There are several types of savings accounts, such as salary savings accounts, child savings accounts, and zero balance savings accounts, each of which offers their own unique benefits. However, there are also some benefits that these accounts have in common. If you want to learn more about the advantages of opening a savings account, you can continue reading for more information.
Benefits of a Savings Account
Following are the benefits of a savings account:
Emergency or Safe Funds
- A savings account is a type of bank account where users can deposit money and earn interest on it.
- Banks pay interest on savings accounts in exchange for holding the deposited funds.
- Savings accounts provide a safe place to store money, as users don’t need to carry cash physically.
- Savings accounts are a good option for people who want to make regular transactions or need to access their money quickly.
Liquid in Nature
- A savings account allows you to easily access your money through an ATM or debit card
- The account is “liquid,” meaning you can withdraw funds at any time.
- With internet banking, users can access a range of financial services online, including sending and receiving money, making investments, and ordering cheque books.
- Online banking allows users to apply for additional services, such as fixed deposit investments, loans, and credit or debit cards.
- Paytm Payments Bank offers a digital passbook to track expenses and a 24/7 NEFT service.
- Users can conduct transactions without incurring a daily transaction fee.
- Internet banking makes it convenient and easy to manage a savings account without physically visiting a bank.
Automatic Debit Payments
- Many banks allow you to set up automatic debits for utility bill payments
- The utility provider will request payment from the bank on a specific date
- The bank will then debit the amount from your account
- Automatic debit is a convenient option for those who tend to forget to pay bills on time
A savings account enables you to transfer funds through various payment methods, including:
- Net banking
- Mobile banking
- NEFT (National Electronic Funds Transfer)
- IMPS (Immediate Payment Service)
- UPI (Unified Payments Interface)
- A joint savings account allows multiple account holders to manage one bank account and sign cheques together.
- This type of account can be used for managing household expenses or for personal use.
- Joint savings accounts provide a convenient way for family members to manage their finances together.
International Debit Cards
- Some banks offer international debit cards to customers who open certain types of savings accounts.
- International debit cards enable users to make transactions and withdraw money from ATMs globally.
- These cards can be a convenient and secure way to access funds while traveling or conducting international transactions.
Easy to Open
- To open a savings account with a traditional bank:
- Choose the type of account you want to open
- Fill out the account opening form and nominate someone if desired
- Submit all required documents along with the deposit money
- The bank will verify your documents and send a welcome kit to your registered address (verification may take 7-10 business days, but this can vary by bank)
- Note: The process of opening a traditional bank account can be time-consuming
- Paytm Payments Bank offers a faster and more convenient way to open a savings account:
- Follow a few simple steps to open an account instantly, without the need for any paperwork
- The process is quick and easy, making it a good option for those who want to open a savings account without the hassle of a lengthy application process.
No Age Bar
- Different types of savings accounts are available to different groups of people:
- Children/kids savings accounts: Available to children over the age of 10
- Senior citizen accounts: Available to adults over the age of 60
- Salary savings accounts: Available to salaried professionals
- Regular savings accounts: Available to all residents of the country
- It is important to choose the type of savings account that best meets your needs, as the features, benefits, and eligibility criteria may vary
- Note that to open a savings account, you must meet the eligibility requirements for the specific type of account you are interested in.
No Fixed Tenure
- Savings accounts can be operated indefinitely, with no time limit set by the bank.
- If an account is inactive for more than two years, it will be considered inactive and may require reactivation by the account holder.
- It is up to the account holder to decide how long they want to operate their savings account.
Closing the Account
- Savings accounts can typically be closed in person by visiting a bank branch and speaking with a representative.
- Paytm Payments Bank allows users to close their savings account online, while some other banks do not.
- To close a savings account, you may need to follow certain instructions and submit required documents.
- Paytm Payments Bank allows users to request the closure of their account online.
Why Choose Paytm to Open a Savings Account?
Here is why you should have a savings account with Paytm-
- No minimum balance is required
- A physical debit card can be obtained by submitting a request
- Savings account holders receive a free digital debit card
- Digital transactions are free
- Annual interest rate for deposits is 2.5%
- Regular Fixed Deposits earn 5.5% interest, while Senior Citizen Fixed Deposits earn 6% interest
- A digital passbook is available to view transactions
Join the 15 million savings account holders who use Paytm Payments Bank’s services every month and take advantage of the benefits offered by the bank. Open a savings account with Paytm Payments Bank to enjoy multiple additional benefits.
Check out easy steps to open a Paytm Payments Bank savings account