Tip to Calculate the Interest Rate on the Saving Account

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Interest Rate

A savings account is a kind of bank account that offers various discounts or offers at a very low investment. Some saving accounts possess low-interest rates, whereas other saving account possesses high-interest rates. If you want to get more information on interest rates, read the following facts for a better understanding.

1What is the RBI’s advice for interest rates?

As per the new guidelines from the RBI, interest rates on saving accounts are calculated daily. Recently the RBI advised the banks to apply the interest rates on saving accounts every quarter because it is more beneficial for the customers.

2Features of the saving account

There are the following benefits to opening a savings account. You must read the following features if you also want to take the benefits from the savings account.

  • A savings account is considered a safe place to keep your fund.
  • One of the major benefits of the savings account is that it earns interest on the balance of the savings account.
  • The savings account interest rates lie in the range of 3.5 % to 7%.
  • The savings account is easy to access with Netbanking and also beneficial because it allows discounts and offers even on the minimum investment or fund in your accounts.
  • The most saving account also allows health insurance plans that work on personal accidents or deaths.
  • You can easily withdraw the money anywhere from your savings account only with the help of a debit card or ATM.

What are the documents required to open a bank account online?

We want to tell you the documents that are necessary before applying for a bank saving account online or offline. If you want to open your savings account, read the following criteria of the required documents. If any of the mentioned documents below are not with you, you will be unable to open your savings account from any bank.

  • The applicant must have the PAN card, driving license, and passport as the age or identity proof.
  • You must have your 2-3 passport-size photographs before applying for the savings account.
  • For the address proof, you must have your voter ID, driving license, passport, and utility bills.
  • You must have one document of your age proof. This document is named the senior citizen card. It is issued by the department of social welfare. It is a mandatory document that must handle by you while applying for a savings account.

3Conclusion

In this article, we discussed the facts of the savings account consisting of the interest rate, features, or the documents required. You must consider all the related facts of the savings account if you already have a savings account in some bank or are going to open a savings account.

All the information is relevant in this article.