Ways To Access Funds In Your Savings Account

Savings Account is a standard financial product that most banks and financial institutions offer. Park your savings here and earn profitable interest rates on your balance. Owing to its interest-generating abilities, Savings Account is considered a good investment instrument. A significant advantage of growing your savings is the ease of access. There is no lock-in period or tenure applicable to Savings Account.

You can access your funds anytime. Following are the ways to access funds in your Savings Account:

ATM withdrawals

The most common way is through ATM withdrawals. All Savings Account holders receive a Debit Card upon opening the account. You can insert it at any ATM to withdraw funds. As a security measure, these cards are inactive when you receive them. You need to activate them to make a transaction. You can easily activate them by setting a PIN at the ATM.

Generally, no charges are applicable to make ATM withdrawals. However, the bank may charge you a basic fee if you withdraw funds from another bank’s ATM. There is also a limit to the funds you can withdraw from your account daily. Reach out to your bank to understand the details.

Bank-to-bank transfer

If your close relative has a personal emergency and needs funds, you can help them out. You need not visit the bank. Just withdraw funds and help your family member. You could also make a direct bank-to-bank transfer. Make sure you activate online services when opting for an online Saving Account opening. You require the beneficiary details to make an instant bank transfer.

Ask them for their Bank Account number, branch name, and IFSC code. Feed them correctly on the bank portal. You can transfer funds and help your relative within minutes.

Direct debit

Direct debit works like an online transaction. This is generally used to make repayments and investments. You can use your online Bank Account to pay utility bills. Give standing instructions to your bank to make periodic payments like utility bills, Insurance premiums, and Loans. The bank directly debits the amount from the account. The automatic payment feature of the Savings Account helps you stay ahead of your bill due dates.

Cashier’s cheque

Another way to access funds is by writing a cheque. You could either write a cheque to yourself or another account holder. You need to deposit the cheque in the bank to receive funds. Make a note of the bank timings before visiting it to deposit your cheque. Alternatively, you can withdraw the cheque at the nearest ATM, provided they have a drop box.