Savings Accounts function as a virtual vault that holds your savings. It is the most elementary bank account offered to customers. This allows account holders to deposit funds than hiding them at odd places or carrying them around. This Bank Account is also relatively liquid. Hence, you can withdraw your money whenever needed.
If you wish to open Savings Account, here are some exciting benefits you can avail of:
Grow your money passively
Besides saving your funds, the account helps grow your money passively. This is because you earn interest on the funds you deposit in your account at a rate your bank decides. Hence, choosing an account with a high interest rate lets you generate more passive income on the same savings quantity.
You can also determine how much interest you will earn on your Bank Account through the Savings Account interest calculator. To calculate the income, enter the following information:
- Type of account you hold
- Interest rates offered
- The minimum average balance to maintain in your account
- The frequency at which you want the interest to be credited
Invest seamlessly
You can invest easily and meet your financial goals through such accounts. For example, it lets you open a Fixed or Recurring Deposit online. These instruments enable you to invest your savings and earn assured returns at fixed rates over a particular period. You can also choose from various top-rated Mutual Funds and invest in them to enjoy favourable returns in the long run.
Get access to credit
When you open a Savings Account and maintain a decent balance every month, your bank may find you eligible to extend credit to you. This, in turn, helps fulfil your dreams with Fast-Track Loans. Your bank may also provide instant approvals up to a certain sum and help manage your Loan online effortlessly.
Instant fund transfers
Today, you can easily open your Bank Account online using the Banking app. Once you open the account, you can conveniently transfer funds across India and abroad through various channels. Your bank may also offer you preferential conversion rates, etc., when you remit money overseas. You can receive funds safely from third parties through such accounts.
Debit Card
As an account holder, your bank provides access to a Debit Dard that you can use to make payments online and offline. This card helps you enjoy exclusive discounts on various brands. You also earn cashback points and rewards each time you swipe your card.
Easy payments online
A Savings Account offers access to e-wallets and UPI services to make payments online.
Pay bills on time
You can automate your monthly bills using your Savings Account linked Debit Card.
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