Different types of savings accounts such as a salary savings account, child savings account, or a zero balance savings account offer different sets of unique advantages. However, a few common benefits among them remain the same.
Continue reading to find out the benefits that you will receive with 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 their money with the bank and receive a particular amount of additional money in the form of interest. The interest is payable by the banks to the depositor for holding funds with them. Furthermore, a depositor’s money remains safe with the bank as he/she is not required to carry the cash physically. These types of bank accounts are a good financial option for those candidates who would like to make transactions once in a while or withdraw money according to needs.
Liquid in Nature
One of the major benefits of a savings account is that it is liquid in nature, implying that one can withdraw money from the account whenever required using an ATM card, or debit card.
If you have a savings account and you have activated internet banking, you can directly have access to online financial services like sending/receiving money, making investments, ordering cheque book, tracking daily/monthly/yearly transactions and a lot more without the need to reach the bank physically. Apart from this, the online medium allows you to apply for other services such as fixed deposit investments, loans, credit/debit cards etc. While a lot of banks provide these services offline, a savings account with Paytm Payments Bank benefits users digitally. The account holders can make an unlimited number of transactions without incurring a daily transaction fee. Users also have access to a digital passbook to track and monitor all the expenses of the day/month online. Alongside, Paytm Payments Banks also allows 24*7 NEFT facility, thereby making the process more convenient and fluid.
Automatic Debit Payments
Banks offer users the facility to set up automatic debits for the payment of utility bills. When you choose to set up the automatic debit option, the utility service provider raises a request with the bank. The bank, on the other hand, debits the amount from your account on a particular date. If you are someone who keeps forgetting the due date to pay the bills, then you should definitely opt for the automatic debit option.
A savings account allows you to make easy fund transfers using different payment modules like net banking, mobile banking, and by using NEFT, IMPS, UPI.
Another benefit of a savings account is that it offers you the option of having a joint family account. Under the joint account norms, the account holders can manage one bank account collectively and sign cheques. Such a type of account can either be used for managing and maintaining household income/expenses or for personal use.
International Debit Cards
Certain banks provide international debit cards upon opening selective savings accounts. With international debit cards, you can make transactions or withdraw money from ATMs internationally.
Easy to Open
You can open your savings account by choosing one out of many options available. After selecting the one account that you want to have, fill in the account opening form, nominate someone if you want to, and submit all the necessary documents along with the deposit money. Upon verification of all the documents, banks will notify you of the same by sending a welcome kit to your registered address. The verification process might take 7- 10 working days, however, the duration might vary from bank to bank. While the process to open a savings account with banks is easy, it is quite lengthy. Paytm Payments Bank, on the other hand, allows users to open a savings account instantly by following a few easy steps without the use of any paperwork.
Check out easy steps to open a Paytm Payments Bank savings account
No Age Bar
A savings account can be opened by anyone who passes the eligibility criteria. A child above the age of 10 can have a children/kids savings account, whereas a person above the age of 60 can go ahead with a senior citizen account. Similarly, salaried professionals have salary savings accounts and regular savings accounts are meant for everyone residing in the country. It is important to note that as savings accounts are of different variants, the features, benefits and eligibility criteria will be different. Thus, one should choose the savings account variant that suits the best of their requirements.
No Fixed Tenure
Savings accounts can be managed and maintained as long as per the account holder’s preference. There is no fixed tenure set by the bank for the depositors to manage the account. It is up to the will of depositors to operate the account. However, in case the account stays inactive for more than 2 years, it will be considered an inactive account. In such a situation, if the account holder wants to activate it, he/she will be required to connect with the bank again.
Closing the Account
You can close your account whenever you want by reaching out to the bank physically as you cannot close the account online. There, you can connect with the banking official who can further guide you through the account closure procedure. Upon guidance, submit all the required documents and you will be done with closing your account. As a major number of banks do not offer the facility to close a savings account online, Paytm Payments Bank, however, allows you to close your savings account online. All you need to do is to raise a request to close the savings account.
You can avail of all the above benefits of a savings account by choosing a bank that suits your needs the best. As you look at the benefits offered by various banks, don’t forget to go through the benefits offered by Paytm Payments bank.
Why Choose Paytm to Open a Savings Account?
Here is why you should have a savings account with Paytm-
- There is no minimum balance requirement
- A physical debit card can be obtained after raising a request
- A free digital debit card is offered to the savings account holders
- All the digital transactions are free
- A user is eligible to receive 2.5% interest per annum on the deposited amount
- 5.5% interest rate is provided on regular Fixed Deposits and a 6% interest rate is offered to senior citizen FD holders
- A digital passbook is available to check transactions
- One can order a chequebook
Currently, there are approximately 65 million saving account holders who are making most of the benefits offered by Paytm. Join the group by opening your savings account with Paytm and explore multiple other benefits.