Not all savings accounts offer the same facilities and they vary from bank to bank. That’s why you must keep some things in mind before opening an account.
Savings account belongs to almost everyone. In this, people keep savings capital and get interest on it. But not all savings accounts have the same facilities. The facilities available on a savings account vary from bank to bank. That’s why you should keep some things in mind before opening an account. Also Read: LIC: In this scheme of LIC, you will get loan facility and tax exemption with the benefit of Rs 2 lakh.
Interest rate One
should know the interest rate before opening a savings account. However, interest is less in savings accounts. But interest is added on remaining money in the account. The interest rate available on a savings account may vary from bank to bank. Therefore, you open your savings account only after seeing the interest rate according to the bank. Also Read: Big blow to BSNL customers! Now less benefit in cheap plan, know all the details
Monthly Fees
In many banks, monthly fees have to be paid on the savings account as well. So you should be aware of this before opening an account. If there is a monthly fee on the account, then opening that account should be avoided as it will affect your earnings from the account. That’s why you should first know about the monthly and annual charges. Also Read: Atal Pension Yojana: Get huge profit by paying only Rs 270 every month, this scheme is special
Minimum Balance
Some savings accounts require a minimum balance to be maintained. If there is no minimum balance in the account then some penalty may have to be paid. The logic behind this rule of banks is that if you are opening a savings account, then definitely keep some savings in it. However, there are some savings accounts which do not have the condition of maintaining a minimum balance. In this way you can know about them. Also Read: Lic Micro Insurance Plan: Save Just Rs 28 Daily And Get Rs 2 Lakh Benefit, know details
Easy To Withdraw Money
You can easily withdraw money from your account, definitely keep this in mind. For this, you should know about the facility of withdrawing money before opening an account. Along with this, you can also check how easily the ATMs of the respective bank are available and how much can be charged for withdrawing money more often.
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