People earn money with dedication and hard work. They put in all their efforts and time to produce significant results and increase their productivity. It is not easy to earn money. Hence, every citizen's responsibility is to safeguard their savings and spend systematically to meet emergency expenses in the future. Many unfavourable and unexpected events happen around us. Hence, it is safer to remain financially prepared to face them.
People opt for Savings Accounts to store their capital and other assets safely without worrying about their loss or theft. Likewise, they can also earn interest on the deposit amount and apply for Loans in banks. It gives them mental peace and satisfaction and motivates them to start saving for the future.
Banks also offer online Saving Account opening zero balance, where applicants can fill out the online account opening form and complete the formalities swiftly. They can download the form from the bank's website and submit it immediately. They get a message on their registered mobile number and email ID with the account number, password, and other details.
They can also download the banking app on their smartphones and access their account to transfer funds, check the account balance, apply for loans, and lots more. Such accounts serve a specific category of customers, such as low-income families and salary account holders, through the Pradhan Mantri Jan Dhan Yojana Scheme. But before you consider opening one, check these pointers:
No penalties involved
All banks penalise account holders who do not maintain a minimum balance in their accounts. However, with Salary Accounts, you need not maintain such a balance and keep any money you desire.
Access Online Banking facilities
Users can access these accounts and enjoy Online Banking facilities while opening them. Bank officials help customers with minimal knowledge of banking online.
Interest rates
While completing the procedure for opening the account and submitting the documents required for Savings Account, all customers must choose their method of operation, like individual, joint, or with a survivor, etc. The interest rates are like those of basic accounts. Do thorough research on the benefits and interest rates of each bank before opening the account. Seek help from financial advisors if necessary.
Get a welcome kit
Like regular accounts, each account holder receives an ATM or Debit Card, a chequebook, and a passbook in the bank kit freely. The chequebook has fixed leaves per year, and a new one is available at a nominal fee.
Dormant Accounts
If you have not used your accounts for a long time, they become inactive. You cannot transact money from ATMs, or through Online Banking. They must be reactivated to enjoy these benefits.
No comments yet