Deutsche Bank Savings Account India: Features and Types
What Are Your Deutsche Bank Savings Account Options?
Deutsche Bank is one of the leading banks in the world. It offers various services, including a savings account that can benefit you and your family.
Here's all you need to know about Deutsche Bank savings account options to decide the right fit for your needs.
Deutsche Bank offers several products for those looking for reliable and affordable banking. These services offer competitive rates and no monthly fees, which is helpful if you're saving up for a big purchase.
And since Deutsche is global, with branches in over 70 countries, you can get your money whenever you need it.
What Is a Deutsche Bank Savings Account?
A Deutsche Bank savings account is a type of account that allows you to save money. The money you save can earn interest. The interest is a percentage of the amount you've saved, and the bank pays it to you after a period, e.g., quarterly.
Your Deutsche Bank savings account allows you to withdraw money whenever needed. You can also use your account to transfer money to other people or pay bills.
What Are the Benefits of a Deutsche Bank Savings Account?
A Deutsche Bank Savings Account offers several advantages to its users. Some of the key benefits include the following;
- Easy access to your funds through a variety of channels, including online, mobile, and ATM
- The option to deposit money and withdraw cash 24/7 at any Deutsche Bank branch or ATM across the country
- A competitive Deutsche bank interest rates savings account
- Secure banking with many layers of protection, including password and PIN authentication
- Fraud protection from deceitful debit card transactions
- Lots of premium rewards and bonuses
- Value-added products and features unique to each account type
- Competitive overdraft processing charges
- Favourable Forex rates
- Professional support from an assigned Deutsche Bank Representative.
Some savings accounts come with personalised assessments and advice on investment options to help you grow.
What Is the Deutsche Bank Savings Account Interest Rate?
You can expect an annual interest rate of 3.00% per annum for all Deutsche savings accounts. But this rate may change as per the bank's Terms & Conditions. Your banking partner will credit your earnings to your account after every quarter.
What Are the Requirements for a Deutsche Bank Savings Account?
To open a Deutsche Bank savings account in India, you must meet the bank's requirements. Here are a few prerequisites before you open an account:
- Minimum age: 18 years
- Proof of identity: Driver's license, Aadhaar card, Voter's ID, Ration card, etc.
- Proof of address: Voter's ID, Ration card, bank passbook, etc.
- Proof of income: PAN card, ITR, tax certificate, etc.
- Signature: you'll need to provide a valid signature
- Recent photo: you will need to provide a current photo of yourself
- You will need to have an email address for the account
- You will need to make an initial deposit of Rs 12,000
How to Get a Savings Account with Deutsche
Deutsche Bank accounts: For individual and joint account holders. For group banking, at least one applicant must provide complete KYC documentation.
Follow these steps if you want a savings account with Deutsche Bank.
1. Visit Deutsche Bank in Person
If you'd like to get a bank account, you'll need to visit the closest Deutsche Bank branch.
2. Complete the Savings Bank Form
Fill out the Savings Bank Form with the necessary info like your name, address, phone number, email, and PAN. Fill in these details in the appropriate sections on the prescribed form. You may also need to add a nominee.
3. Provide Documents as Requested in the Form
After updating the Form with your info, provide credentials for the KYC process. These include a PAN card, address proof, and identity proof.
4. Validation of KYC Documents
Deutsche will review your KYC credentials and decide whether to accept your request.
5. Add a Minimum Deposit
Once the bank verifies your form and documents, you will get an account number (A/C No.). You'll then need to deposit a minimum amount based on the account type.
6. Collect Your Starter Kit
After registering at the bank, you'll get a starter kit with a Debit Card, Chequebook, etc. You'll then be able to operate your account.
Steps to Open a Deutsche Savings Account Online
1. Visit Deutsche's Website
The bank's official Indian website contains all the information you need to open a new savings account.
2. Complete a Sign-up Form
To become a user, fill out an online form. You'll need to include all the mandatory information, such as your name and address. The Form also contains sections for ID info, contact, PAN card info, A/C type, etc.
3. Electronic Document Submission
After providing basic info, share all the necessary documents, e.g., ID proof, PAN card, and address proof. You can do this by attaching scanned or photographed copies of these documents.
For validation, you must present all the KYC credentials via a video chat. During online KYC, you must turn on your device's location access, microphone, and camera.
5. Open Your Account
Once you've finished video verification, you will receive a user ID and A/C No. from Deutsche Bank.
6. Get Your Starter Kit
Next, your banking partner will send you a sign-up kit with a Debit Card, Passbook, Chequebook, etc., to your physical address so you can start saving and spending money.
How to Deposit Money Into My Deutsche Bank Savings Account?
You can quickly deposit money into your Deutsche Bank savings account by transferring it from another bank account or depositing cash at a branch or ATM.
To transfer money from another bank account, just log in to your online banking account and follow the instructions. It's a quick and easy process; you can do it from your smartphone or PC.
If you'd rather deposit cash, you can do that at any Deutsche Bank branch or ATM. Make sure you carry your bank information.
Value-Added Services of the Deutsche Bank Savings Account
Once you have deposited money into your Deutsche Bank savings account, you will gain access to various valuable services.
Here are a few of the benefits you can look forward to.
1. Online Banking
You can perform most of your routine bank transactions online with online banking.
You won't need to visit a branch for tasks like checking balances, paying bills, or fund transfers. However, you'll still need to go to a branch for more complex transactions, e.g., trading or investing.
Once you register, you can track everything online via the bank's mobile app or website.
2. Easy Access to Cash
With more than 550,000 ATMs countrywide, you will have no problem finding a machine to withdraw your cash.
And since the account is with a foreign bank, you will also be able to access cash in a foreign currency.
3. Useful Updates
You'll get updates on Deutsche bank's savings to account interest rate changes via email. Plus, you can access all your account information online at any time.
4. A Personal Deutsche Bank Assitant
Deutsche assigns you a personal banking assistant. And with extra perks, like currency and asset management, you can boost your finances.
5. Privacy and Fraud Protection
Deutsche ensures safety from fraudulent Debit Card payments on all its savings accounts.
Types of Deutsche Bank Savings Accounts
Deutsche Bank offers different savings accounts types, each with its features and perks.
Here are the different options to pick the best type for your needs.
1. Advantage Savings Account: Best for Families and Joint Savings
This product offers some unique features you may find attractive:
- You get a complimentary Platinum Debit Card soon after verification. The Debit Card is accepted at 15,000 Cashnet ATMs, over 80,000 India-based NFS ATMs, and over 55,000 Visa ATMs.
- Accounts can be established individually for each family member or bundled together.
- There is no need to keep the requisite minimum amount in each account separately.
- Users can choose between a threshold Average Quarterly Balance (AQB) and a threshold Assets Under Management (AUM).
Plus, your kids (over 12 years) can pay for items on their own– online or at an outlet using the Debit Card
2. Student Savings Account: Best for Students Going to Study Overseas
Deutsche also has a service for students who are moving overseas for further education.
- This product offers free overseas transfers, favourable foreign exchange rates, and charge-free forex cards.
- After verification, all users get a multi-currency Prepaid Forex Card and an International Platinum Debit Card. You also enjoy the 'Student Elite' feature, which provides coverage for global medical and travel insurance.
- Users can get free document validation and transmission to Germany.
- The foreign remittance service for tuition fee payments is free of cost.
- You can use this account alone or in collaboration with relatives.
Lastly, you can choose between a threshold AQB of INR 50,000 or an AUM of INR 50,000.
3. Savings Account Infinity: Best if You Want VIP Banking
It is meant for Deutsche Bank's most affluent customers. Some of its premium perks include:
- You get a free Deutsche Bank Visa Infinite debit card soon after verification.
- You also enjoy absolute security against scam debit card transactions and internet transactions.
- You get more premium bonuses for debit card purchases.
- Receive a summary of your combined quarterly report with payee information.
- Customers who use this product enjoy lower locker fees.
- Enjoy free admission to the airport lounge four times per quarter.
- You also get access to competitive Forex rates.
Lastly, Account holders are assigned a Deutsche Customer Assistant.
4. Professional Savings Account: Best for White-collar Experts
This product is best for experts, e.g., Architects, Accountants, Physicians, and Attorneys.
Some of its offerings include the following;
- It offers premium perks and a range of exciting offers.
- You get access to Deutsche's Doorstep Banking service.
- All users get an International Platinum Debit Card for both themselves and the co-owner (s) on sign-up.
- It is a ZBA or zero-balance account.
- You get competitive processing charges for overdraft resources.
- You also enjoy competitive processing charges for overdraft resources.
- Finally, it gives access to free and convenient fund transfers via RTGS and NEFT.
5. Value-Plus Savings Account: Best for World-class Banking
This is basic savings account you can open and start using immediately.
Some of its pros include the following:
- You get a welcome kit as soon as you open it.
- You can hold a threshold AQB of no less than INR 1 lakh or a threshold AUM of INR 1.5 lakh.
- You can own this account alone or as a group account with relatives.
- Every user receives an International Gold Debit Card soon after verification.
Like most products here, this account also safeguards against illicit debit card transactions.
6. Expat Savings Account: Best for Expatriates
This service is designed for people who live abroad as expatriates. It delivers quality banking services to all users.
Here's everything it offers:
- This service allows users to make free foreign transfers to their native country at cheaper exchange rates.
- Users enjoy attractive interest rates on fixed deposits.
- Deutsche also assigns you a service manager to handle all your banking services. Plus, you get a 2.5% Fuel tax waiver at all fuel stations in India.
- Throughout the year, account owners are invited to exclusive Deutsche events.
- Every account holder and the shared user receives an International Platinum Debit Card. The card allows free overseas ATM withdrawals in more than 40 nations.
- Enjoy insurance cover, e.g., Purchase Protection Coverage of Rs 1 Lakh and Lost Card Insurance of Rs 5 Lakhs.
- You also get personalised investment ideas and plan suggestions for free. This way, you can track your finances and achieve more growth.
Lastly, you can complete an unlimited range of transactions at any India-based ATM.
7. Savings Account Select: Best for First-Class Banking
This service also caters to first-class Deutsche clients and includes many benefits.
Some pros include the following:
- You will receive a free Deutsche Bank Visa Infinite Debit Card soon after verification.
- Get a 2.5% tax relief on fuel transactions completed via Debit Card.
- You also enjoy more premium bonuses if you pay for items with your debit card. Plus, you get a charge-free movie ticket for monthly spending exceeding INR 2000.
- Users get free access to airport lounges 4 times per quarter.
- You also get a combined statement with payee info every quarter.
Enjoy absolute fraud protection from illicit debit card purchases and internet transactions.
Lastly, Deutsche will assign you a personal customer assistant and competitive Forex rates.
Deutsche Bank offers a range of savings accounts, each with its offers and benefits. It's crucial to find the one that best suits your needs so you can make the most of your money.
What is the Best Deutsche Bank Savings Account?
Deutsche Bank offers different ways to save. Each product has its own set of features and perks. The best one for you will depend on your specific needs.
For example, those looking for world-class services should consider Value-Plus. However, if you're a salaried white-collar professional, try the Professional Savings service.
Can I Open a Deutsche Savings Account Online?
Yes. A few options are available to those looking to sign up for Deutsche Bank's savings services.
One option is to go into a Deutsche Bank branch and speak with a representative. However, this is not the only option. You can also open one online through the bank's website.
What are Some Value-Added Services in Deutsche's Savings Products?
Deutsche Bank offers several value-added services to provide the best experience.
With online and mobile banking, you can manage your funds from anywhere in the world. You'll also enjoy bonuses, fuel surcharge waivers, competitive rates, fraud protection, insurance coverage, and reliable support.
Does Deutsche Offer Joint Saving Services?
Yes, you can enjoy some Deutsche services individually or as a group with family members. Some products with the joint savings option include Value-Plus, Advantage, and Students savings services.