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    What are the Perks of Having a Savings Account?

    Published on October 6, 2021

    A savings account is the easiest way to invest. The best Indian bank offers 5% interest rates per annum along with a monthly interest credit on savings. Customers can also enjoy free and unlimited ATM withdrawals. It comes with a signature card that is designed to meet your individual needs. You can easily save more, get cashback deals on activation and get higher POS limits with added benefits. There are different account types to suit individual needs. It can be opened online to quicken the process. The bank professionals are eager to help you with the documents and other formalities to ease the procedure.

    But before opening a digital savings account, look at the benefits of one. It will help you make an informed decision and fulfil your financial goals better.

    Ø  Great Money Management

    An insta savings account can help reduce tax liabilities. This ensures the wealth grow into a substantial amount within a small timeframe. Customers can also: 

    make a fixed and recurring deposit,

    handle day-to-day transactions and

    request for a cheque book

    You can transfer or withdraw money at your convenience. The rest of the amount can be used for earning interest. The bank offers a safe avenue to park your money with strict regulations.

    Ø  Bill Payments

    You can set up your savings account for automated bill payments. The top bank does not deduct any extra amount for this. It helps you to clear your utility bills on time. This further saves you from running into a debt that could ruin your credit history. Other daily expenses like a mobile recharge or online shopping can also be done via s savings account.

    Ø  Liquidity

    You can withdraw money from your instant savings account in case of contingencies. All you have to do is use your ATM card in any part of the country to encash your savings amount. It can be done unlimited times as per your needs and convenience.

    • Your money is not locked for a fixed period which reduces the degree of liquidity.
    • There are no extra charges or regulatory laws for withdrawing.

    This is extremely helpful to cater to multiple situations like a sudden business requirement, clearing a loan right before the deadline or a medical emergency.

    Ø  Create a Budget

    The best banking facilities offer an online bank statement. Here you can track your cash outflow. This is extremely important to understand where your money goes. It helps account holders limit their unnecessary expenses. For example, a streaming platform subscription or a gym membership that is no longer useful but is automatically getting deducted from your account. Having a clear knowledge of your cash will ensure financial literacy and help you make smart monetary choices.

    Ø  Ease of Opening and Operating

    Paperless digital A/C can be opened with video KYC. This is the easiest and the quickest way to get a bank account at your disposal. All you have to do is get the basic documents like an Aadhaar card and PAN card to get started. The account is activated as soon as the formalities are completed. Use a savings account interest calculator to understand the interest that you will earn with the best bank within a period of one year.

    You do not need prior knowledge to open a savings account. Simply call the customer care service of your nearest bank branch. The team will guide to start the account from the comfort of home.