With so much competition in the money market, it’s no wonder why today’s banks are so eager to attract new clients. If you want to apply for savings account, the following are that ten features that to familiarise yourself with.
Minimum balance requirement
As a general rule, with all savings accounts, you will have to keep a minimum balance of INR 500. This can go as high as INR 10,000 or even more, depending on the financial institution and the type of savings account you are going with. To avoid fees, it’s a good idea to check this from the start and try not to go over it.
One of the biggest benefits of opening a savings account with a bank is that you will usually be given an account with a higher interest rate than if you were to start investing in stocks or funds. The saving bank interest rate can go as high as 8% per annum, which is pretty good by all means.
Most savings accounts allow you to make withdrawals at any time. This is good for those who prefer not to have a fixed monthly deposit amount going into their savings account, as it allows them greater flexibility with regard to withdrawing money.
A savings account is usually combined with a debit card, which makes it very easy to access your money. This works in the same way as most credit cards or standard bank cards, allowing you to make payments at wherever they are accepted.
Some savings accounts don’t just allow for cash withdrawal and use of debit cards, but they also allow for online transactions. This includes the ability to transfer money between your other accounts, whether at the same bank or with another account provider altogether.
Most savings accounts come with a debit card, which also means you will have access to ATMs. This is a great way of accessing your funds when you need them, as well as keeping up to date on your account.
It is usual to get a passbook when you apply for a savings account. This makes it easy to monitor your balance and make sure there are no discrepancies between the amount of money you think you have and the actual amount.
Cheque book facility
You will also get access to chequebook facility, which can be used for paying bills or even making purchases in person. If you apply for a savings account online, it is likely that this will be sent to your home address.
No age bar
One of the biggest benefits of opening a savings account is that there are no age restrictions for doing so. Anyone who has reached the legal age can apply for a savings account, even minors under 18 with their parents’ consent.
The good thing about savings accounts is that you can apply to close it whenever you want, provided they are not linked to any loans or credit cards. It’s also easy to apply for no complicated paperwork or forms, just fill in your details online and the bank will take care of the rest.
You will be amazed at the options that await you. With a few simple clicks, you can open up your savings account! The best part is that you don’t have to visit anywhere else physically to open up an account. Major Private and Government Banks are offering online services to open up saving accounts for their people!