Bank Accounts let you deposit and withdraw money while earning interest on the remaining balance. It helps analyse your needs before selecting the bank and account type. The rise in digitalisation has prompted all banks to offer online services to customers.
A Bank Account is a Deposit Account you can open at any retail bank. Whether you manage daily expenses or save for an emergency, this account is an excellent option. Banks now offer different types of Savings Accounts with exclusive features to meet the needs of their customers, such as accounts for women, kids, senior citizens, and more. The benefits include higher interest rates, discounts on locker charges, and unlimited withdrawal through ATMs.
How to open an account online?
Earlier, you could only open an account by visiting the bank branch. However, nowadays, many banks allow you to open it using the Banking app. You only require documents such as the online account opening form, identity proofs, address proofs, bank statements of at least three months, and a cheque for the amount you want to deposit.
How to manage it?
After account opening, you receive a welcome kit with your account number, chequebook, passbook, and Debit Card. You can use it for ATM withdrawals and online and offline payments. Moreover, registration for the online facility is accessible. You need to fill out a form with your account number and personal details.
Before opening your Savings Account, you should compare the reputation, customer service quality, interest rates, minimum balance, and account types. You can download the app to learn more about the banking products offered. Visit the apps of a few top banks in India to get a fair idea and make the right decision.
How to save and earn interest?
You can operate Bank Accounts throughout the day while earning interest. Once you have learnt about the offerings, compare the options and evaluate which bank offers the highest interest rates and facilities. Considering banks with online account opening facilities is a bonus as it eliminates physical visits, saves time, and reduces paperwork.
While researching banks and their interest rates, do not forget to use the Savings Account calculator to compute the interest. Enter details like the amount required, the duration, and the return rate to calculate the interest earnings on your account balance.
Uses
An online Bank Account is versatile, allowing you to keep your money safe, earn interest, and access several useful banking features. You also need an account to start investing eventually and let your money multiply. It also poses a lesser risk as there is hardly any threat to the capital invested.
Closing thoughts
Why think further? Visit your nearest bank or download their app for further details on opening Bank Accounts and investing in other financial products to earn greater returns.
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