Savings account is the most useful account among the majority of people. It is an account, which can be used for many purposes. Many types of Savings accounts are provided by different banks. Saving Account is the first and starting relation with banks for many helpful transactions
Here are 4 major reasons why saving accounts are important.
Safer Treasure of Fund
A Savings account is a safe treasure for your funds. Savings account keeps money , unless it is withdrawn. It gives you returns but very few percentages. Customer can withdraw a particular limit on a monthly basis, as its liquid account. Senior citizens and salaried people can withdraw their expenses and also get interest on the remaining money. Savings accounts are insured up to 1 lakh by the Deposits Insurance and Credit Guarantee Corporation ( DICGC ).
Place to Collect Funds and make Payments
Savings account is the safest place for collecting money from different sources. No limits for cheques deposited, payments from savings account, cheque issued etc. That’s why it’s very easy to transact.
Income Generating Account
Savings accounts earn interest like other current accounts. The interest earned from a savings account generates an individual’s income. Some banks offer sweep-in facility to earn higher income. And some banks offer a higher rate of interest on maintaining a higher balance.
Provide Special Value Added Services
Nowadays many banks offer benefits with savings accounts. Many banks offer discounts with purchases from merchants, rewards points and cash backs with ATM Debit cards. Many banks offer Accident insurance, Foreign travel insurance, medical insurance for opening a new savings account. Nowadays, it’s also a common facility like net banking , mobile banking, cheque book facility etc.
Hope this information on a daily use Saving account, will help in opening and using a savings account smoothly and safely. For any kind of Financial Planning/ Retirement Planning or Insurance buying, you can talk to our expert team , PLENTYSURE (www.plentysure.com ) (www.moneygrainsexports.com). Is this information on a savings account helped you ?
Thank You,
Team PLENTYSURE,
Jyoti Prakash Nayak, B.Sc MBA BA CFP
CERTIFIED FINANCIAL PLANNER & FINANCIAL WRITER
E:moneygrains.invest@gmail.com / WhatsApp : +91 8792238909
www.moneygrainsexports.com
