Opening a savings account marks your novice association with a bank. Here on you will be making multiple trips to the bank for varied reasons. However, opening a saving account is one smart decision you would make. A saving account not only keeps your money safe but also helps in efficiently managing your money.
In India with banks getting integrated online, you can now manage all your banking functions online. Also savings account are subject to interest rate which is between 4–7 percent, depending on which banks you open your account with have certain balance requirements that need to be maintained.
Below mentioned are some benefits of savings account. However, don’t just rush to open an account. You must keep in mind some factors before you open a savings account.
AUTOMATED BILL PAYMENTS:
With the trend of online payments rising, you can now also automate your bill payments. You can set up a standing instruction with your bank that will direct it to make bill payments for credit card statements, utilities, premiums, EMIs etc. Some banks often offer discounts and schemes to promote this facility.
SWEEP FACILITY:
This unique facility is not well-known. Here you can choose to transfer a bunch of your funds from your savings account to your fixed deposit that is offering a higher interest rate. This can simply be done by giving the required instructions to your bank. The bank will do so, once your savings account balance has exceeded a certain limit
INTERNATIONAL DEBIT CARDS:
Your bank can offer you an international debit which can be accessed outside India. Generally, you can receive an international card for free. However, using this card abroad will have charges attached to it. These charges are the international mark-up as well as ATM charges
LOCKER FACILITY:
If you book a locker with the bank you have a savings account with, you will receive additional discounts on the same. Generally, banks offer 15%-30% discount on the same. However, it is noteworthy to mention that not all banks provide this facility.
Keep in mind that the above should be clarified with your bank before demanding for them. Each private bank has its own set of rules and regulations.
