Having a good savings account is extremely important, especially if you want to ensure that you have enough money put safely aside for later use. Most people in India have a savings account, and there are many excellent accounts to choose from. You can generally open savings accounts for yourself or for someone else - perhaps you would like to put money aside for your children, so that they have some capital when they are older. Use the chart below to compare the main features of each savings account. Please read the terms and conditions of the savings accounts carefully so that you fully understand your financial obligations. Savings accounts are serious financial products. If you are ready to make an enquiry or apply, click on the blue More Info button.
Compare Savings Accounts
Savings accounts are safe places for you to keep your money and earn interest
Finding a savings account to suit you
You need to find an account that suits you so you will get the most out of your money. When choosing an account consider firstly how much you want to save for, for how long and how much money you can afford to save on a monthly basis. Also watch out for any fees for using the account as some providers may charge you for withdrawing cash from a cash machine or an annual fee just for using the account. Make sure you compare different savings accounts before you decide on the right one for you. Use the table above to help you.
How much interest can you earn with a savings account?
One of the most important factors to consider is the interest rate that you will earn on your money and this should be priority. You need to shop around for a savings account that offers the best interest rates. Think about or if you donít mind for it to vary. You may also be given the decision as to whether you want the interest paid monthly or annually.
There are different types of savings accounts
Banks offer a wide range of savings accounts. The main differences between them are how quickly you can get at your money, the minimum amount required to keep the account open and the type and rate of interest paid. Many credit unions offer savings accounts, where you can pay money in and take money out. You can also have your benefits or wages paid straight into some Credit Union accounts. Some Credit Unions offer budgeting accounts, where you pay in a set amount each week/month and they then pay agreed household bills as they become due. A few Credit Unions now also offer current accounts.
Consider how much you can put away to get the most out of your savings
People put money away for any number of reasons. You might want to save for something in specific like a house, car, a holiday or wedding, your childrenís future. It could be that you want to put some money way so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs. If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are bank accounts that people use, first and foremost, for keeping excess money safe. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved.
Things to watch out for with a savings account
It is essential that you know what access you have to your money. There are a number of different phrases which you should make yourself aware of otherwise you could lose a lot of money in penalty fees. Some accounts ask you give notice if you want to withdraw your money, others have easy access and some tie you in for a number of years. Do some research before you commit to a particular account.
03 July 2013
Money on the current account is safe but will not bring any, or just very little, interest. A current account is the account where one receives one's salary, where you put up direct debits and generally make payments. It is an account with which to move money around.
24 April 2013
Everybody needs a current account to be able to receive oneís salary and to manage one's finances. A current account is for moving money around
07 March 2013
A savings account is the best place to keep your money safe and increase its amount.
25 July 2012 18:00
A savings account is probably the first account you will ever have. Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest each month.