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Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

Here’s how you can maximise benefits on your savings account

between 3.5 per cent and 4 per cent per year at most banks. This savers’ struggle is not limited to the South Asian nation. After the pandemic forces central banks across the globe to drop their benchmark interest rates to a record-low savers have been poor returns on their savings. However, this does not mean there aren’t several other ways in which those accumulating wealth could earn better returns on a standard savings account.

Mumbai-based HDFC Bank recently published a few ways in which you could get a better rate and earn more on a standard savings account. Firstly, savers are advised to open specific savings accounts, like senior citizen savings accounts or youth savings accounts or whichever that is applicable. These accounts usually pay a greater interest rate while also providing additional benefits. For instance, typically higher rates are paid on senior citizens accounts compared with regular savings accounts.

Another way to maximise benefits from your savings account is to maintain minimum average monthly balance in your account, although this does not apply to basic savings account and zero balance accounts. In order to prevent any penalties from the bank, you do not have to maintain the required balance every single day of the month. “If the average monthly balance is Rs. 10,000, it is not necessary for you to maintain that balance every single day of the month. If you adjust your spends and inflows in such a way that the average is Rs. 10,000 you can still earn the same rate of interest on your balance,” HDFC Bank said in its website.

Another recommendation is to choose a savings account which offers promotions and deals on a regular basis. This will enable you to make the most out of your money. HDFC also advises savers to use the Sweep In facility, under which money in your savings account beyond a certain limit will be maintained as a fixed deposit. In the event of a cash shortage, the fixed deposit would be liquidated automatically to meet the shortfall. This way, the customer can invest his idle funds in fixed deposits and earn higher returns on them.

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