Top 7 Features of a Savings Account

Savings Accounts usually come with certain advantages which makes a perfect investment choice. They also come with additional features that make them more suitable for certain purposes. Here is a list of features of Savings Account to help you understand why a Savings Account might be just what you need:

  • Easy Transactions 
    You can use your Savings Account to send and receive payments. This can be done by either NetBanking, or through your Debit/ATM Card. This feature cuts down the dependency on cash for all transactions, especially when it comes to payment of bills.

  • Payment of Bills
    These days, banks offer payment facilities such as BillPay with Savings Accounts. This enables account holders to make payments for utilities such as electricity, water and phone recharges directly from their account.

  • ATM facility
    Should you feel the need to withdraw cash, then you can do so from your Savings Account via an ATM. Most banks have their ATM branches spread all over the country. But in case you cannot find one in your vicinity, and the need for cash is too pressing, then you can access your account from another bank’s ATM as well. All you need is your ATM/debit card.

  • NetBanking and MobileBanking
    Your bank will usually provide with NetBanking facilities with your Savings Account. as mentioned earlier, this makes it convenient to conduct transactions. You can send and receive payments by logging in to your account online. Further, you can download the bank’s app on your phone and use mobile banking to make your banking activities more convenient and accessible from anywhere. MobileBanking apps also provide you the facility to interact with bank executives for any queries, without having to make a trip to the bank’s nearest branch.

  • Debit Card
    Banks provide Savings Account holders with ATM/Debit Card not just for accessing the account through the ATM, but also for making payments, whether at the merchant’s store, or through an online payment gateway.
  • Savings interest rates
    With every Savings Account, banks offer an interest rate enabling your idle money to grow over time.
  • Cross Product benefits
    Some banks offer their Savings Account holders cross product benefits. This means that if you already have a Savings Account with the bank, then you will get special benefits and offers in case you decide to open another account with the same bank or want to avail of any of their other products. E.g. HDFC Bank waives off the first-year maintenance fee for a first time Demat Account applicant, if they already have a Savings Account with the bank. 

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

    Click here to open a Savings Account.

    * 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.