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Savings Accounts are the best for individuals and families. It provides a safe outlet to collect funds and use them to make payments, draw cheques, and make investments. A Saving Account offers a stable source of income. However, the interest rates have historically been low. Currently, the rates are around 3.5% to 7%. Even with these rates, there are ways to get better rates.
You can find an interest calculator to help find out your current income. With this, you find out how to maximise your interest. Here is a guide to help you get the best Savings interest rates: Carry higher balance Some accounts carry a higher Saving Account interest that maintains a higher balance. For making the most of it, it is best to open them and deposit surplus funds there. They earn at a rate higher than the standard accounts. Some banks combine other offers with their Bank Accounts, such as free subscriptions, discounts on purchases from e-commerce, getting cashback for certain transactions, etc. These benefits are considered as earnings since they save the money that you would have otherwise spent. Open a Senior Citizen Account Senior Citizens maximise their returns from Saving Bank Account by opening special accounts for them. Many banks offer a beneficial interest rate for senior citizens. Besides, there are free Insurance coverage up to a limit, free medical tests etc. Such accounts are also eligible for the sweep in the facility. Consider Sweep-In facility This is an automatic facility where any amount above a limit gets converted to a Fixed Deposit. If there are fund requirements, the bank liquidates the FD to meet the requirements. Otherwise, the excess funds earn interest at FD rates. For example, if the minimum balance needed Rs. 25,000, an auto sweep converts any amount above Rs.50,000 into an FD. This money earns interest at a higher rate, and it gets credited to the Savings Account. Depending on your standing instructions, the bank starts the sweep-in facility. It is better to use idle funds in FDs and earn at those rates than leave them in the Savings Account. The online Saving Account is the most dependable place to keep funds. By following a few tips and tricks, it is possible to earn more from the same Bank Accounts. If you use banking apps or net banking, you find an interest calculator to understand how to maximise interest.
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