Savings Accounts are a powerful tool. It lets you save money and earn interest in the long run. It also comes packed with a host of advantages. Typically, this account is the first step in your banking journey and is the most basic account you open with any financial institution.
Today, you can easily consider online Saving Account opening with your chosen bank. The process is quick, convenient, and you can open your account anytime and anywhere. Additionally, when you open a Bank Account with a reputed bank, you can enjoy the following advantages:
Keeps your money safe
When you open a Bank Account, it lets you deposit your funds safely. This prevents you from losing your hard-earned money because of a safe place to store it. It also keeps your money from getting stolen. Additionally, the DICGC insures up to Rs. 5 lakh in your Savings Account.
Withdraw funds anytime
A Savings Account efficiently functions as an emergency fund for your unforeseen expenses. It allows you to save money and withdraw the currency whenever needed.
Provides access to credit
Opening a Bank Account and maintaining a steady balance makes you eligible for a Credit Card or Loan. Hence, if you want a Home or Personal Loan, the first step is to open a Savings Account.
Grow your money
Opening a Bank Account and saving money allows you to earn higher interest on Savings Account on your balance. This will enable you to grow your money in the long run. Besides this, the interest you earn on your Savings Account of up to Rs. 10,000 is exempted from being taxed.
Safe place to receive money
A Savings Account allows you to receive funds from third parties safely.
Carry out numerous transactions
A Savings Account usually comes with a Debit Card you can carry out transactions online and offline. You can also use the Online Banking platforms to transfer money and carry out transactions.
Make investments
You can use your account to open a Fixed or Recurring Deposit, invest in Mutual Funds, etc.
Enjoy various offers
Opening a Savings Account lets you enjoy exclusive offers, vouchers, memberships, etc.
How to open your account online?
To open the account online, follow these simple steps:
- Visit your bank's website or download their Banking app
- Fill out your application and upload the necessary documents
- Avail of video-KYC for smoother account opening
After completing the necessary formalities, your bank verifies the KYC details. Once done, your bank opens the account, and you receive your account details at your registered email address. You can then use these credentials to access your online Savings Account to deposit funds and conduct transactions until you receive your account starter kit, Debit Card, etc.
