Avail of exciting benefits with a Savings Account

 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.

Things to be aware of before opening an online Savings Account

 Many start their banking journey with a Bank Account. Here, you can stash the cash and manage your funds effectively. However, this aspect does not get much attention as much as other investment decisions. Although such accounts are meant to store money and earn liquidity, it affects your finances. Hence, ensure to compare options before opting for one.

This allows you to customise the services of your Savings Account. Most banks have specific categories for specific needs. For instance, women, kids, senior citizens, and earning individuals have accounts for themselves. Also, different banks provide varied services and interest rates. When you research them, you can handle the finances better. But you need to consider some aspects before opening the account:

Minimum balance

This is the initial deposit you make to open Bank Account. While most banks do not insist on balance maintenance, some ask you to maintain a specific limit. This generally ranges between Rs. 500 to Rs. 1,000. However, some private players require a higher balance of Rs. 10,000. So, check your banking needs and spending patterns before deciding the same. This is because overdrawing below the said limit results in a penalty.  

Charges

Banks provide a host of facilities to manage your funds and provide access to them. They charge a maintenance fee for this purpose. The physical branches may charge higher than the online banks owing to overhead costs. These costs include SMS alerts, chequebook, deposit costs, Debit Card withdrawal charges, etc. The treatment of such expenses varies. Hence, check them before you open the account.  

Facilities

Almost all Bank Accounts function similarly, but they are not created equally. They have different user facilities based on their policies and customer satisfaction efforts. Some banks let you deposit cheques by clicking photos, while others need physical deposits. The better the facilities, the higher the minimum deposit requirement. Hence, analyse such facilities depending on your needs to make an informed decision.

Customer services

When you opt for an online Saving Account opening, you build a long-term relationship with the bank. You move the fund management responsibility to the bank. Hence, make sure you get the best assistance when you need it. Customer services are crucial during emergencies. So, checking the grievance and complaint support is an excellent idea before choosing a bank.

ATM availability

While doing Online Banking is one way to handle the account, some things require a solid physical presence. This involves ATMs. If you like to store cash, you should be able to withdraw whenever needed. So, check their network. Thanks to mediums like a Banking app, you can check the nearby bank branches or ATMs. This helps during emergencies.

Opening an online Savings Account? Learn about its eligibility criteria and documentation process

 Bank Accounts are considered the best place to park your hard-earned money. You can withdraw and deposit the money conveniently from it. Of them, Savings Accounts are the most popular products offered by banks. They have many features and benefits, including interest rates on the sums parked, daily withdrawal limits, ATM or Debit Cards, etc. You can also sign up for Online Banking and do transactions from anywhere.

Most banks today allow online Saving Account opening. Here are the eligibility criteria and documentation processes explained.  

Eligibility criteria

Every bank needs you to fulfil the following basic eligibility criteria before opening the account online:

• You can be a resident Indian Individual
• You can be a foreign national currently residing in India
• You can be a non-resident Indian (with ties in India)
• You need to be 18 years old to qualify for the Savings Account

You can also open accounts for minor, but they should be operated jointly, i.e., a parent or guardian of the minor should serve as the second account holder.

Documents required

When you open a Bank Account, you should ensure you upload the following documents:

Account opening form: Download the form from the Savings Account tab on the bank website. Download the form and duly fill it up. Ensure not to leave any tab empty.

Recent passport-size photographs: You also need to provide scanned copies of your recent passport-size photos.

Identity and age proofs: Submit a scanned copy of any government-approved ID and age proofs featuring your photograph and date of birth. Acceptable documents are PAN Card, Aadhaar, Passport, driving license, and Voter ID card. Ensure to scan the original document.

Address proofs: You should also hold the original scanned copy of any government-approved document featuring your address. Acceptable documents are Aadhaar, Passport, driving license, ration card, and utility bills.

If you are a senior citizen who wants to open Bank Account online, you need to provide a senior citizen card as age proof. Apply for the same from the Social Welfare Department.

Steps to open account online

1. Research the different banks concerning interest rates and the banking services offered. Accordingly, select the one that suits your requirements.
2. Visit your chosen bank’s website and click on the Savings Account section. Choose the account you wish to open, like regular, women, joint, minor, etc.
3. Download and complete the online account opening form and submit scanned copies of the documents. If your bank requires document hard copies, they send a representative to your home to collect them.
4. The bank verifies your documents, post which the account number gets allotted, and you can use the account.

Online Account opening has made life simpler for several people. Indian banks and their customers can open an account over the Banking app or Internet Banking, making the entire banking process very convenient.

Everything about Savings Accounts explained!

 What do you generally do with all the money left after paying the monthly dues? Do you consider investment options like Mutual Funds, stock market, Retirement Funds, Fixed Deposits, etc.? Do you have any liquid cash left? Withdrawing funds from investments is not easy. There are some deductions and penalties involved. You can borrow funds through Credit Cards, but those come with interest rates.

So, how to arrange money during emergencies? Savings Account helps here. These accounts are basic and readily provide cash. Although the interest rates might be exciting on balance maintained, you always need a Savings Account. Let us better understand this attractive financial product.  

About Savings Accounts

It is a deposit that you hold with the bank that offers principal security for a reasonable interest rate and immense liquidity. They are best for holding emergency funds, which you might need to fulfil short-term goals.

Availability of Savings Accounts

Almost all banks in India offer a Bank Account. You can now open them either online or offline. The online medium lets you compare interest rates, check the minimum balance requirement and other offers. Once you make the right choice, fill out the online form, and submit the relevant ID proofs and other documents.

Different types of Savings Accounts

Besides the regular account, banks in India offer other accounts too:

• Joint Account
• Women Account
• Senior Citizen Account
• Minor Account
• Pradhan Mantri Dhan Jan Yojana

Are there limitations on the age and income for opening Savings Accounts?

Banks do not impose any such restriction while opening the account. However, there might be different minimum balance requirements, and minors require a parent or guardian to open such accounts.

Penalties upon no minimum balance maintenance

According to RBI guidelines, banks cannot penalise you for maintaining a minimum balance in Dormant Accounts. Only those with active accounts and who do not meet the desired limit are liable for non-maintenance fees besides the Service Tax and Education Cess at applicable rates.

Difference between private and public Savings Accounts

Regarding operational wise, private and public online Bank Accounts offer the same services. However, they differ in minimum balance requirement, usually higher under private banks than public ones. Meanwhile, the free-charge benefit public banks offers is better than private banks.

Savings Account interest rates

The Savings Account interest rates range between 4% to 7%. They either get deposited or credited half-yearly. The interests, however, get calculated either monthly or daily.

You can access Savings Account and its related services through the Banking app or Internet Banking. This does away with visiting bank branches often.

What is the step-by-step process of applying for a Gold Loan online?

 Gold Loans are a popular Secured Loan that has gained immense popularity recently. With the rise of digital lending platforms, it has become more accessible. Here are the steps to follow for applying for Gold Loans online:

Research lenders

When applying for a Gold Loan, you should research lenders. You can look for lenders on search engines or use Loan aggregator websites that list lenders offering Gold Loans. When researching, compare the interest rates, Loan amount, repayment tenure, processing fees, and other terms.

Check the eligibility criteria

After shortlisting the lenders, check your eligibility criteria. You should meet the lender's eligibility criteria if you qualify for the Gold Loans. Standard eligibility criteria include age, income, credit score, and the gold value you offer as collateral.

Calculate the Loan amount

Once you can consider a Gold Loan, you should know the Loan amount. This can be done over Banking apps using the Loan calculator.

Upload the documents

After calculating the Loan amount, you need to upload the necessary documents. The documents you require for Loan against Gold include identity, address, and gold ownership proofs.

Get the gold valued

After uploading the documents, the lender asks you to get the gold value. You can visit the lender's branch or request a doorstep visit. The lender checks the gold's purity, weight, and market value to determine the Loan amount.

Accept the terms

Once the gold is valued, the lender provides the Loan. Before accepting the offer, read and understand the terms and conditions thoroughly. These include interest rates, repayment tenure, processing fees, prepayment charges, and other costs.

Sign the Loan agreement

You can sign the agreement digitally through any mode. The Loan agreement includes all the terms and conditions, and it is a legally binding document.

Get the Loan amount

The lender deposits the Loan amount into your Bank Account once you sign the Loan agreement. Typically, the Loan amount is used within 24 hours of signing the arrangement. The amount is available for any use, such as debt consolidation, business financing, and medical emergencies.

Conclusion

Gold Loan online applications are simple and easy by following the mentioned process. You can easily apply for the Gold Loan by following them, and within 24 hours, the money gets transferred to your Bank Account. Lastly, be cautious and follow the steps carefully.

 

Purpose, usage, and benefits of Savings Account calculator

 Opening a Savings Account is an excellent way to grow your wealth. Its interest-bearing feature lets you expand your idle wealth and urges you to follow financial discipline. But to enjoy such benefits, you should know your interest earnings.

This is when a Savings Account interest calculator comes in handy. Here, you need not manually calculate your interest rates. This guide makes you aware of the other things about the calculator.

Purpose

This calculator aims to estimate the interest you earn on your Savings Account deposits or balance monthly. You need to input bank interest rates, account balances, present investments, and expected returns to estimate accurate values instantly.

How to use the calculator?

Using the Savings Account calculator is relatively easy. You need not hold any technical experience to get the desired results. Follow these steps:

1. Mention the account you use
2. Enter the average balance you usually maintain
3. Enter the interest rates offered by your bank
4. Enter the frequency at which you prefer to receive the interest in your account

Once you add such details, the calculator computes the interest income in your Savings Account. Note you can use this tool on your bank’s website or the Banking app.

Benefits

• Convenient

Manually calculating interest rates on your account is tedious. It takes a lot of time and could be inconvenient. It is also impractical in the long run. Instead, use the calculator and save yourself from this hassle. Only provide the mentioned details, and the calculator computes values for you instantly.

• Zero errors

Calculating the interest rates manually also leads to errors and inaccurate values. This eventually prevents you from arriving at sound decisions. One blunder, and you need to start all over. But with a Savings Account calculator, there is no worry about mistakes. Since it is online, it provides accurate results. In this manner, you can rest assured that the results are error-free.

• Helps with financial planning

Financial planning involves a thorough assessment of your expenses and savings. You could do physical or Online Banking transactions. Being aware of how much money you can accumulate after interest is imperative. It guides you in devising a robust financial plan. Therefore, make sure to use the calculator. It enables you to analyse your interest earnings in advance. That way, you can plan better.

• Free & easy to use

Nowadays, almost all banking portals offer this calculator to users. It is free of cost and readily available. Moreover, you need not hold extensive knowledge to use it. The fields in the calculator are self-explanatory.

Why should you save money?

 It is essential to prioritise savings. It is basic financial advice that you may get from everyone around you. You make your future more secure when you save a small amount from your salary every month. Saving money to secure your family’s future is essential for long-term financial well-being. You should know the reason and amount to save.

If investing long-term, you can use the Savings Account interest calculator to assess your overall savings, including the invested amount and the interest earned. It helps you plan expenses better, save for emergencies, and pay outstanding debts. Here are other reasons to save:

Financial freedom

Savings can provide freedom. You need not depend on someone else if you have saved money. Keep some cash aside for emergencies and unexpected expenses. It gives flexibility with lifestyle choices, whereas financial goals give stability. You can achieve financial flexibility by setting aside a small amount each month.

Financial security

It is evident that saving provides financial security, and having money makes life easier. You can open an account through a Banking app to store and invest excess funds. Ensure the products offer maximum returns and minimal risk for a hassle-free life. Most people save money for retirement plans and to stay financially secure during those times.

Emergency corpus

Emergencies are unpredictable. In such situations, an emergency corpus can save the day. You set aside some cash only for unexpected conditions, such as accidents, illnesses, injuries, etc. To keep the emergency corpus safe and accessible, consider opening an account online.

Comfortable retirement

You should save at least 15% of your salary for retirement. Start with a percentage under a manageable budget. Gradually, you can increase it by 1% each year to reach a good percentage. Saving money for retirement is one of the essential aspects. Have a proper understanding of the different investment options available. Use the Savings Account calculator for financial planning.

Taking calculated risks

You can save money for the future in various ways. The most common way is investing somewhere. You can make more money from your investments. However, it would help if you take calculated risks. Ensure you invest in low or moderate-risk products to get decent potential returns. Saving is a wealth collection method, while investment is a wealth creation method. You can install the app to manage your finances effortlessly.

No standard approach

There are multiple solutions to save money. A one-size-fits-all approach does not work in personal finance. You can either preserve it or invest in other monthly plans. Utilise the Savings Account interest calculator to deal with financial calculations and know the approximate value. Have a clear idea of using your funds and investing them.

Conclusion

Technology is of great help to investors. Using these tools, you can better gauge your financial requirements and grow funds by investing them in Savings Accounts, Deposits, and market-linked instruments.