Banking Accounts in India: Exploring Key Features and How to Choose the Right One

Irrespective of your profession, not having a bank account is unimaginable in today’s age. Banks offer a bouquet of accounts to choose from based on your purpose and frequency of transactions. The financial world comprises numerous intricacies and having a secure bank account helps you manage your financial goals.

It is crucial to assess the bank features before opening a new account. Keeping all your savings at home is challenging and unsafe. Furthermore, it is impossible for you to carry cash every time while making big payments. You should choose a bank account based on your investment and financial objectives.

Types of Bank Accounts

Different individuals have varying banking requirements. Therefore, a single bank account may not serve their purpose. That’s why banks offer a variety of accounts based on your financial goals and needs. IDFC FIRST Bank provides the following types of bank accounts to individuals.

Current Account

A current account is suitable for individuals who make frequent payments and withdrawals. It comes with unlimited overdrafts and transactions that exude practicality for start-ups and businesses. Unlike a savings account, a current account has zero or low interest. You should also maintain a minimum balance to avail the benefits of a current account.

With a current account, you can also manage your expenses and cash flow. Once you open your current account with IDFC FIRST Bank, you’ll gain access to multiple features and benefits. For instance, a current account with IDFC FIRST Bank offers forex solutions, doorstep banking, personal net banking, etc.

Savings Account

A savings account is one of the most popular bank accounts in India. Based on the bank features, it offers a modest rate of interest to the accountholders. For instance, the IDFC FIRST Bank offers an interest rate of up to 7% on your savings account. Unlike a current account, a savings account comes with transaction limits. Open a savings account with IDFC FIRST Bank and experience a faster financial growth with banking online credit.

A Fixed Deposit Account

If you want a safe investment option with good returns, open a fixed deposit account. By opening a fixed deposit account, your money will be locked in for a specific duration. Furthermore, you will receive higher interest rates and flexible tenures to grow your finances. IDFC FIRST Bank offers a fixed deposit rate of 6.5% to non-senior citizens for a tenure of one year.

A Recurring Deposit Account

It is another low-risk investment option that offers moderate yet guaranteed returns. A recurring deposit account provides excellent flexibility to customers. A recurring deposit account plays a crucial role in helping you develop a short-term or long-term corpus.

Steps to Choose the Right Banking Account

  • The banking services associated with the account should be easily accessible.
  • Minutely analyse the service quality of the bank before opening a new account.
  • Make sure that the bank offers value-added benefits.
  • Learn about the charges levied by the bank on online fund transfers, currency conversion, etc.

Final Thoughts

It is important to pick a bank account that fits your long-term financial target. It doesn’t matter whether you want to store your funds or access them; there are always bank accounts to suit your needs. Open an account with IDFC FIRST Bank and experience the convenience that comes with it.



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