5 features of a savings account

5 features of a savings account Most banks offer you different types of accounts such as savings account, current account, salary account, etc. from which you could choose an account according to your needs and requirements.

Savings account help people keep track of their savings and expenses that are carried out.

This type of account is generally opted for by many people as it is more convenient. This is due to the various benefits and features provided to them. Here are some of the features of this account type.

1. Easy transactions You could use your savings account to send and receive money. This could be completed by either net banking through the website or the mobile app of the bank through your debit card. This feature helps you to cut down on your dependency on cash for your transactions as you could pay most of your bills online. This even reduces the risk of theft as you would not be carrying cash with you.

2. Payment of bills These days, most banks offer you payment facilities that allow you to pay your bills online through your savings account. You could easily pay your utility bills such as electricity, water and phone recharges directly from your account. It makes it more convenient for the users to pay their bills online and not follow the traditional way of visiting the company to pay them.

3. ATM facility If you need to withdraw your cash from the bank, you can do so from your savings account through an ATM near you. You should choose a bank that has ATM branches spread all across the country so that it is easy for you to find one whenever required. In case you cannot find an ATM of your bank, you could even access your account from another bank’s ATM to withdraw your money through your debit card.

4. Net banking Most banks provide you with net-banking facilities with your savings account. The username and passwords would be provided in the ‘welcome kit’ after you open your account. You could carry out your transactions online by logging in to your account. You could even send or receive your payments online through net banking. Most banks even have an app that you could install to access net banking and to make it more convenient and accessible from anywhere you go. You could call customer service in case you face any queries while using this feature. The contact details for customer service are generally mentioned on the website of the bank.

5. Interest rate The interest rate differs from one account type to another. Different banks provide you with different interest rates and you should check on the interest rate provided to you by the bank while opening your account. A savings account generally provides you with higher interest rates while compared to other bank account types. The interest would be provided on the amount of money deposited in your account. You should open your account in a bank that provides you with high interest rates.

We hope that this article proved to be helpful and you understood the features of a savings account. Thank you!