ONLINE ACCOUNT

  • As the name suggests, a savings bank account is a safe place to store surplus funds. It helps build a nest egg for 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 While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.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 nationalized 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 accounts holders is that banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.

ADVANTAGE OF ACCOUNT

  • Savings bank accounts offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.
  • Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he/she logs in to the account.
  • Savings accounts can help cover any unexpected expenses that may arise in the future.
  • Holding a savings account helps to improve financial stability since the funds in the account have limits on the number of withdrawals made against the account.
  • Banks customize savings accounts depending on the general type of usage the account witnesses in its lifetime.

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 While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.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.