Best Savings Bank Account For Indian Freelancers| North Loop Official Blog
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27 Dec 2020

Best Savings Bank Account For Indian Freelancers

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As a freelancer, having separate bank accounts for professional and personal purposes can help you be on top of your expenses. Any income earned from freelancing work can be deposited into the account meant for freelancing purposes and any work-related expenses incurred can be met by the same. Keeping a track of your transactions also makes filing taxes a much easier task.

Without a separate savings account, managing expenses can get tricky and the number of solutions available can often lead to a lot of confusion. Hence, we’ve compiled a list of some of the best savings accounts for Indian freelancers.

Factors to consider when you choose a savings account-

1. Fees/Charges-

The first thing you need to be aware of is the account-related fees/charges applicable, to render services such as a cheque book, debit card, credit card, ATM withdrawals, etc. Some of these services provided can be an absolutely necessity, hence opt for an account with a bank that levy minimal charges on these services.

While shortlisting accounts, go through all account-related documents carefully and ensure that the bank doesn’t levy any hidden charges.

2. Minimum Balance-

Some banks offer savings and salary accounts with minimum balance requirements ranging from Rs. 0 to Rs. 50,000, depending on the account type. Public sector banks generally offer accounts with lower minimum balance requirements, so ensure that you do your research and choose an account in-line with your cash flows.

3. Interest Rates-

Across some of the major Indian public and private sector banks, savings accounts attract interests between 3.50% to 6% upon maintenance of minimum balance per annum. In case you plan to deposit a large amount, choose accounts that offer a higher interest rate than others. This helps your money grow without having to invest the same. In case you plan on investing this money in certain instruments such as mutual funds or stocks, an account that attracts lower interest rates should make the cut too.

4. Type of facilities-

An account that deals with multiple transactions on a daily basis would require you to opt for an account that offers various services. These services can range from cheque books, debit/credit cards, phone banking, net banking to automated bill payments, which is absolutely necessary for today’s generation of banking. Note that the quality of services offered by private sector banks are generally higher than most public sector banks in India.

5. Quality of customer service-

Nothing can get more frustrating than subpar customer service, so ensure that you choose a bank based on the quality of customer service. Most private sector banks have the edge in this aspect, but be sure to check customer reviews online before making any decision.

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Best savings accounts for freelancers in India-

Best savings accounts for freelancers in India-
Bank AccountKey Features-
State Bank Of India Basic Savings Accounta. Zero Minimum Balance.

b. No upper limit or maximum balance limits.

c. Basic Rupay card ATM-cum-debit card.

d. Account is KYC compliant.

e. Mobile and internet banking offered.

f. No additional charges apply.
North Loopa. Nil minimum balance requirement.

b. Zero fees.

c. Zero Hidden charges.

d. Instant account opening.

e. Competitive interest rates.
HDFC Basic Savings Bank Deposit Accounta. Zero minimum balance.

b. Zero charges on non-maintenance of balance.

c. Free 25 cheque leaves per financial year.

d. Free passbook facility.

e. Free Rupay card.

f. Free email statements, net-banking, phone banking, and auto-bill payment facilities.
Axis Bank Easy Access Savings Accounta. Daily balances 3%-4% interest quarterly.

b. Minimum balance requirement of Rs. 10,000.

c. One free chequebook per year.

d. Secure plus debit card at an annual fee of Rs. 300.

e. Complimentary Hospital Cash Insurance including COVID-19.
Kotak Mahindra Bank Classic Savings Accounta. Average monthly balance of Rs. 10,000.

b. Up to 4% interest on savings account balance.

c. Free platinum international chip debit card.

d. Free demand drafts.

e. Free NEFT through internet banking.

f. Email and mobile alerts.
ICICI Bank InstaSave Accounta. Average minimum balance of Rs. 10,000.

b. Platinum debit card.

c. Complimentary ₹50,000 Air Accident Insurance and ₹50,000 Purchase
Protection Insurance

d. Various offers on shopping.

e. Instant account opening.
Bank of Baroda Super Saver Accounta. Free passbook and account statements.

b. 100 free withdrawals per year.

c. Free checkbook facility.

d. Free debit card.

e. No charges on Demand Draft issuances.

Conclusion-

If you are searching for alternatives to this long and winding way of opening a savings bank account, look no further. At North Loop, we offer an instant sign-up facility and a completely user-friendly and digital banking experience to our users, bundled with premium features and benefits. Click here to sign up with North Loop.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.