Salary savings accounts, child savings accounts, and zero balance savings accounts all have their own set of benefits. However, there are a few common benefits that they all share.
Continue reading to learn more about the advantages of opening a savings account.
Benefits of a Savings Account
Following are the benefits of a savings account-
Emergency or Safe Funds
A savings account allows users to deposit money with a bank and receive a set amount of money back in the form of interest. Banks pay interest to depositors in exchange for holding funds with them. Furthermore, a depositor’s money is safe with the bank because he or she is not required to physically carry the cash. These types of bank accounts are a good financial option for candidates who want to make transactions on a regular basis or withdraw money as needed.
Liquid in Nature
One of the primary advantages of a savings account is that it is liquid, which means that money can be withdrawn from the account at any time using an ATM card or a debit card.
If you have a savings account and have activated internet banking, you can directly access online financial services such as sending/receiving money, making investments, ordering cheque books, tracking daily/monthly/yearly transactions, and much more without having to physically visit the bank.
Aside from that, the online medium allows you to apply for other services such as fixed deposit investments, loans, credit/debit cards, and so on. While many banks offer these services in person, a savings account with Paytm Payments Bank benefits users digitally. Account-holders can conduct an unlimited number of transactions without incurring a daily transaction fee. Users can also use a digital passbook to track and monitor their daily/monthly expenses online. In addition, Paytm Payments Banks provide 24*7 NEFT service, making the process more convenient and fluid.
Automatic Debit Payments
Banks allow customers to set up automatic debits for utility bill payments. When you select the automatic debit option, the utility service provider submits a request to the bank. On the other hand, the bank debits the amount from your account on a specific date. If you have a habit of forgetting to pay your bills on time, you should definitely go with the automatic debit option.
A savings account allows you to easily transfer funds using various payment modules such as net banking, mobile banking, NEFT, IMPS, and UPI.
Another advantage of a savings account is the ability to have a joint family account. The account holders can manage one bank account and sign cheques collectively under the joint account rules. This type of account can be used for either managing and maintaining household expenses or for personal use.
International Debit Cards
Certain banks offer international debit cards in exchange for the opening of specific savings accounts. International debit cards allow you to make international transactions and withdraw money from ATMs all over the world.
Easy to Open
You can open a savings account by selecting one of several options. After you’ve decided on the one account you want to open, fill out the account opening form, nominate someone if you want, and submit all of the required documents along with the deposit money. Banks will notify you of the verification of all documents by sending a welcome kit to your registered address. The verification process may take 7- 10 working days; however, the duration may differ from bank to bank
While the process of opening a savings account with a bank is simple, it is time-consuming. Paytm Payments Bank, on the other hand, allows users to open a savings account instantly by following a few simple steps without the use of any paperwork.
“Check out easy steps to open a Paytm Payments Bank savings account“
No Age Bar
Anyone who meets the eligibility requirements can open a savings account. A child over the age of ten can open a children/kids savings account, whereas an adult over the age of 60 can open a senior citizen account. Salary savings accounts are available to salaried professionals, and regular savings accounts are available to all residents of the country. It is important to note that because there are different types of savings accounts, the features, benefits, and eligibility criteria will vary. As a result, one should select the savings account option that best meets their needs.
No Fixed Tenure
Savings accounts can be managed and maintained for as long as the account holder wishes. The bank does not set a time limit for depositors to manage their accounts. It is up to depositors’ will to operate the account. However, if the account is inactive for more than two years, it will be considered inactive. In such a case, if the account holder wishes to activate it, he or she must reconnect with the bank.
Closing the Account
You can close your account at any time by visiting the bank in person, as you cannot close it online. There, you can communicate with a banking representative who will assist you with the account closure process. Follow the instructions and submit all of the required documents to close your account. Paytm Payments Bank, on the other hand, allows you to close your savings account online, whereas many banks do not. All you have to do is ask for the savings account to be closed.
Why Choose Paytm to Open a Savings Account?
Here is why you should have a savings account with Paytm-
- There is no requirement for a minimum balance
- After submitting a request, a physical debit card can be obtained
- Savings account holders are given a free digital debit card
- All digital transactions are free of charge
- A user is eligible for an annual interest rate of 2.5 % on the amount deposited.
- Regular Fixed Deposits earn 5.5 % interest, while Senior Citizen Fixed Deposits earn 6 % interest
- To check transactions, a digital passbook is available
- A chequebook can be ordered
Currently, approximately 65 million saving account holders are taking advantage of Paytm’s benefits. Join the group by opening your savings account with Paytm and explore multiple other benefits.