Friday, 4 January 2019

Best Bank To Open Account

Through this blog, we will share details on best savings bank account in India. We have compiled a list of interest rates on savings bank accounts and many important criteria for selecting a savings bank account.

Savings Bank Account is one of the basic and easiest ways to keep your money safe. Each of you may have to ensure a savings account. If not, then some of you might be planning to open a savings account.
Best Bank To Open Account
Best Bank To Open Account

Why do you need a savings account?

A simple short answer to this question is: Keeping your money safe. Keeping your money at home will not fulfill any purpose or you will not get any interest. Also, after remittance campaign, it is advisable to add a small part of your savings to a bank account anyway. You can easily transfer and reinvest the deposit amount in Savings Bank Account according to your financial purpose.

Types of Savings Bank Accounts:

  1. Regular Savings Account: A simple basic savings account used by the account holder following the basic rules and conditions of the bank.
  2. Salary Based Savings Account: These are usually opened by the companies to their employees, where the salary of the employees is transferred on a monthly basis.
  3. Savings Account for Senior Citizens: These are similar to regular savings accounts, but provide higher interest rates and some privileges to senior citizens.
  4. Savings account with special benefits to women: Some banks provide such accounts where special benefits and facilities are provided to women.
  5. Savings Account for Minors: These accounts are opened by parents/guardians on behalf of their children.
  6. Zero Balance Savings Account: There is no penalty for you on such an account if the balance falls below the minimum threshold.
Now, coming to this point, the next step is to set the best bank to open a savings account. In order to decide which bank is best for opening a savings account, you have to consider some important points.

Be sure to note all these important points before deciding the best bank to open a savings account for you.

  1.  Minimum balance requirement:

There is a minimum balance that you need to keep in your account so that your account is active. Private sector banks generally need to maintain a higher amount of minimum balance than public sector banks.

If your balance is less than the minimum threshold, the bank charges a maintenance fee for that.

The average monthly balance required may be more than Rs. 1000000 by the minimum amount of Rs. According to 20000 or according to their rules, there may be a higher zodiac sign. This is based on the type of account you opened and the account opening in the bank.

Therefore, if you can maintain a special balance in your account, then this should not be your primary concern.

    2. Charges / Fees:

Banks usually charge for any additional service offered like book issue, minimum balance not maintained etc. So, you should clarify any hidden charges beforehand.

   3. Location of branches:

This is not a major concern But, a bank having a substantial number of branches will be more beneficial in case you are a frequent traveler. So, if you relocate from one place to another, this will make life easy for you A nearby ATM is definitely an added advantage for you

You should check out for yourself, what are your priorities and consider the important criteria before opening a savings bank account.

Best Bank To Open Account

These are not in any particular order. Your choice may vary depending on your choice, location, purpose, services etc.
  1. State Bank of India or SBI
  2. Axis Bank
  3. Kotak Mahindra Bank
  4. Yes Bank
  5. Citibank
  6. Punjab National Bank or PNB
  7. Bank of India
  8. RBL Bank
  9. HDFC Bank
  10. ICICI Bank
  11. Canara Bank
  12. Union Bank
  13. Bank of Baroda
  14. Lakshmi Vilas Bank
  15. IndusInd Bank
  16. Bandhan Bank

Best Bank To Open Account: A Final Take

If interest is higher than what you are looking for, then Yes Bank and Kotak Mahindra Bank offer better interest rates. This can be a good option for you.

If you look for the number of locations and branches, State Bank of India or SBI is a good option. This is a public sector bank and does not require a minimum balance. Customer support is also good in different branches.

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