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Sagot :
- Interest rate.
- Minimum cash balance.
- Presence or network of banks/financial institutions.
What Interest rate on saving accounts mean?
Savings accounts usually pay the lowest interest rates compared to other investment options. Even after the RBI deregulated interest rates in 2011, most banks continue to offer low interest rates of around 4% on deposit accounts. Some private banks offer attractive interest rates of 6% or more to attract customers, but it is advisable to read the fine print before deciding on a bank.
What is Minimum cash balance on saving accounts?
Public sector banks generally have no or low minimum Saving account cash balance requirements (Rs. 500-1,000), whereas most private banks have substantial minimum balances (Rs. 5,000-10,000 or higher) need.
What is Presence or network of banks/financial institutions?
The current generation thrives on web-based applications that have permeated the banking sector in the form of online and mobile banking. However, some transactions require a trip to a branch, and having a bank with an extensive network of many branches is an advantage.
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