Savings is one thing which is done by a person even as a child. Remember getting those piggy banks and pots to store the coins or notes of money. At the time of need or when eager to buy something those savings would come handy. Now with the banks available, the piggy bank has turned into a real bank. One can open a Savings Bank Account with any reputed bank and enjoy the facilities. The savings account serves as an interest-bearing deposit account which is held at any bank or other financial institutions. Savings account is more of a safe method of saving money, with a normal interest rate.
What is a Savings Account?
Savings account is the most basic type of account anyone can open at any bank. A Savings Account is the deposit of the money which after a point adds up the rate of interest and increases the value moderately. Instead of keeping the money at a place and forgetting it, one can deposit in the bank with a rate of interest to add on to.
Savings Accounts are one of the most important types of liquid investments, which makes it easy to use them when needed for doing any transactions. One should remember that the withdrawal of a savings account can happen anytime, anywhere.
In fact, nowadays with everything going digital, one can opt for a Digital Savings Bank Account.This process of acquiring online services from a bank through a tap on the mobile or laptop makes it very easy and convenient. Along with the easy operation, these online accounts yield higher interest rates.
How does the savings account help the customers?
1. Earn Interest- A savings account helps the customers to earn interest on the deposited amount. By providing lucrative offers, higher interest rates and other benefits the bank lures new customers and retains existing ones. It also provides discounts on locker rentals, unlimited ATM transactions, etc. Moreover, many banks have so much to offer through different types of savings accounts, like for children, elders, women, business owners etc.
2. Safest Investment –
The biggest advantage of having a savings account is that unlike other investment options, a savings bank account does not invest the customer’s money elsewhere. It gives modest returns while keeping the money safe.
3. Minimum Investment-Savings account doesn’t need bigger investment options. It is quite affordable and helps the customers of any age to save their money.A normal minimum balance is what the bank needs from the customers.
How to open a Savings Account?
Opening a Savings Account is very easy and is not much of a hassle. Any Indian national can open a Savings Account, either individually, or jointly with another Indian national. Only thing one needs is to fill up the application form and fulfill the KYC documents requirements. Any person no matter which religion but having Indian citizenship can put up with a savings account. While there are certain provisions for the foreign nationals to put up with the savings account. The foreign nationals must have an intent to stay in the country for a long term, due to business or other work. The fulfillment of KYC documents is the most important factor for every individual or joint account holder.
There are a lot of banks which offer different types of savings accounts to their customers. Be it the Regular Savings Account,Certificate of deposit,Basic Savings Account,Senior Citizen Savings Account , children saving account, Zero Balance Savings Account etc. These banks have criterias for its customers, the fulfillment upon which one can access the services even if it’s a Digital Savings Bank Account.