From keeping your money safe to earning interest, a savings bank account can help you in many ways. Most of our relationship with money starts with opening a savings account as it is one of the basic services that a bank provides today. Read on if you are curious to know about a regular savings account.
- It is liquid and earns interest
The money you keep in a savings account is often liquid. Even when there are minimum balance requirements, nothing stops you from remitting your cash when you need it. The other benefit of having a savings account is that it earns interest on your savings. Furthermore, if you keep a significant amount of money untouched in your savings account, you could get a decent amount of returns periodically.
- Digital payment options
Digital payments are booming in India. Opening a savings account allows access to several digital payment options. All the best banks for savings accounts in India provide a debit card when you open a bank account. Some banks may charge for it, while some offer it for free. Along with that, bank accounts also provide internet and mobile banking options.
- Easy to open an account
Gone are the days when you needed to stand in queues and fill out lengthy forms to open a new savings bank account. Today, you can open a bank account online without even leaving your room, let alone your house. Most banks allow you to open a savings account through their websites or mobile apps. You may have to provide your identity and address proof. For verification, the bank might arrange a video KYC as well. The whole process can be completed in seconds.
How to check account balance?
Checking your account balance is easy. You must log in to your bank’s website or mobile banking app and look for the option that allows you to check your bank balance, read statements, etc. You can also know about any pre-approved loan, and credit card offers on your banking apps.
Digital banking has made opening a new savings account as easy as possible. Compare savings accounts provided by different banks to ensure you choose the one best suited for you.