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Everything you need to know about a Savings Account

A Savings Account is a basic account you can open with a bank. It lets you deposit your money safely. It also ensures easy access to the funds when you need them. Hence, such an account enables you to safely store money when you do not require it and earn decent interest on the amount at a fixed rate, which may change often.
Here are several reasons to open a Savings Account, ways to open the account online, and the eligibility requirements.
Reasons to open
Various reasons make opening a Savings Account essential. These include the following:

  • Store your funds safely

It works as a safe avenue where you can store your funds. You can keep the money in it unless required and earn interest at a fixed rate. This account is liquid, i.e., you can withdraw funds up to a particular sum anytime.

  • Get access to Instant Loans

With such an account, you can access an Instant Personal Loan. This way, you get the necessary funds to fulfil your dreams.

  • Generate income

You earn an interest when you save money under a Savings Account. This lets you grow your money. You can also use the funds in this account to open a Term Deposit. Apart from this, a Savings Account also provides access to top Mutual Funds.

  • Enjoy value-added services

You can enjoy several value-added services and benefits with a Bank Account. For example, you can access the Online Banking platforms. You can take advantage of unlimited withdrawals with your Debit Card at ATMs. Such a card also provides exclusive discounts on several national and global brands. With a Savings Account, you can transfer funds online, pay your utility bills on time, etc.
It also prevents your money from getting misplaced or stolen. Hence, such an account not only ensures a host of advantages but also keeps the stress of carrying a lot of cash away.
Eligibility requirements
Today, you can conveniently open Bank Account online. However, if you are wondering if you are eligible to open it, the criteria may vary across banks. However, common eligibility requirements may include the following:

  • Indian residents aged 18 years and above can open such an account individually or jointly.
  • Applicants aged less than 18 years are eligible for Minor Savings Accounts. Minors can also open an account with their guardians or parents.
  • Foreign nationals residing in India can also open specific Savings Accounts.

Steps to open an account online
To open your Savings Account online, follow these basic steps:

  • Scan the QR code provided by the bank and download their Banking app on your smartphone. Alternatively, visit their website.
  • Complete the necessary steps in the account opening process.

Once your bank verifies your details, they will open your account and send the details, starter kit, Debit Card, etc.