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5 Features of Savings Account You Should Know
Posted on Sunday, April 17th, 2022 | By IndusInd Bank
When opting for a bank account, there are a few different options that you are faced with. There are current accounts, savings accounts, fixed deposits, salary accounts, etc. All these accounts serve their own specific purposes and have their own distinguishing features.
Where a current account gives you more liquidity and more flexibility to withdraw and make transactions, a savings account allows you to earn interest on your money while being able to make withdrawals and transactions as you require.
Money parked in a savings account earns interest that is accrued to your account periodically which makes it a great investment alternative. Here are some of the features of a savings account that you should know about:
Earn Interest on your savings
Making your additional money work for you is the most important thing when it comes to accumulating wealth. You must always be earning some return on any additional funds that you have.
This makes savings accounts a great investment alternative. They keep your money safe, provide a periodic return, and keep your money liquid.
The interest rate on your savings account varies from bank to bank and changes over time depending on economic factors and RBI policy. Most savings accounts credit the interest earned on a quarterly or half year basis. The interest is calculated as the Average Daily Balance*Number of days*Interest rate/Number of days in a year.
Benefits of 3-in-one with savings, trading, and Demat accounts
Today, you can opt for all-in-one accounts that let you integrate your savings, trading and Demat accounts such that there can be seamless transfer of funds and interaction between the three accounts. The IndusInd Bank’s IndusStox 3-in-1 e-Trading account provides you with best in-class service, competitive fees and charges and a seamless trading experience.
Minimum average balance
Some savings accounts do require maintaining a minimum average balance in your account failing to do which you might be required to pay penalty charges. There are zero-balance savings accounts as well that don’t require a minimum balance. Salary account is an example of a zero-balance savings account.
Make sure to enquire about this feature before choosing an account that fits your needs. Check out IndusInd Bank’s offerings on savings accounts, here.
Withdrawal and payments flexibility with Debit cards
Money put in a savings account is available for withdrawals at ATMs and can be used for online transactions using debit cards, internet banking, etc.
This is why a savings account is a great way of maintaining your emergency funds and parking your wealth safely such that it is accessible. Additionally, many savings bank debit card come with cash back and discount offers for services availed with major shopping sites, food delivery platforms, hotel bookings, travel expenses, etc.
Internet banking and Phone banking
Most savings accounts come with internet banking and phone banking privileges that allow you to transfer money between bank accounts and UPI ids seamlessly. You can also view your account information such as available balance, past transactions, account info and raise service requests for bank statements, and much more.
Last few words
Savings accounts are a great option for you to add to your portfolio. They provide a safe periodic return on your money while making sure it is accessible to at all times, unlike other financial instruments like mutual funds, equity, etc. Click here to apply for a savings account today.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
