Today, whether your financial needs are small or substantial, you turn to the bank to fulfil them. Banks have streamlined, secure processes which simplify financial management.
A Bank Account is at the core of all banking processes. Hence, a Bank Account is a prerequisite for banking. If you haven’t opened an account yet, consider opening one at the earliest.
A Savings Account is a basic type of Bank Account you can open. The account facilitates systematic saving and growth while effortlessly taking care of your banking needs. This blog will cover the fundamentals of a Savings Account and the benefits of opening one online.
Advantages of Having a Savings Account
The following are the fundamental advantages of a Savings Account:
- Robust Protection
Security is an uncompromisable factor with money. Physical money storage methods are vulnerable to risks like robbery, pickpocketing, and deterioration, which leaves you constantly worried about your money.
Opening a Savings Account is helpful as it acts as a security guard for your money. An electronic banking system protects money when you deposit it in your account.
Furthermore, banks have designed robust encryption and authentication systems. They safeguard sensitive financial information and restrict unauthorised access.
- Encourages Saving
Opening a Savings Account is a timeless and proven way to save effectively. Make it a habit to contribute regularly to it. These regular contributions will build into a significant corpus over time.
Maintaining a good Savings Account balance helps you meet the minimum balance requirement and avoid unnecessary penalties.
- Steady Growth
You earn competitive Savings Account interest rates on your deposits. This facilitates steady growth of your savings. In fact, if you smartly use your Savings Account, there is scope for maximisation of interest-earning.
There are two ways. First, try maintaining a higher account balance. It attracts a higher interest rate. Second, consider opting for the auto-sweep-in facility. The surplus balance gets transferred to a Fixed Deposit. This way, you will earn a higher interest rate on your deposit.
- Convenient Banking
A Savings Account makes banking accessible and convenient. You can use the account to make easy and secure transactions. You can also use it to automate recurring payments.
When you open a Savings Account, banks typically provide a Debit Card as well. You can swipe or tap the Debit Card to make instant transactions. Select Debit Card also extends the Debit Card EMI facility.
Top Reasons to Open a Savings Account Online
The following are the primary reasons for opening a Savings Account online:
- Banking at your Fingertips
Earlier, you would visit the bank branch to open an account. You would open an account only during banking hours and end up in long queues. This was time-consuming.
Today, you can open a Savings Account with your fingertips. Internet or mobile banking makes this possible. It allows you to open an account at any time, anywhere.
- Simplified Account Opening Procedure
To open a savings account online, you need to complete a simple procedure. First, you need to fill out the account opening form, which will include your identity, address, and other details. Then, you must scan and upload the documents required to open the account on the website or app.
Make no mistake when completing the account opening procedure. This is because the bank thoroughly checks all details and documents. Incomplete details and documentation will result in delayed or cancellation of account opening.
- Instant KYC Verification
KYC (Know Your Customer) verification is requisite for opening a Savings Account. You can complete this verification online via video calling. You only need a device with a functioning camera and a reliable internet connection. You must grant the bank’s representative your location access for verification.
During the call, you must present your original PAN and Aadhar card to the representative. Once the bank’s representative verifies these documents, the procedure is complete.
After all banking formalities are complete, your account will be open and active in no time.
Summing It Up
A Savings Account brings essential banking services to your fingertips. You can safely store your money in the account while enjoying instant access. You can use the account to handle daily banking and financial needs hassle-free.
Moreover, your deposits earn competitive Savings Account interest rates. This keeps your money growing automatically. You can open the account offline and online. Opening a Savings Account online is preferred. This is because it confers unparalleled convenience and robust security.
