How does a savings account help? Well, it helps your savings to grow. Say, both you and your friend have ₹600 each. Your friend keeps his money with himself. You deposit yours in a savings account that offers, suppose, a simple interest rate of 10% per annum. By the end of the year, your deposit amount will grow to ₹660. But your friend would be left with ₹600, supposing he hadn’t spent it.
That being said, here are the various other reasons a savings bank is important.
Unlimited Liquidity
In the current situation, you may need instant access to cash, especially for any medical emergencies. In that case, if you have a savings account, you can withdraw the required amount of cash super quickly from an ATM. For that, the best savings account even offers free unlimited withdrawals at its ATMs anywhere in India.
Easy Online Bill Payments
When you open a savings account, you get a debit card to access your savings in the account. You can use the card anytime and anywhere to pay electricity bills, mobile bills, wifi bills, the school fees of your kids, and much more. Online bill payments are contactless and, therefore, ensure that you stay safe, especially in the present situation. Plus, you can pay superfast without paying any charges for the transactions. The best savings account even offers high-worth vouchers on attaining a minimum limit of debit card spending.
Source of a Second Income
How? Simple. You deposit money in your savings account. The money sits and grows even more with the power of compounding. To make this more rewarding, the best savings account offers the most competitive interest rates and credits the interest to your account every month. This becomes a big source of a second income. At difficult times, say, when you’re running a loss in your business, this second income can be a great boon to you!
Special Benefits
A good savings account offers not only the best interest rates but also various other beneficial features. For instance, you may be allowed to open a new bank account online with paperless, video KYC. You can also get access to several other benefits like:
- High limits for daily ATM withdrawals and purchases based on your savings account
- Lost debit card liability coverage
- Cashbacks and diverse rewards on transactions made using your savings account
- Personal and air accident insurance coverage
- Various offers on entertainment, movies, shopping and more
You may even enjoy zero charges on:
- Net Banking
- Statement request
- Stop Payment on Cheques
- Standing Instruction- Amendment/Execution/Set-Up
- Passbook Issuance & Printing
- Alerts for transactions on your account
- Outstation Cheque Collection
- Interest/TDS Certificate
- Balance Confirmation Certificate
- DD- Duplicate Issuance
- Re-issue of Cheque Book
- DD Revalidation/Cancellation
- Anywhere banking
- Balance Enquiry (Channels/Branch)
- Debit Card re-issuance
- Electronic funds transfer (RTGS/NEFT/IMPS) inward and outward
Now you see that you can enjoy so many benefits on opening a savings bank account! What’s more, your cash is not stacked unsafely at home and remains much secure in the trusted bank.
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