Best Bank For Regular Savings Account Opening

Summary

This video provides an in-depth comparison of various zero-balance savings accounts from SBI, IndusInd Bank, and ICICI Bank, highlighting their features, benefits, and drawbacks. It discusses SBI's easy account opening via the YONO app but notes its service issues and overcrowding. IndusInd's Delite Account, while requiring initial funding, offers competitive interest rates and potential pre-approved loans. ICICI Bank, though solid for those maintaining a balance, necessitates a branch visit for account setup. The video also compares fixed deposit rates, showcasing IndusInd's 7.75% as the highest, thus helping viewers make informed banking choices.

Takeaways

• 😀 SBI offers a Zero Balance Account via the YONO app but faces service issues.
• 😀 The IndusInd Delite Account is a competitive alternative, requiring initial funding but maintaining a zero balance thereafter.
• 😀 Initial funding for the IndusInd account can range from ₹500 to ₹2,000, which is a one-time requirement.
• 😀 ICICI Bank's account requires a ₹10,000 balance and an initial funding of ₹50,000 to ₹1 lakh, along with a branch visit.
• 😀 IndusInd Bank's mobile app can lead to pre-approved loans if used regularly after account opening.
• 😀 IndusInd Bank stands out by offering the highest fixed deposit interest rate at 7.75% among the banks discussed.
• 😀 North East Small Finance Bank offers the highest FD rate at 8.5% for a 366-day term.
• 😀 SBI's 1-year FD offers an interest rate of 6.8%, while ICICI and HDFC offer 6.7% and 6.6%, respectively.
• 😀 IndusInd Bank's savings account offers a competitive interest rate of 3.5%.
• 😀 Viewers are encouraged to like, share, and comment on the video while considering their banking choices.

Q & A

What is the primary advantage of SBI's zero-balance account?

The primary advantage of SBI's zero-balance account is that it can be easily opened via the YONO app, and it does not require maintaining a minimum balance, though it can be overcrowded and customer service may be an issue.

How much is the debit card fee for SBI's zero-balance account?

The debit card fee for SBI's zero-balance account is ₹200 plus 18% GST, which totals ₹236.

What is the key difference between SBI and IndusInd's zero-balance accounts?

While SBI offers a pure zero-balance account, IndusInd requires an initial deposit (₹500, ₹1,000, or ₹2,000) to open the account. This initial deposit can be withdrawn later, but IndusInd's account has additional benefits like pre-approved loans through its mobile app.

What is the feature of the IndusInd Delite Account that distinguishes it from other zero-balance accounts?

The IndusInd Delite Account requires an initial funding (which can vary) to open the account, but it maintains a zero-balance requirement thereafter. It also offers features like pre-approved loans if the account becomes the primary account.

What does IndusInd Bank offer in terms of fixed deposit (FD) interest rates?

IndusInd Bank offers one of the highest FD interest rates in India, with 7.75% for a 366-day FD, which is higher than many other banks.

Which bank offers the highest interest rate on fixed deposits according to the video?

The bank offering the highest interest rate on fixed deposits, according to the video, is North East Small Finance Bank, with an 8.5% interest rate for a 366-day FD.

What are the FD interest rates offered by ICICI, SBI, Axis, and HDFC for a 1-year FD?

For a 1-year FD, ICICI, Axis, and SBI offer 6.7%, 6.7%, and 6.8% interest rates, respectively, while HDFC offers 6.6%.

What are the benefits of using IndusInd's mobile banking app after opening an account?

If you use IndusInd's mobile banking app regularly and make the account your primary account, there is a high likelihood of receiving pre-approved loans and other banking offers from the bank.

What is the drawback of ICICI Bank's zero-balance account?

The main drawback of ICICI's zero-balance account is that you need to visit the branch to open the account, and you must provide an initial funding of ₹50,000 to ₹1 lakh, which can be inconvenient.

Which bank has the best FD interest rates for savings accounts and fixed deposits, according to the video?

IndusInd Bank is highlighted as having the best FD interest rates (7.75%) and a competitive savings account interest rate of 3.5%, making it a strong choice for both savings accounts and fixed deposits.