Have A Look At The Benefits Of A Savings Account

By | 24/01/2019

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 India’s First Free Online/On-call Financial Advisory Portal – MoneyMindz

Do you remember when you got your first bank account? Was it in your school or college? Well in such a case it’s likely to have a savings account. This is said as the first banking experience for most people. MoneyMindz, India’s First On-call Financial Advisory Portal is here to give you an idea about the basics of a savings account. So, what is the purpose of opening a savings account? There are traditionally two purposes. Firstly, it keeps your deposits safe and secondly, it enables you to make some extra money through interest.

Don’t you think as a child as a child this was basically all that mattered to you- that how much you earned through interest and how much more you could withdraw. Now, let us have a look at the main benefits of a savings account:

Sweep Facility
An automatic transfer of deposit balance to a slab with a higher rate of interest than the standard rate as soon as it exceeds a pre-determined level can be seen under this facility.

Discount Benefits
You get offer discounts and cash back schemes at ‘partner locations’ like petrol pumps if the payments are likely made through that bank’s debit card. It is also applicable in restaurants, shopping sites and more.

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Locker Facility
An offer up to 30% discount on annual locker fees can be seen for account holders. But the fact is not all banks offer this scheme. One important thing is that qualification for the facility can depend on the type of savings account you have.

International debit cards  
You get an exciting offer of a free debit card that is valid abroad. It can be a great help if you are travelling abroad be it a holiday trip etc.

Automated bill payments
On your behalf the bank can clear bills related to credit cards, utilities (electricity, mobile etc.), insurance premiums and others if given instructions. Isn’t it very useful in today’s modern world? Yes, certainly, it is very advantageous for a customer holding a savings account.

India’s First On-call Financial Advisory Portal, MoneyMindz says that after opening a savings account, one of the best ways to save money is to automate your savings so you don’t have to remind yourself to keep aside money every time you get paid. You’ll be surprised to know that there are many easy and innovative automated saving tools which help you save automatically. Opening a savings account can be one of the best financial decisions that you can make for yourself and your family.

For more information visit www.moneymindz.com or give a missed call to 022-62116588.

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