5 Benefits Of Savings Account

Money is a resource which if saved today can benefit the future. It is the only saviour during medical emergencies and other urgent fund requirements. Nowadays, every process and facility requires money for initiation and completion. Without having enough funds and savings, it is impossible to fulfil even daily necessities. Remain prepared for any circumstance with the help of adequate cash and face all difficulties easily.

There are many services offered by banks to their customers, one of which is a savings account. It helps secure all the assets and cash of customers and offers them interest on it. They can also withdraw funds as per their convenience without the fear of loss or theft. Here are six benefits it provides:

1. Creates an emergency corpus: By online saving account opening, customers can prepare themselves financially to face any unplanned emergency during a financial crisis. Whether it is a broken major appliance, automobile repair, or medical emergency, they can always withdraw the funds from the account at any time as it offers lots of liquidity. The amount in the bank account is sufficient to cover the expenses and escape borrowing them from others.
   
   
2. Asset protection: The assets stored in a saving bank account is free from any impact from market volatilities. For instance, if people invest their funds in real estate, bonds and stocks, there are chances of getting higher returns on the investment than bank accounts. But they also risk losing money in unforeseen circumstances where they withdraw the money for a lower return or loss. There is no fear of forced withdrawal in a bank account.
   
   
3. International debit card: When individuals open a bank account, they get a kit from the bank containing the passbook, cheque book, a debit card for cash withdrawals at ATMs and other necessary documents.
   
   
4. Easy bill payments: One of the greatest advantages of having an online savings account is the freedom to pay pending utility, mobile recharge, credit card, and water bills directly from the bank. Customers must enter their bank account and card details on the website of the provider and pay the bill. They also receive an SMS and email alert of the transaction on their registered mobile number and email ID.
   
   
5. Hassle-free operations: Technology has changed the scenario of every sector, including banking. Nowadays, smartphones have become the prime mode of payments and banking with the help of a compatible mobile banking app. It offers 24*7 service and makes funds available at any time of the day. Users can download it and make emergency payments at a tap.

4 Banks Offering Online Saving Account Opening Facility In India

It is essential to earn and secure our future financially. People spend money to fulfil their desires and demands such as buying a house, a car, some gold and invest it in several financial products with secured and guaranteed returns. A penny saved today equals a penny earned for the future. It helps meet all emergency expenses and keep the funds safe and secure in bank accounts.

A savings account is the most remarkable financial product offered by several banks in India for customers to deposit their hard-earned money and relieve them from the burden of carrying it everywhere. They can also withdraw funds anytime and anywhere without any hassle from the ATM using the debit card linked to the account. The interest also gets deposited in it.

With so many options to open a bank account, it becomes challenging to choose which one of them is preferable. There are so many factors that determine the suitability, such as the interest rates offered, services, facilities, and much more. In India, multiple banks are offering various schemes to their customers to promote the habit of saving and investing. Here are popular ones offering this facility:

1. State Bank of India (SBI): It provides a wide range of banking products to the customers and is the largest bank in India. SBI saving bank account is one of the popular products in which individuals can deposit their money safely. When it comes to interest rates, the account offers exciting rates.
   
   
2. DBS Bank: It operates solely online. Opening an online savings account gives you higher interest rates as well. Download the app on the smartphone and fill the required details. With interest rate competitive, customers also get welcome benefits like INR 150 cashback on adding INR 10,000 in the bank account or spending INR 3,000 on the debit card.
   
   
3. Kotak Mahindra Bank: It has an extended range of facilities to help customers manage their money efficiently. They offer a fixed rate of interest on balance above INR 1 lakh. There are no transaction or monthly account fees to pay while opening an offline or online bank account. Individuals can choose an account that meets their needs from a range of options such as 811 Digital Bank Account, Edge Account, Sanman Account, Classic Bank Account, etc.
   
   
4. RBL Bank: It is one of the leading private banks of India that provides a wide range of banking products, including a mobile banking app. Customers can access the banking facilities from any corner of the world at any time. They also get higher interest rates along with zero balance facility.