Savings Accounts are the most popular accounts available to customers. It is the basic account you open at a bank. It functions as a virtual vault, keeping your money safe and helping it grow in the long run. However, today, this account does more than that. Whether saving money to go on vacation, opening a Fixed Deposit, etc., Savings Accounts are a saviour for all your banking needs.
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Theessential benefits you can avail of when you open a Savings Account include the following:
- You can invest seamlessly in instruments like Fixed and Recurring Deposits. They are risk-free investments and let you grow your money and meet your financial goals in the long run. Savings Accounts also provide access to invest in Mutual Funds.
- You can use your account to register your billers and pay your bills on time.
- Use Online Banking services to make payments and transfer funds across India and abroad.
- Savings Accounts also offer Debit Cardslinked to a UPI service or e-wallet to make payments online. Some Debit Cards also let to enjoy a range of discounts and help you earn cashback points and rewards every time you swipe the card.
- Opening a Savings Account makes you eligible for your bank’s credit facilities.
How to open it?
Earlier, you had to visit your bank to open a Savings Account. However, today, you can enjoy instant onboarding and open them online. To do this, simply follow these basic steps:
- Go to the official website or download their Banking app on your smartphone.
- Complete the account opening process online and upload the necessary documents.
- You can opt for video-KYC to enhance your online account opening experience. You only need a data-enabled smartphone with a camera. It should also have access to video-calling features.
- Once the bank verifies your details, it opens your Savings Account and sends the details to your registered email address.
Things to remember
Before you opt for a bank and open a Savings Account with them, consider the following important pointers:
- Determine the average minimum balance requirement of your account. This way, you can ascertain the monthly average balance you should mandatorily maintain in your account.
- Choose banks that offer you facilities like Online Banking. This way, you can bank 24×7.
- If you want to apply for a Loan in the future, look for the credit facilities offered by the bank.
- Pick a high interest Savings Account through which you earn interest at a competitive rate and help grow your money steadily with time.
- Opt for banks that offer access to various privileges, offers, vouchers, and memberships when you open an account.
Yasmeen is a business and digital content writer at InBusinessWorld with more than five years of experience creating informative, practical and reader-focused content. She covers business, finance, marketing, technology and digital trends, helping readers understand important developments, strategies and ideas across the modern business landscape.
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Sameena is a content reviewer and editorial specialist at InBusinessWorld with more than five years of experience reviewing digital content. She reviews business, finance, marketing, technology and related editorial content with a focus on clarity, accuracy, readability, logical structure and overall content quality.
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