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Money Matters

Online Savings Account |5 Tips for making the most of Savings Account|YES BANK

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A savings account is an account to deposit and save income in a bank or financial institution. It is one of the most preferred ways of saving income and building a reserve fund for unforeseen situations. People generally open saving accounts to keep their money safe as well as earn interest on it. Banks calculate this interest daily and credit it to account holders every quarter. The rate of interest varies in each bank. But you can learn how to get the most out of your savings account irrespective of the interest rate offered by your bank. 

 

5 tips to gain monetary returns from your savings account

  1. Choose a saving account suitable to your needs.

Most account holders open a savings account without assessing the scope of their financial needs. There are different types of savings accounts that offer products and services in sync with your unique lifestyle requirements. Choose an account to serve you in a personalized manner to reap the most benefit.

 

  1. Link your savings account to a fixed deposit.

Link your savings account to a fixed deposit to increase the rate of interest accruable on your savings.This increase is made possible by setting a threshold of surplus money in your savings account. Once your account balance crosses the threshold, the bank moves the remaining surplus to the fixed deposit. .

 

  1. Maintain your average monthly balance.

Maintaining your average monthly balance amount is the first step in earning interest on any . The average monthly balance is the minimum balance amount required to earn a fixed interest rate. For example, if your average monthly balance is ₹10,000, you need to maintain that balance amounttill the day interest accumulates on the amount.

 

  1. Use rewards/benefits earned with your savings account.

A savings account gives you several benefits in the form of offers/discounts on products and services from brands. You also earn reward points for various transactions and get extra banking privileges depending on your bank.

 

  1. Make saving your first priority. 

To gain maximum returns from your savings account, you need to make saving your first priority. This means that you will have to first dedicate a fixed amount to deposit in your account. And then budget the rest for your daily monthly financial needs.

 

Open online savings account with YES BANK

The methods listed above are some of the ways you can use to make the most of your savings account. But, the amount of interest you earn on an amount also depends on the rates ascribed by the bank you open an account with. Most banks generally offer a minimal interest rate of 3-4% per annum. But YESBANK adopts a customer-centric approach. Along with offering a higher interest rate, it helps you set up a savings account according to your current/ future financial requirements. YESBANK savings account also offers you - 

 

  • Timely assistance and guidance.

  • Reward points for various transactions.

  • A range of premium lifestyle offers.

  • Financial trading and investment solutions.

  • Flexible and convenient account management system.

  • On-the-go online payments through state-of-the-art digital applications.

  • Free Anywhere Banking at all YES BANK branches.

  • Free cash withdrawals at all YES BANK ATMs.

 

You can open YES Bank Digital Savings account instantly online by filling an online application form and completing your KYC over a simple video call with YES Bank official.  This is not only quick and easy but also a paperless process!

You can also walk into the nearest YES BANK branch and our branch official will help you with account opening process.

A savings account keeps your money safe and secure and multiplies its value over time. Besides multiplying your money, a savings account also comes to the rescue in times of crisis.

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