5. Interest rates offered

Opening an account in a bank which gives you the highest return would be the best way to manage your funds. The Reserve Bank of India has permitted banks to offer higher rates of interest for deposits in the saving accounts. The rate of interest on deposits has risen above form 4 percent to 6-7 percent. Besides this, the sum of 10,000 earned as bank interest is tax free, so this can be the best way to exercise your money.

The best option however would be to choose a bank which has the provision of demanding a lower range of minimum balance and provides a higher rate of interest on your deposits. If your saving account balance exceeds a certain limit, the funds in excess will automatically be converted into fixed deposit and you can earn a higher return besides enjoying the benefit of withdrawal at any time.