A savings account is one of the most basic accounts that people open. These accounts are safe avenues for people to park their funds, and the savings accounts offer different flexibilities to people, such as making direct payments, receiving funds, cheque facilities etc.
These days it is very easy to open savings account. Since most of the procedures are online, application can be done quickly. Depending on your needs, you can open the best savings bank account for your needs. There are many different types of savings accounts and whatever account suits your needs best, you can open that account.
Here are 9 things you can do with your savings account:
1. Basic Savings Bank Deposit account (BSBDA account):
A BSBDA is the best savings bank account for people who need cash and can’t meet minimum balance requirements. A BSBDA account is a zero balance account. It has additional features such as access to internet banking, bill payments, cheque book, debit and ATM card, RuPay card etc.
2. SavingsMax account:
These accounts have a high minimum balance that has to be maintained. Apart from maintaining a high balance, there are other features such as free insurance cover, international debit card, sweep-in facility to earn more on idle funds etc.
3. Women’s savings account:
If you’re a woman, this is the best savings bank account for you. Women’s savings accounts have preferential rates on loans, along with higher withdrawal limits and daily spend limits. There are other advantages on using debit cards and on buying other products from the bank.
4. Children’s savings account:
You can open savings accounts for your children using this feature. It allows them to use a debit card, and has other features such as an auto transfer from your account to maintain balance in the child’s account. It is meant to teach a child the value of savings.
5. Senior citizens account:
These accounts provide free insurance cover and reward point benefits on the debit card. If you’re a senior citizen, you can get preferential rates on deposits and free travellers cheques.
6. Family/Group savings account:
This account offers benefits such as free debit cards for the family and higher interest on account balance.
7. Government/Institutional savings account:
If you need to maintain a zero balance account to collect donations, fees or invoices, this is the best savings bank account.
8. BSBDA small account:
This account has all the features of a BSBDA account. This account is for people who don’t have large transactions in their account. The maximum balance in this account is Rs. 50,000
9. Government Scheme beneficiary account:
This account is used to get benefits from different Government schemes via Direct Benefit Transfer.