Savings accounts are the types of bank accounts that are designed to encourage more savings without any restrictions on the transactions. Salaried individuals or other people who have a regular source of income can avail the benefits from the savings accounts.
Also, it is beneficial for those people who have set short-term goals such as weddings, vehicle purchases, holidays, etc. Today, most banks provide the facility of savings account.
This article will tell you everything about the bank deposits the savings account. To get the same information, read all the facts of the article.
Bank deposits- Savings account
A savings bank account is different from a current account in many ways. Banks permit a limited number of transactions every month to the savings account holder. The first five transactions from the bank to the savings account holder are almost free. The interest rate on the savings bank account differs from 4 to 6%.
Due to the limited number of transactions, the account holder can save a significant amount over time.
Benefits of savings account
Savings accounts are the best option for you if you want to access cash anytime. Let us see how the savings account benefits you.
The top benefit for which people now want to open a savings account is the earned interest rate on a savings account. Banks can calculate the interest by multiplying the interest rate by the deposited money of your saving account.
2. Safeguards your money
The facility of the savings account provides the bank 100% security. They are closely regulated, so you can trust them easily and feel confident that your money is safe there.
3. Easy access to money
People easily withdraw money from their accounts when required. Now, the banks offer online access to savings accounts. It makes it easy for people to transfer money and make payments online.
4. No risk
A savings account puts restrictions to a certain amount of interest, but the benefit is that there is zero risk involved in it.
5. Discounts on Locker
If the account holder can maintain the minimum quarterly balance in the account, the bank provides a 15 to 30% discount on the locker fee.
Many banks offer insurance cover, death cover and accident treatment cover when opening a savings account.
7. Discount on Gold
If the customer can maintain a large balance in the savings account, then the banks provide a 2 to 5 % rebate while buying the gold coins from the bank.
8. International Debit cards
A customer who has a debit card for their savings account in a specific bank can convert them into international debit cards. It helps the customer to make transactions abroad.
This article delivers information on savings account. Also, you learned about the benefits of the savings account there.