5 Tips to Choose a Better Savings Account


Minimum Balance

Go for a savings account which does not ask you to maintain a high minimum monthly/quarterly average balance. This is because maintaining a high minimum balance would be difficult at times and if you fail to do so, you could be charged with a penalty, which can be as high as 350 a month. Now, the State Bank of India doesn’t have the minimum balance requirement for its saving bank customers. While ICICI Bank demands a minimum monthly average balance of 10,000.

Net Banking

Opt for a savings account in a bank that offers you the Net and mobile banking facilities since you can conduct transactions from the comfort of your home and office. This is especially important since most banks now charge you for specified physical transactions at the bank branch, whereas these are free if you conduct them online or over the phone. For instance, HDFC Bank will charge you 50 for stop payment of a particular cheque, but this service is free if you do it through Net or phone banking.

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