Asses Your Situation

Certified financial planner Pankaj Mathpal, CEO, Optima Money Managers, said, "Senior citizens do maintain high balance in their savings bank account for their regular expenses. Hence, they can consider earning some extra returns on their balance in the account by switching their bank."

In case of smaller sums, the total interest amount received will not be profitable. as senior citizens choose to keep aside a generous amount to take care of any medical or other emergency, earning 2-3 percentage points more would seem pretty. but, the rule may not be relevant to youngsters.

Harshvardhan Roongta, CFP and Principal Financial Planner at Financial Suraksha said, "I don't see why youngsters should keep large sums in savings account instead of directing the same to other investments products meant for parking short-term funds."

Persons who do not require a large amount of cash at their disposal would be wasting away the chance to earn significantly higher returns through other instruments likes mutual funds or fixed deposits if they keep the money in savings account. Also, keep in mind, the rates are subject to alter, and therefore, could also see a fall in future, depending on the situation.