Today, you can open regular savings account in public or private sector banks. You can also use the account to park and grow your savings gradually. Make sure to open the savings account when you begin earning, only if you do not have one. While some organisations do offer a salary account, it is ideal for opening an instant savings account with which you can avail of a host of facilities. Following are some of the generic services you receive when you open the account –
Day to day transactions
The essential feature of an easy access savings account is you can conduct all your daily transactions immediately. There is no upper limit of the sum amount you can deposit in the account. You can do so either through cash, cheque, or online transactions through different accounts. However, banks have a daily withdrawal limit on such accounts. Usually, the withdrawal limits are high when you withdraw from the bank branch than the ATM.
ATM or debit card
When you open any account savings account in India, all banks offer an ATM or debit card. The card is a plastic one featuring your name, along with a 16-digit number and expiry or validity date on the front side and CVV number inclusive of the signature strip on the backside. You can also use the ATM card for withdrawing funds from any ATM vestibule. However, check the number of ATM transactions allowed at your home and other banks. Besides withdrawal from ATMs, you can use the card for shopping retail stores and online portals. You can use the card for paying utility bills too.
Net banking
You can operate your transactions through net banking. You also get to access instant online savings account through mobile banking apps and do the transactions. The bank offers you a default login and password, which you must change before doing the transactions. You can use the net banking account for transferring funds between accounts through facilities like IMPS, NEFT, and RTGS. You can also pay utility bills, house rent, loan EMIs, and other monthly expenses directly from the net banking account.
Earn interest All banks offer interest on the savings parked in the instant savings account. The interest offered is not that high but may be considered as a bonus for your loyalty towards the bank. While most banks offer a flat interest rate on the savings, a few provide higher interest rates to users who maintain high deposits in the account. The amount to be maintained here should always be INR 10,000. The interest offered ranges between 3.5 per cent to 7 per cent based on the bank and the savings parked. Also, the interest pay-out occurs on a half-yearly basis.
All About Bank And Loans in India 