RBL Bank has introduced a new digital banking option called the Go Savings Account, which doesn’t require a minimum balance.
This account comes with a subscription fee. With the Go Savings Account, you’ll earn an annual interest rate of 7.5 percent along with an annual charge.
Additionally, account holders will receive a premium debit card, vouchers worth Rs 1,500 from well-known brands, cyber insurance, accident insurance coverage up to Rs 1 crore, a free CIBIL score report, and premium banking services.
Go Savings Account
Traditional savings accounts often require maintaining a minimum balance, but the Go Savings Account is different.
In the first year, the subscription fee is Rs 1,999, and then Rs 500 will be paid annually, with taxes added separately.
Traditional banks usually mandate minimum balances, resulting in lower returns because savings accounts earn less interest than Fixed Deposits (FDs).
These low-cost savings accounts help banks cover various operating expenses, such as cash withdrawals and issuing cheques.
Banks also impose penalties on customers who don’t maintain the average minimum balance.
How to Open an Account
RBL Bank customers can open the Go Savings Account by providing their PAN and Aadhaar information. Account holders can transact without any charges.
Deepak Gadhyan, Head of Branch and Business Banking at RBL Bank, noted that the ‘Go Savings Account’ is designed to bridge the gap between traditional and digital banking, providing an appealing option for customers.
FD Rates
For the festive season, Federal Bank has a special gift for customers. They’ve raised the interest rates on Fixed Deposits (FDs) of less than Rs 2 crore.
Now, on a 400-day FD, the bank offers a maximum interest rate of 8.15%.
Senior citizens get 8.15% interest, and the general public receives 7.65% interest on the 400-day FD.
