FEATURES OF ACCOUNT
Here are some of the features and benefits of a savings bank account:
- As the name suggests, a savings bank account is a safe place to store surplus funds. It helps build a nest egg for the unexpected situations that may arise in the future.
- The balance in a savings account earns interest. While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.
- All savings account, whether held at a nationalised bank or any other financial institution, is always safe.
- A savings account provides account holders some level of liquidity. Banks usually provide account holders with debit/ATM cards that can be used to make a certain number of withdrawals from their savings account.
- An advantage for most savings account holders is that banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.
- Most banks also provide savings account holders with various insurance covers including personal accidents and death.