In recent years, banks have set new standards for their savings account features. The ‘zero-fee banking’ feature accompanies all IDFC FIRST Bank savings accounts and is a pertinent example of this shift in focus among all scheduled banks in India. This article shall enlist features that banks offer today – including the ‘zero-fee banking’ feature – that directly result in customers increasing their savings.
What is zero-fee banking?
If you do not have a savings account, you should know the significance of extra charges over a long period. Charges like ATM transaction charges, Interest Certificate charges, and ECS return charges add up to a significant amount over the years. IDFC FIRST Bank’s Zero Fee Banking feature identifies twenty-eight similar services related to savings accounts. The Zero Fee Banking feature then waives off their fees for all savings account customers. Some charges whose fees are waived thanks to Zero Fee Banking include the IMPS (Immediate Payment Service) transfer charge, debit card issuance charges, and NEFT (National Electronic Funds Transfer) transfer fee.
Features similar to zero-fee banking that you must choose:
Customers with savings accounts can increase their savings by choosing an efficient savings account and selecting the right mobile banking app. The points enlisted in this section are tips to set up a savings-friendly online banking mechanism for your personal finances:
- Choose a mobile banking app with budget-friendly features
The IDFC FIRST Bank mobile banking app offers the ‘Track Your Expense’ facility that helps customers conveniently budget online. Customers can differentiate between their online payments into various spending categories and analyse them. The Track Your Expense feature helps customers save more in the future.
- Your online bank account must offer monthly interest credits
IDFC FIRST Bank offers monthly interest credits to its customers through its savings accounts. The bank directly deposits these credits in customer bank accounts. If your bank offers a competitive interest rate, the two features combined can help customers grow their savings.
- Opt for an online bank account opening through a bank’s mobile app
IDFC FIRST Bank lets customers open Insta Save accounts directly through the IDFC FIRST Bank mobile banking app. You can open a new account through this method since it is convenient, fast, and can help in beginning your savings journey early.
- Your bank should offer relevant investment recommendations
The IDFC FIRST Bank mobile banking app helps customers invest their saved income to grow their wealth over time. Customers receive personalised investment recommendations through the app helping them take smart investment decisions.
- Customer support must be accessible
Your bank must prioritise a quick resolution of an issue related to any banking service. This has a direct impact on your savings. You must be able to contact a bank official regarding an issue with your credit card payments, personal loan repayment, or regarding accessing your bank account. Therefore, before completing the new account opening process, make sure to choose a bank with an effective customer service is as important as the other points mentioned in this article.
While researching online savings accounts online, you should also check their interest rates and compare the interest rates of various banks.