Opening a high interest rate savings account is the first step an individual takes towards financial independence, which is also the reason why it is the most crucial step in this journey. Today, customers can choose from a variety of high interest savings accounts in India that offer the opportunity to grow their savings steadily; however, how can customers go about identifying the right savings account? Opting for a high-yield savings account helps customers bank conveniently and plan for their future investments and expenses in a more accurate manner. Read on to know ways in which a customer can avail maximum interest rates on their savings accounts by choosing a high-yield savings account in India.
Customers must choose a high interest savings account by comparing bank offers:
Several banks in India offer high-interest savings accounts. IndusInd Bank’s high interest savings account helps customers open their account with minimum documentation and allows them to choose an account number of their choice. Furthermore, customers gain access to a wide variety of banking services through IndusInd Bank’s dedicated mobile banking app. Choosing a bank account that prioritises the customer’s convenience alongside offering a high interest rate can help the customer increase their overall savings.
They must choose the auto-sweep facility while opening a savings account:
Customers can also choose to automatically transfer their surplus savings into a fixed deposit (FD) account by opting for the auto-sweep facility. IndusInd Bank’s Indus Multiplier Max Savings Account offers the “Smart Sweep” feature that helps customers book an FD after their balance crosses a threshold of ₹ 20,000. This feature leverages the guaranteed earnings offered by FD accounts to help customers gradually grow their wealth.
Customers must maintain a high account balance in their online savings account:
Maintaining a high account balance translates to higher interest earnings. Furthermore, a higher account balance gives the customer access to liquid cash; thereby helping them tend to pressing financial needs quickly. A higher interest rate on one’s savings account can complement this increase in interest rate and help the customer save more.
They must consider choosing a specialised online savings account:
Banks offer various categories of savings accounts that cater to different customer needs. Specialised savings accounts such as savings accounts for senior citizens offer higher interest rates. Certain banks also offer savings accounts that help customers benefit from a higher interest rate on maintaining a high account balance.
Opening multiple accounts can help customers increase their savings account interest rate:
Another way of increasing the interest rate on one’s savings account is simply by opening another savings account! If a customer thinks that their current savings account does not offer a high enough interest rate, they can opt for a high-yield savings account like the one offered by IndusInd Bank. Deciding on specific financial goals in advance and opening multiple savings accounts to meet those goals is a way for customers to increase their savings account interest rates significantly.
Savings account interest rates are decided by the bank or financial institution offering the savings account. However, customers can follow the specific steps mentioned in this article to increase their savings account’s interest rate and thereby grow their savings gradually. The first and most crucial step that customers must take to benefit from a high interest rate is choosing a high-yield savings account.