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How To Become Rich: Mutual Fund Can Make You Crorpati.

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Saving Bank Account: The Best Banks to Open Saving Accounts in India

Before moving ahead, you must answer yourself why need saving bank account and what is the importance of that for you?

A simple short answer to this question is: Protecting your money. Keeping your money at home will not serve any purpose or you will not get any interest.

Also, after the demonetization campaign, it is advisable to put a small portion of your savings in a bank account anyway.

Therefore, you can easily transfer and reinvest deposits in savings bank account according to your financial objectives.

Points to be considered before selecting any bank for opening a SAVING BANK account

Security: To protect your hard-earned money.

Interest: To earn a fixed interest rate on the amount deposited.

Simplicity: This is probably the simplest way to invest your money and earn a definite return in it.

Automatic payment: You can give standing instructions for automatic payment of bills and auto debit for certain transactions in a hassle free manner.

Net-banking facilities: These days banks provide online banking facilities where you can easily transfer funds when needed.

Best banks to OPEN A SAVING BANK ACCOUNT in India:

The list given below for opening a saving bank account in India has been selected based on various factors which are necessary for every person who is thinking to open a bank account.

The factors, which are taken into consideration before selecting the following list, consist of Interest Rate, Security level in a bank to protect the entitlement to the money of account of the account holders, Easy accessibility to bank services, Network level of banks, Centralization of Banks, Customer support services, Technology adoption, Banking Process simplicity, staff support etc.

So Here is list which you must be desiring for your information needs. For further details, you can go to the official website of the banks.

State Bank of India or SBI

Axis Bank

Kotak Mahindra Bank

Yes Bank

Punjab National Bank or PNB

Bank of India

HDFC bank

ICICI Bank

Canara Bank

Union Bank

IndusInd Bank

The above banks generally gives on an average 3% to 4% interest on saving bank account. So Interest rate is not the good factor to compare the level of banks for comparison purposes. The important point for consideration is that

Kotak Mahindra Bank's 811-Zero balance account

is generally giving around 6% interest on saving bank to open more saving bank account.

The network level of all of the above banks is of world class. Yes, There can be some problems in some branch of the above banks, but overall all are same. Differences in the bank services depend on the place of the branch. Generally in urban areas, banking facilities are better in comparison to rural branches.

The most important factor which you can consider for opening a saving bank account is maintenance of minimum balance of saving bank account. Because if you don't maintain that level, the banks start to charge you for non-maintenance of minimum saving bank account balance.

Let us have a look on minimum balance requirement  and non maintenance charges of some banks:

See the list here

Now I think you are in a better position to take your decision to open your saving account. What you need to remember before you take your decision:

Your money is your convenience to choose your bank for account opening.

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DISCLAIMER

The information provided in this article is for general informational purposes only. All efforts have been made to provide accurate information in this document, however it should not be perceived as a professional or legal advice. Reader should consult a professional before making any decision based upon this document. Under no circumstance author or the publisher shall have any liability to you for any loss or damage of any kind incurred as a result of the use of this information.

Secondary Source: Website of above banks and of RBI websites.