5 tips to get the most from your online savings account

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The majority of people rely on a savings account to store their funds safely. It’s a great way to promote a healthy saving habit. Plus, you earn modest interest on the money hidden in your account.

the online savings account opening The process has become quite simple as banks allow you to open an account digitally, regardless of your physical location. Now you can easily start pursuing your savings goals without even going to a bank branch!

Plus, there are plenty of strategies you can use to get the most out of your savings account.

Let’s take a look at five handy tips for getting the most out of your online savings account.

Choose an account with higher returns

When it comes to savings accounts, there are a lot of options to choose from. It is wise to choose a product that matches your unique lifestyle needs. Ideally, it is best to go for a high interest account. By opening an online savings account with IndusInd Bank, for example, you can earn a high interest rate of 5.5%.

Free withdrawals and deposits

Almost all banks now charge a certain amount for each withdrawal or deposit. When looking for an online savings account, look for a bank that allows you to make free withdrawals and deposits. The IndusInd Bank online savings account, for example, allows customers to withdraw or deposit up to Rs. 2,000,000 without paying any additional fees.

Use technology to be aware of your spending

Most banks today offer you internet and mobile banking services. Use them to regularly check your balance, transactions, etc. and observe your spending habits.

There is also a wide range of mobile apps that can help you save money by setting goals, automating deposits, budgeting, and more. Netbanking allows you to stay up to date on your finances and make informed decisions. After all, saving money effectively is one of the main reasons you chose online savings account opening.

Free transactions

This is another important point that you should consider when choosing a savings account. Gone are the days when people had to go to the bank to transfer money. With the help of online banking, you can transfer money within hours. However, some banks may charge a certain amount for these transactions. You are advised to search for an account that allows you to conduct free RTGS / IMPS / NEFT transactions on online channels.

Find the associated benefits / discounts

Depending on your bank, you may get great rewards, cashback or cash back when you transact through your online savings account. You can get plenty of deals when you top up, pay bills, order food, book flights, and more.

Always check for these additional benefits when you log into a bank’s website for online savings account opening. These little benefits discounts add up to saving you a lot of rupees in the long run!

Wrap

Improving your financial behavior is the key to better money management. And these aforementioned methods help you manage your finances smartly and get the most out of your online savings account.

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