Decoding Savings Accounts: Regular vs. Premium

...

Is choosing a premium savings account beneficial? Do I need to upgrade to a premium savings account? These are some of the most common queries that users ask. Well, this blog will be able to clear up all these doubts.

In this post, we’ll look into the major differences between the two and how you can make the right choice for your situation.   

What is a regular savings account?

This is the most common and basic type of savings account. It can be used to keep funds secure, deposit money, and perform easy transactions. It is great for carrying out day-to-day banking activities.

What is a premium savings account?

This specialised savings account comes with enhanced banking features and customised services, providing an edge over regular savings accounts. It is an ideal option for those who need quicker assistance or premium services or want to enjoy relaxed and customised norms.

Difference between regular and premium savings accounts

	Regular savings account	Premium savings account
Minimum balance requirement	It has a lower minimum balance requirement. Therefore, it is more accessible.	It features a higher minimum balance requirement. You are usually required to maintain about ₹1 lakh.
Interest	Standard interest rates are applicable.	It offers a higher interest rate in comparison to a regular savings account.
Card services	It comes with a basic debit card to make purchases and withdraw money from ATMs.	It comes with an exclusive debit card that offers a host of benefits such as cashbacks, rewards, and discounts on your transactions.
Associated costs	Standard fees are charged for making transactions, transferring funds, etc.	Fee waivers or reduced fees are available for different banking services, such as ATM withdrawals and funds transfers.
Customer support	It comes with basic customer support services.	A dedicated relationship manager is assigned to help with personalised financial advice and support.
Perks	There are fewer perks and benefits than premium accounts.	It comes with priority banking services, such as faster customer support, customised investment solutions, and more.

How do you choose between a regular and a premium savings account?

There are certain factors that can help you decide which savings account you should opt for. This includes:

Think about your financial goals
If your primary objective of utilising the savings account is to protect your emergency cash, a regular savings account may suffice. However, if you want to increase your wealth, a premium account with greater interest rates may be more beneficial.
Managing minimum balance
Premium accounts require you to maintain a higher minimum balance. Therefore, you should ensure you can comfortably handle your everyday expenses without jeopardising.
Evaluate the different benefits offered by each account
From fees and cards to support and extra perks, check out and compare the pros and cons of each. Choose the one that aligns with your needs and preferences.
Assess your usage
Are you someone who makes frequent transactions? If yes, then a premium savings account with reduced fees could be an ideal option.

Start your savings journey with Kotak811

Whether you want a regular or premium savings account, Kotak811 has options for all. Here are two of our best savings accounts:

Kotak811 Zero Balance Digital Savings Account
The convenience of managing your savings account from your phone cannot be understated. You do not require a minimum balance and can completely transact digitally. You can also use a virtual debit card to pay bills and shop securely when making transactions online.  
Kotak811 Super Savings Account
This is a feature-rich savings account that elevates your banking experience to the next level. The platinum debit card offers a higher withdrawal limit and spending limit.

Wrapping up

The choice between a regular and premium savings account depends on your financial situation, so make sure to consider all factors. At Kotak811, you can open a savings account online with ease. Take advantage of the easy documentation and eKYC process and make your savings work for you. Achieve your financial goals today with a savings account that fits your financial goals and lifestyle.

Popular Searches on Kotak811

This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.