Savings Account: Understanding Its Features

[Shashank Bhaskar]

When you decide to open a Bank Account, you instantly think of Saving Account. This article guides you through some of the essential features of the account, especially if you open it via an online platform. Read to know more:

No monthly maintenance fees

Service or maintenance fees reduce your savings further. This account does not come with additional charges.

Instant Account opening

Most banks opt for Digital Banking, making it easier to open it hassle-free. The online platform offers a fast and better-streamlined application process to apply for this account.

Quick online transfers 

The Online Banking facility allows you to transfer funds quickly and easily to other accounts. Your transaction history is accessible to you 24*7.

No minimum balance requirement

Accounts such as a Zero-Balance Savings Account does not require you to maintain a minimum balance. Use the account whenever you want and add funds accordingly.

Online transfers

Along with having more control over your finances, you can also access your savings immediately during emergencies. It also assists in saving by allowing you to transfer money from your Checking to your online Saving Bank Account.

Automatic transfers 

Finding an account that allows you to directly deposit a portion of your entire cheque into your account is best done by financial experts. This way, your money gets automatically transferred into savings before you are tempted to spend it. Using an automatic savings transfer feature also helps save because your funds get transferred automatically from your Checking to your Savings Account at fixed intervals.

Benefits of Savings Account

Low fees

Banks do not charge any extra service fees to open this account, thanks to the online platform.

High-interest rates

Banks need not spend too much on a brick-and-mortar set-up with the online space. This allows them to offer you better Savings Account interest rates on this account.

Low deposit

Most banks allow minimal initial deposits. This is considered your starting balance. Once you open them, you must check the balance depending on your account type.

Easy access to funds

The best part about an online account is that you have access to your finances anytime and anywhere. Moreover, you get all details about your online account wherever you go.

24*7 customer service 

Unlike the traditional banking hours, an online system is at your service round the clock. It is advisable to still confirm with your bank about timings to reach the customer care desk.

How to open one?

For online Saving Account opening, here are some necessary preparatory steps to follow:

Step 1: Research, select, and visit your selected bank’s official website.

Step 3: Choose the banking product you wish to opt for.

Step 4: Complete your e-KYC.

With the customer care and reliable banking app, you have guidance from time to time.