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Summary: Find out which is the best savings account in terms of affordable service charges in India according to a prestigious study. Break free from savings account charges and experience transparent, ethical, and customer-centric banking today!
There is nothing as important as our savings account when it comes to holding liquid funds and making day-to-day transactions. In bid to provide you with the best savings account, banks offer a variety of services. While this elevates our banking experience as customers, it also leads to more service charges.
Therefore, the best savings account is not the one that only provides an industry-leading service suite. It is the one that minimises your costs and is transparent, too. In the absence of transparency, unexpected and high savings account charges can result in an expensive banking experience. Let us find out which is the best savings account that does not let your expenses add up and provides a customer-centric experience.
While there may be dozens of ways a bank may charge you for services that come with a savings account in India, here are few common examples:
Let’s say you need to request a stop payment of a cheque or a duplicate passbook. You may not have the time or habit of checking the list of bank charges every time you avail of these services. However, in your next bank statement, you will notice charges levied against some of these requests. Like this, there are various scenarios that may attract savings account charges. These are services that you request from your bank spontaneously. You might not even be aware that they can cost you money.
A study commissioned by the Moneylife Foundation, titled “Benchmarking Reasonableness of Service Charges by Banks in India,” noted a lack of consistency in the levy of bank charges by various Indian banks. The study tried to find out which bank offers the best savings account, and IDFC FIRST Bank was noted as one of the three scheduled commercial banks in India with the lowest service charges.
For the last 25 years, RBI has allowed banks to set their service charge structure while stressing the need to link them fairly to costs. The study highlighted the absence of reasonableness in these charges and pointed out the lack of transparency and accountability in this regard by several Indian banks.
Which, then, is the best savings account for an average customer? It's the one that combines customer-centric services with transparency and ethical practices, such as the IDFC FIRST Bank Savings Account.
IDFC FIRST Bank has balanced the expectations of the RBI and industry watchers like Moneylife Foundation with the customers' needs by ironing out all the regular charges and maintaining transparency. What sets apart the IDFC FIRST Bank Savings Account as one of the best savings account in India is its zero charges on all commonly used services, such as –
IDFC FIRST Bank offers one of the best savings account that is fully digital, with instant access to all banking services through the mobile banking app. The cost waiver on all commonly used banking services provides a transparent banking experience and helps you get rid of perennial banking charges.
Choose IDFC FIRST Bank Savings Account today to explore one of the best savings account you can have in India and enjoy its exciting benefits today!
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.