If you are saving for some big dream or let’s just say a rainy-day, keeping all that money in your wardrobe locker is a risky idea. To keep that money safe, and at the same time, earning some more from your own money – yes, that is exactly what a saving account is about. It provides interest on your deposited amount. For instance, AU Bank offers 5-6.75% per annum.
There are many benefits to having one's own savings account; some are highlighted below:
- Having a savings account is one way to encourage and inculcate the habit of saving, especially for people who get monthly salaries or fixed incomes.
- AU Bank, for instance, offers a monthly interest pay-out. Hence, the interest benefit is realized every month not just once in a blue moon.
- An auto-upgrade feature is also offered by AU Bank which enables the account holder to enjoy certain privileges and benefits after a period of time just so the Bank and client relationship reach a more satisfactory level.
- A saving account's passbook not only keeps a record of one's transactions but it is also a proof of one's residential and personal identity.
- It also enables people to use plastic money i.e. ATM cards/debit cards instead of carrying a bag of cash everywhere.
- Savings account provide multiple payment facilities like internet banking, NEFT/RTGS/IMPS for instant money transfer and online shopping.
- Savings account in banks like AU Bank offer monthly interest pay-out, extended locker hours, easy deposit process. Such ease, right!
- Some banks also provide minimum balance or zero balance savings account, it means no minimum amount is to be maintained. Such accounts are mostly opened for students, farmers, people below poverty line etc.
- Facilities like joint account system are also offered so as to encourage joint savings of people, mainly of husband and wife. Isn't it a good way to save together?
There are so many more perks you can enjoy from a savings account, especially from a bank like AU Bank. Toh intezar kis baat ka – bachaiye aur zindagi ke maze uthaiye!