Top questions to ask before opening a Savings account

Top questions to ask before opening a Savings account

September 7, 2022 1 By samanvya

Savings accounts are the most widely used and availed services that various banks provide. The Indian government has provided a very simple way for the people to open a Savings account online through the government scheme. Still, opening a Savings account from this process comes with some limitations related to the provided facilities and bank account features. 

When you want to open a Savings account, you have to ask some questions before selecting a suitable bank and to avail the maximum benefits and features. 

What are the types of Savings accounts available for you?

Knowing the answer to this question is necessary before selecting any bank. There are various types of Savings account options provided by the bank in which every option has exclusive features. For example, a basic savings account comes with a basic feature, and if you want to avail the services and features, then you have to pay for those facilities and services. 

On the other hand, privileged accounts automatically come with several exclusive features, such as accidental coverage, higher withdrawal limits, a dedicated relationship manager and many more. So you have to check the services and facilities of the particular type of Savings account. 

What is the rate of interest applicable by the banks?

Many banks offer interest rates at the minimum rate of 3.5% on every type of Savings account. Other banks offer 7% interest rates on the Savings account. If you want to open online savings account under the motive of earning high-interest rates, then you should go with the Savings account from the best and trusted banks. 

Is it possible to get the lockers with a Savings account?

Yes, it is possible. There are many banks that offer lockers to their customers along with savings accounts. If you want to keep your documents and other valuable items safe, then you go with the Savings account from that bank that also offers you the lockers. It is suggested to check the annual fee for an additional locker with a Savings account offered by the banks.

Is it easy to avail credit from banks?

Several banks provide loans at low-interest rates to people who already have a strong bond with the branch banks. In case you want to take a loan from the bank, then also check the loan offers first while choosing a bank for your Savings account. It is suggested to choose a bank that offers a loan at lower rates of interest. 

What types of credit and debit cards are provided by a Savings account?

Banks provide different types of credit and debit cards with different options for Savings accounts. Classic cards are provided with the basic type of Savings account, whereas the international type of debit cards are only offered by the premium accounts. 

Conclusion

This article consists of some top questions that you definitely ask the bank while choosing one for opening a Savings account.