts That Provide An Array Of Beneficial Services
Have you noticed that decisions around money and financial security are often difficult when there are many options and it is not clear what to choose? Isn’t it always better when financial institutions offer an umbrella of products and services under one roof? The best banking partner should also offer you additional services like Credit Cards, Investment, Insurance and Loan options, banking on the go and more to suit all of your lifestyle needs.
Read the 5 reasons why banking with RBL Bank can help you derive maximum benefits.
Banks and banking customers are going fully digital over the past year. This has been a blessing in disguise in a way, helping people get rid of the initial hesitation of making the transition. Age-old banking practices have been upended for good, much in line with the financial stability, security and smart saving options that banking customers are seeking.
Digital savings bank accounts not just tick all the right boxes, they are truly the way forward in ensuring that your banking experience is seamless, and high on delivering real value. Where time is money, contactless is the key and value is the driving factor, your banking partner should be in complete alignment with your personal financial goals and spending habits. Make sure that you choose one wisely!