When choosing a particular bank account, there are several options that you have to face. There are many types of bank accounts available such as Current accounts, Savings accounts, Salary accounts, Fixed deposits, etc. All the types of accounts are used for different purposes and have their benefits.
The Current account offers you more flexibility during the transaction and withdrawal process, and the Savings account permits you to earn the interest rates on your deposit money and secure your withdrawal and deposit money.
Any money deposited by you in a Savings account earns the interest that is applied to your account and makes it the best option for investment. Here we are going to tell you the top features of a Savings account.
1.Earn interest on your deposits
Having additional savings is very important when it comes to increasing your wealth. You have to be earning some returns on the deposits made by you. This makes Savings account a good alternative. It can provide you a periodic return and keep your savings more secure when compared to the other bank accounts. Make sure that the interest rates on savings account differ from one bank to another.
2.Benefits of 3 in one
Today you have the option to opt-in for one account, which means the integration of savings, demat and trading accounts. With the integration of the three accounts, you can make the transfer of funds and interact with ease. Integrating the three-in-one accounts provides the best top-class services, with charges and competitive fees.
3.Minimum average balance
Some Digital Savings Accounts need to maintain the minimum average balance in your bank account. Failing to do that, you are required to pay the penalty charges. Make sure to consider these features before choosing the best savings account suitable for your requirements.
4.Payment flexibility and withdrawals with debit cards
Money deposits in the Savings Account exist for the withdrawals at debit cards and are used online to make the transactions. This is why a Savings account is the best way to maintain wealth and emergency funds that are easy to access. Many Savings accounts with debit cards come with discount and cashback offers.
5.Phone banking and internet banking
Many Savings accounts come with facilities of phone banking and internet banking that permits you to transfer money between UPI IDs or bank accounts. You can also check the account information such as account info, past transactions, available balance, raised services requests, etc.
From the above facts, It is clearly understood that a Savings account is the best option for you to add to your portfolio. They offer periodic return on deposits while ensuring accessibility at all times, unlike the additional financial instruments such as equity, mutual funds, etc. So, it is suggested that you choose a trusted bank and open a Savings account.