Savings Account Benefits and Offers to Look for this Diwali Season

Diwali is a time of happiness, celebrations, and togetherness. It's when houses are decorated, sweets are shared, and families unite to celebrate prosperity and positivity. But Diwali is also an ideal time to reflect on your financial well-being and make smart decisions for the future. This is because many banks roll out exclusive savings account offers and benefits during this auspicious season to enhance your financial growth. This makes Diwali a perfect moment to either open a new savings account or switch from an existing one.

Discussed below are the key offers and benefits to consider when opening a savings account or switching from your existing one this Diwali.

1. Attractive interest rates

Interest rates on savings accounts are one of the main reasons people choose to park their money in banks. Banks often boost their interest rates on savings accounts during Diwali season to attract new customers. Higher interest rates mean your savings grow faster, and the power of compounding benefits you more. It is a simple but effective way to make your hard-earned money work harder for you as you celebrate the festivities.

2. Lower or zero minimum balance requirements

Banks may lower or eliminate minimum balance requirements during Diwali. This feature is especially beneficial for those looking to start saving without the instant ability to deposit large amounts. By simplifying the entry barrier, banks boost account sign-ups and allow more people to participate in the banking world.

If you need a savings account that offers the benefit of zero non-maintenance charges throughout the year, consider the IndusInd Bank Indus Delite Savings Account. You can withdraw your entire balance and maintain a zero balance without facing any penalties or fees if required. Moreover, you benefit from the best-in-class interest rates, cashback offers, discounts, and exclusive deals that enhance your banking experience. 

The zero-balance account opening process is fully digital and paperless. You can open it in just 4 steps:

• Step 1: Apply online and pick an account number of your choice
• Step 2. Enter your details
• Step 3. Make a deposit in your account
• Step 4. Complete video KYC from any location at your convenience

Apply today to enjoy premium savings account benefits and a hassle-free banking experience!

3. Debit card benefits and offers

During the festive season, many banks offer impressive offers for shopping, travel, and dining when you use their debit cards. These may include waived annual fees, additional reward points on purchases, higher cashbacks, or even special discounts. Even specialised debit cards can be applied for separately at an affordable rate. For example, with the IndusInd Bank Indus Delite Savings Account, you can apply for a Delights Debit Card at a nominal fee. This high-end debit card offers benefits such as:

• Up to 5% cashback on fuel, entertainment, and OTT services
• 20% off on Swiggy orders and 10% off on BigBasket purchases
• ‘Buy 1 Get 1’ free on movie tickets when booking via BookMyShow
• Complimentary insurance cover worth ₹1.5 lakh 

Apply today and maximise the value of your savings with these incredible benefits!

4. Higher daily transaction limits

No doubt that the benefits of savings accounts are countless, but they often come with daily transaction limits. As Diwali approaches, expenses tend to increase, and with festivals like Govardhan Puja, Chhath Puja, Tulsi Vivah, and Bhai Dooj following, the spending naturally continues. Banks often increase daily transaction limits on debit cards and online transfers during Diwali. 

Opening a savings account online with boosted transaction limits means you won't be restricted by daily caps during the busiest time of year. You can effortlessly make larger purchases or transfers, whether for buying gifts, planning travel, making donations, or handling festival preparations and shopping. 

6. Discounted loan offers 

During the festive season, many banks tie exclusive loan offers to their savings accounts. These discounts could apply to personal loans, home loans, or even vehicle loans, making large purchases more affordable. So, if you are planning a big expense, like a car or home, or even renovating your house this Diwali, opting for a savings account with access to reduced loan rates can be a wise financial step. 

7. Festive cashback offers and discounts

Consumers tend to spend more during Diwali. Hence, banks often partner with retailers and e-commerce platforms to offer festive cashback offers and deals. By opening or maintaining a savings account, you can start benefiting from these offers, whether you are shopping online or offline in stores. From clothing and electronics to travel and edible items, the categories covered by these deals are huge. This approach lets you make your money work smarter, as every purchase adds value. 

Crucial features to consider beyond festive offers in a savings account

While festive offers can make savings accounts look attractive, it is equally important to focus on features that provide long-term value, such as:

Mobile banking app: A user-friendly mobile banking app is crucial for managing your finances 24/7 from any location. Hence, a savings account should come with a dedicated banking application that helps you pay bills, transfer funds, book cabs, download statements, order food, and do much more. 

Customer service: Strong customer support can make a huge difference when you face issues like incorrect transactions or card malfunctions. So, make sure the bank you choose for your savings account has multiple customer service channels, including phone, email, and live chat. 

Auto-sweep facility: The IndusInd Bank Indus Multiplier Max Savings Account offers this facility and allows you to earn high returns on surplus funds. When your account balance crosses ₹20,000, the excess funds are automatically converted to fixed deposits in multiples of ₹1,000. This way, you earn FD-like returns and maintain the liquidity of a savings account.

Discounts on lockers: Lockers offer a safe space for storing valuables like jewellery, documents, and heirlooms. Any discount makes this essential service more budget friendly.

Secure, save, and grow | Open a savings account today! 

Opening a savings account is always a good financial decision, but doing so during the Diwali season can offer additional offers and benefits that you may not get at other times of the year. From higher rates and attractive cashback to deals on loans and debit card offers, the festive period gives you an opportunity to get the best value for your hard-earned money.

So, take the time to carefully select a bank that provides all the above-mentioned benefits and make the most out of your finances this Diwali.

Note to the reader: This article is part of Mint's paid consumer connect initiative and is independently created by the brand. Mint assumes no editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to verify all information independently.