Today, all public and private sector banks offer savings account. You can use them for parking and growing your savings gradually. The moment you begin earning, you can open the account if you do not hold one. While some organisations do offer an account for depositing the salary, consider opening a regular one with which you can enjoy a host of benefits. Thanks to digital banking, you can open an account in minutes online.
Here are some of the most generic facilities which banks offer on online saving account opening:
Usage of account for daily transactions
The essential feature of the account is it lets you conduct all types of daily transactions. There is no upper cap on the sum you can deposit in the account. Deposit the money through cash, cheque, or online transactions through various accounts. However, banks have a daily withdrawal limit on such accounts. Generally, the withdrawal limits are higher when you remove cash from the bank branch than the ATM.
Provides ATM or debit card
All Indian banks offer an ATM or debit card in the saving account welcome kit. The ATM card includes your name, a 16-digit code, and the expiration or validity date on the front, while the CVV number with the signature strip on the back. You use the ATM card for withdrawing funds from any ATM vestibule. However, you should check the number of transactions possible through ATM, be it home bank or otherwise.
Besides withdrawing cash at the ATM, use the card for shopping at retail stores and online portals. You can use them for paying the utility bills as well.
Net banking services
You already have opened the account online. Now, you can explore more opportunities here. You can do transactions often, check your account balance, download the bank statement, transfer funds through NEFT, RTGS, or IMPS modes. You have the provisions to pay the utility bills, house rent, loan EMIs, and other monthly expenses directly through the account. You can even set up login details in the banking apps for on the move transactions.
Earn interests on the savings
Every bank offers savings interest rates on the balanced parked. The interest rates offered are generally not too high, but you can earn higher interest rates under the online mode. It is also applicable for those who have maintained higher deposits in the account, usually exceeding Rs. 1 lakh. The interest rates offered ranges between 4% to 7% depending on the bank and the savings. The interest pay-out also happens on a half-yearly or yearly basis.
When you open the saving bank account, enquire about the different accounts you can open. Apart from the standard account, there is a joint account, zero-balance, accounts under various Government schemes, women, senior citizens, and minors.
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