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One of the first things we do when we enter adulthood is opening a savings account. It is the first step we take in the journey of saving money and building a corpus as we begin to build our professional careers. A savings account allows you to have easy access to your savings, so that you can utilize them as per your requirements. It also helps you automate bill payments, transfer funds and conduct several other transactions. Clearly, this account allows you to do a lot more than simply park your money. Here are a few things you need to know about your savings account and how it works.
The balance requirement: All bank customers are expected to maintain a certain amount as balance in their accounts. Most public sector banks expect you to maintain a minimum of ₹1000 in your account, whereas private sector banks expect you to show an average monthly or quarterly balance of ₹5000 – ₹10,000 or more, depending on the type of account chosen. Employees working with corporates can open a savings account with zero balance as their salary is credited into this account. You can withdrawal all your savings from this account. The limits of transactions: While there is no limit to how much balance you can have in your account and how much you can deposit into it, you must adhere to your banks’ withdrawal limits. Different banks have different amounts that can be withdrawn per day from your bank’s ATM. For higher withdrawals, you must visit your bank. E-wallet services: Almost all banks offer their customers e-wallet services along with saving accounts. These e-wallet services are offered either in association with a third party service provider or by banks individually. E-wallets are safe as they allow you to make cashless payments, and don’t require you to carry either cash or your debit/credit cards. You can easily transfer money from your e-wallet to pay the recipient/ beneficiary. Reward Scheme: Rewards schemes are also a great feature offered by banks. Reward points are accumulated on your debit card, based on the transactions you conduct while shopping or making online purchases. Banks, in turn, are tied up with several retail partners and also have their own website, from which you can purchase products based on the points accumulated on your card. You can redeem your points on the bank’s online store, at the bank’s retail partners or to pay your bills. Interest Rate: Bank customers can earn a quarterly, half-yearly or yearly interest on the savings in their accounts. The higher the amount parked in your savings account, the higher the interest you can yield. While most banks in India offer a standard 3.5% – 4% interest rate, customers can earn higher rates of interest on their savings by parking their savings in banks like Kotak Mahindra and Digi Bank by DBS, which offer 6% and 7% interest rates respectively.
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October 2020
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