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2 mins Read | 1 Year Ago

How to Avail High Interest Rates on Saving Account |ICICI Bank


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How to avail highest Interest Rates on Savings Account?

Opening a Savings Account is the beginning of our financial journey. By opening an Account, we seek banking services and earn returns on the deposits. That is why choosing the right Savings Account is necessary to get the maximum benefits on our savings. Security is another reason we prefer parking money in Bank Savings Accounts. With this facility, we can use them whenever we need money.

Depositors can earn interest on the money in their Savings Accounts. There are several ways to earn higher interest rates on savings. Since many are unaware of their saving account's maximum potential, here are a few tips to get the most out of savings.

Choose a Savings Account offering a High Interest Rate:

Opening an Account with us will get you high interest rates. It is the best way to maximise returns. After all, a higher interest rate automatically fetches more returns on savings. To open a Bank Account online, it is essential to check the rates because even a slight difference can earn you more in savings.

Open the Right Type of Bank Account:

We offer different types of Bank Accounts suitable for various types of depositors. For instance, we have specialised Saving Accounts for senior citizens, women, kids, salaried, NREs, NROs, families, etc. These Accounts offer dedicated benefits to Account holders depending on their needs and eligibility. We offer higher interest rates to women and senior citizens.

Budget monthly expenses and utilise the Auto-sweep Facility:

Wondering how monthly budgeting expenses are related to getting higher returns on savings? The answer is simple – every rupee you save, means a rupee earned. It is a traditional yet effective technique of money management to achieve maximum returns on a Savings Account.

Creating a monthly budget will help an individual understand their expenses and find various avenues for saving. After evaluating the monthly expenditure, they can take advantage of the Auto-sweep Facility to get the highest interest rates on their savings. The Auto-sweep Facility automatically transfers excess money in the Savings Account to a Fixed Deposit. It helps earn higher returns, as FD interest rates are higher than standard Savings Account rates. Plus, when the money is secured in a Fixed Deposit, the depositor is less likely to spend it.

Open a Recurring Deposit:

Fixed Deposits earn higher interest rates on lump sum amounts of money. However, only some have substantial amounts of excess funds available to lock into FDs. We have Recurring Deposit Accounts for customers with limited monthly capacities. A recurring deposit account is the best saving tool you might come across. Through an RD Account, invest fixed monthly amounts in a scheme that earns high interest rates on the savings. However, the earned returns largely depend on the RD tenure. For instance, a Recurring Account with one year tenure may offer a lower interest percentage than an RD for five years.

The primary advantage of opening a Recurring Account is that depositors must put aside a small minimum amount each month, which is quite manageable. For instance, at ICICI Bank, you can start an RD, with just Rs <500> per month.

Use Rewards on Debit Cards:

We offer Debit Cards to our Saving Account holders. Using our Debit Card provides numerous benefits, discounts and rewards to cardholders. For instance, they may avail special discounts while shopping online or buying products from partner brands. All these benefits and rewards help account holders save significant amounts in the long run. Using rewards on Debit Cards is one of the best ways to get higher returns on Savings Accounts while making daily purchases.

Set budget goals:

Lack of financial discipline is a major reason people struggle to achieve their money saving goals. Now, how can one build the discipline to save enough money? The answer is to set budget goals and save a certain amount within a fixed period.

Set realistic goals for short-term saving and ensure they are neither too simple nor too difficult to achieve. Similar logic applies to long-term money saving goals too. That is because easy goals can compel depositors to slack off, while an extremely challenging goal discourages them from carrying on. Hence, set achievable goals that can help build the habit of consistent money saving. Open a Bank Account online without leaving your house and start earning interest straightaway.

Open more than one Savings Account:

Opening more than one Savings Account will help reap additional benefits and allow depositors to manage their funds more efficiently. That is because opening only one Savings Account may make it challenging for the account holder to keep the saved funds untouched.

Most people have primary Saving Accounts linked to digital wallets, which they use to pay various bills, shop online, withdraw cash, etc. So before opening another Savings Account to deposit money without spending from it, can help grow savings. To make saving goals more achievable, avoid linking this secondary account to UPI or another payment system and don't carry its debit card around. It is a workable tip to increase savings in the bank account and put them aside for rainy days.

A Savings Account is one of the most popular and safest ways to earn money on idle funds. Opening an FD/RD or availing the Auto-sweep Facility maximises the returns without much hassle. Depending on the depositor's requirements and eligibility, we offer different types of Savings Accounts. While each account has its own set of features and benefits to suit a particular demographic, understand your financial needs and capacity to maximise earnings using the tips mentioned above.

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