There are five things to think about while opening a savings account
A savings account allows you to access your funds at any time and from any location. Just as we carefully handpicked and selected the items we purchase, picking the right savings account necessitates some investigation to find the one that would best support us.
Here are five things to consider when selecting a savings account:
- Interest Rate – The savings account interest rate offered is critical in deciding where you should keep your money because it determines how much your savings will earn for you. Even a minor variation in interest rates can pay off in the long term, so choose wisely!
- Minimum Account Balance – Our Savings Accounts include attractive minimum account balance ranges to ensure you’re never short on cash. You can also take advantage of balance maintenance waivers* when you invest in Fixed Deposits or debit card swipes.
- Add On – Earn appealing Rewards Points for every dollar spend, as well as free movie tickets, complimentary lounge access, insurance coverage, free cash deposits, discounted locker rates, and more. Here’s how you can learn more about our Savings Account.
- Beyond Savings – Why wait if having a savings account will also help you prepare working toward your aims? Not only will you get a 7% p.a. rate of interest on your Bank Account* for sums between 1 lakh – 1 crore with Equity as Edge, but you can also move closer to your goals through Sequential Investment Planning (SIP) and free insurance up to 120 times your monthly investment with Equity as Edge.
- Branch Presence – If you like to bank in person, a bank with a branch in your region will become more convenient. Equity as has 392 locations in 240 cities; find the one nearest you here. In addition, we have 350+ ATMs dispersed across the country if you need to withdraw or deposit cash.
A savings account is the most common sort of bank account. Almost every Indian has at least one savings account with a bank. This is a deposit account in which you can save money while getting a little bit of interest. The account holder can withdraw the money invested at any time. A savings account is the safest location to put your hard-earned cash. Let’s take a glance at how a nest egg can help you get out of debts.
Benefits of opening an savings account
Creates a Corpus in Case of Emergency
Savings accounts function as an emergency fund in the event of an unanticipated monetary crisis. We’ve got you covered whether it’s a major appliance that’s broken, a car repair, or a medical emergency. The liquidity of a savings bank account allows you to withdraw the money at any instead. A savings account balance is always ready to meet unforeseen expenses and keep you debt-free.
Asset Security
The money you maintain in your savings account is immune to market volatility, which might have a bad effect on your investments. When compared to a savings account, putting your hard-earned money in real estate, bonds, and equities, for illustration, has a far greater chance of producing a much higher return. However, there is a danger that you’d be hit by an unforeseen scenario which will compel you to liquidate your investment for a reduced return or a loss. Keeping your money into savings will protect you from the loss that comes with forced investment withdrawal.
Debit Card for International Travel
If you have a savings account in India, you can convert your debit card from your savings account to an international debit card. To use abroad, you can upgrade your existing national debit card to an international debit card.
Bill Payments Made Simple
A savings account allows you to pay your bill instead of visiting the bank. It also used to pay credit card payments, utility bills, mobile and DTH recharges, and so on.
The account is simple to open and operate.
A savings account is fairly simple to use. A savings account can be simply opened by going to a bank branch.. Some banks even allow customers to open a savings account simply by going into the company’s website. Savings are advantageous to young people who wish to learn how a state works or who want to start saving.
Can be started on a shoestring budget
An account can be opened with a low amount. Until recently, banks required a minimum account balance for a savings account, but most banks have already abandoned this rule. It allows consumers to keep as much money as they like in bank accounts without thinking about breaking a certain limit.
