Having a savings account is mandatory if you want to maintain a stable financial health now and in future. Savings accounts not only help in accumulating your savings all at one place, but also help you earn interests on your savings. Although savings account interest rates vary from bank to bank, you would still be able to watch your money grow with time. Moreover, savings account also help you cater to a lot of additional requirements. Nowadays you can open a savings account, get your KYC done, and initiate financial transactions online. So, apart from just hoarding money in your savings account, you can also use the same to execute monetary transactions online and make the most out of its associated benefits. Let us take a look at some of them.
- Bill payment & recharge – You can pay your utility bills such as water, electricity, DTH, etc. with your savings account online. Additionally, you may also recharge your mobile phone balance just at a tap of your finger using your savings account. If you are lucky you may also win various cashback offers and amazing discounts!
- Tax payment – Paying taxes offline is often a tedious process. But now, savings account holders can easily pay their taxes online using their savings accounts. Taxes such as TDS, TCS, interest tax, wealth tax, etc. can be paid through a mobile app or Internet banking facilities that come with your savings account.
- Amazing offers on shopping – Online shopping has seen a major boom in the retail market today, and with the advent of digital payments, the whole idea of online shopping has become even more convenient for shoppers. Savings account plays an important role in here, wherein you get the liberty to opt for products you like and pay for them with your debit cards. Moreover, you are also eligible to redeem amazing offers, discounts and cashbacks on shopping with your savings account.
- Credit cards – Applying for a credit card becomes easier when you have a savings account in place. Using the savings account you can avoid missing out payments, and clear your bills from the comfort of your home. You can also upgrade your credit card if you maintain a good savings account balance.
- Insurance schemes and premiums – Banks shall offer you various insurance scheme offers with higher benefits if you have a considerably good balance in your savings account. You can avail insurance on your home, travel, health, vehicle, etc. at premiums lower than the usual market rate. Your savings account shall also help you get better insurance quotes, buy an insurance policy or claim for the coverage without any bottlenecks. Your premium account gets automatically deducted from your savings account.
- Travel Deals – Your savings account can help you in scoring amazing deals on your domestic as well as international travel and vacations. You also tend to save a lot of money on your travel bookings such as hotels, flight, etc.
So, wait no more – research on the savings account interest rates offered by banks, open a savings account, and grab the maximum benefits out of your savings today.