What are the advantages of a Saving Account?

Savings Account comes with certain benefits, and banks are eager to help you as the account holder. To help you get the most out of your savings, there are various features available to choose from different types of Savings Accounts. Let us look at the advantages of having a Savings Account. 

  • Keeps your money safe 

The simplest way for you to keep your money safe is to keep it in a Savings Account at a bank. If you keep a high quantity of cash at home or in the office, it is more likely to get stolen, displaced, or even damaged due to some calamity, such as fire. 

  • Convenient money management 

A Savings Account allows for convenient money management – you can make and receive payments as well as transfer funds from one account to another. Further, you can access your money via ATM services. 

  • Liquidity 

While the purpose of a Savings Account is to encourage savings, it is also a good place to keep your money aside in case of emergencies. Unlike a Fixed Deposit, the money is not locked in for a fixed period of time and can be accessed whenever required. 

  • Bill payments 

You can use your Savings Account to pay your Credit Card bills, as well as bills for utilities such as electricity and water supply. You can also pay for day-to-day requirements such as a mobile recharge. 

  • First step to savings 

A Savings Account marks your first step towards savings and investments and is often considered a basic requirement. There's a Savings Account for everyone - women, senior citizens, young, premium customers, etc. Enjoy paperless account opening that is quick and digital with video KYC. You can also get monthly savings with your Debit/ATM Card, SmartBuy, and PayZapp. 

  • Nominal interest rates 

Most banks offer an interest rate slightly higher than the rate of inflation. While this is seen as a way of letting your money grow over time, the actual benefit of this is that your money’s real value remains stable. 

Get Online Saving Account Opening in secure and simple Video Kyc process of an HDFC Bank.

Get Online Saving Account Opening in secure and simple Video Kyc process of an HDFC Bank.

There are certain things you need to keep in mind when opening a Savings Account though, 

  • The liquidity of the Savings Account may be tempting for some people. So, if you find yourself constantly trying to access your funds, you may want to exercise control.  

  • If you want to keep your account stable and untouched for a fixed duration of time, then a Fixed Deposit might be a better option for you. 

With HDFC Bank InstaAccount, open a Savings Account instantly in a few simple steps. It comes pre-enabled with HDFC Bank NetBanking and MobileBanking, and you can enjoy Cardless Cash withdrawals. Click here to get started! 

*Terms and conditions apply. 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.