Here’s how users can get the most out of their savings account

New Delhi: Savings accounts, despite modest interest rates, are definitely part of an individual’s financial plans. The reason could include factors such as the different types of savings accounts offered by banks and having an account that makes saving and spending money simple and easy.

Most likely, interest rates on savings accounts range between 3.5% and 4% per annum for most banks. Some might offer slightly higher returns. However, savings account holders should be aware of the average monthly balance Criteria.

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Excluding Basic Savings Account and zero balance accounts, there is a criterion of maintaining a minimum average monthly balance depending on the type of account held by the client. In order not to face a fine from the bank, the user is advised to adjust the amount held in the savings account so that it corresponds on average to the minimum monthly value .

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So, is there a way to get the most out of your savings accounts and earn more from a standard savings account?

• Open specific savings accounts

Some examples in this category include Children’s savings accountsSenior Savings Accounts, and Youth savings accounts. These particular types of accounts offer a higher interest rate as well as additional benefits.

• Offers on shopping sites and more

Individuals who want to get the most out of their savings account can choose an account that regularly offers promotions and other offers. For example, the HDFC Bank offers a wide range of benefits to its customers. From shopping/EMI deals on e-commerce sites and exclusive offers during festivals to discounts on food delivery apps and more.

• Scan facility

This is an automatic facility where any amount above a certain limit is automatically converted into a fixed deposit. If there is a shortage of cash, the bank automatically liquidates the FD to make up the shortfall. Investing in FD is a better option to earn interest at these rates.