Complete List of Savings Account Benefits

Payroll savings accounts, children’s savings accounts, and zero balance savings accounts all have their own benefits. However, there are some common benefits they all share.

Continue reading to learn more about the advantages of opening a savings account.

Savings Account Benefits

Following are the benefits of a savings account-

Emergency or Safe Fund

Savings accounts allow users to deposit money in a bank and receive some money back in the form of interest. Banks pay interest to depositors in return for keeping funds with them. Furthermore, the depositor’s money is safe in the bank as he is not required to physically carry cash. This type of bank account is a good financial choice for candidates who want to make transactions on a regular basis or withdraw money as needed.

Liquid in Nature

One of the main advantages of a savings account is that it is liquid, which means that money can be withdrawn from the account at any time using an ATM card or debit card.

Online Facilities

If you have a savings account and have activated internet banking, you can directly access online financial services such as sending/receiving money, making investments, ordering checkbooks, tracking daily/monthly/yearly transactions, and much more without having to physically visit the bank.

In addition, online media allows you to apply for other services such as fixed deposit investments, loans, credit/debit cards, and so on. While many banks offer this service in person, savings accounts with Paytm Payments Bank benefit users digitally. Account holders can make unlimited number of transactions without being charged daily transaction fees. Users can also use digital passbooks to track and monitor their daily/monthly expenses online. In addition, Paytm Payment Bank provides 24*7 NEFT service, making the process more convenient and smooth.

Automatic Debit Payment

Banks allow customers to set up automatic debits for utility bill payments. When you select the automatic debit option, the utility service provider makes a request to the bank. On the other hand, the bank debits the amount from your account on a certain date. If you have a habit of forgetting to pay your bills on time, you should choose the automatic debit option.

Transfer of funds

Savings accounts allow you to easily transfer funds using various payment modules such as net banking, mobile banking, NEFT, IMPS, and UPI.

Joint Account

Another advantage of a savings account is the ability to have a joint family account. Account holders can manage one bank account and sign checks collectively under joint account rules. This type of account can be used to manage and maintain household expenses or for personal use.

International Debit Card

Certain banks offer international debit cards in exchange for opening certain savings accounts. International debit cards allow you to make international transactions and withdraw money from ATMs around the world.

Easy to Open

You can open a savings account by selecting one of several options. Once you’ve decided on an account you’d like to open, fill out the account opening form, select someone if you’d like, and submit all the necessary paperwork along with the deposit. The bank will notify you of the verification of all documents by sending a welcome package to your registered address. The verification process may take 7-10 business days; however, the duration may vary from bank to bank

Although the process of opening a savings account at a bank is simple, it is time consuming. Paytm Payment Bank, on the other hand, allows users to open a savings account instantly by following a few simple steps without using any paperwork.

“See easy steps to open a Paytm Payment Bank savings account”

No Age Limit

Anyone who meets the eligibility requirements can open a savings account. A child over the age of ten can open a children’s savings account, while an adult over the age of 60 can open a senior citizen account. Payroll savings accounts are available to salaried professionals, and regular savings accounts are available to all residents of the country. It is important to note that because there are different types of savings accounts, the features, benefits, and eligibility criteria will vary. As a result, one should choose the savings account option that best suits their needs.

No Fixed Term

Savings accounts can be managed and maintained for as long as the account holder wishes. The bank does not set a time limit for depositors to manage their accounts. It is up to the desire of the depositor to operate the account. However, if the account is inactive for more than two years, it will be considered inactive. In such a case, if the account holder wants to activate it, he or she must reconnect with the bank.

Closing Account

You can close your account at any time by visiting the bank in person, as you cannot close it online. There, you can communicate with banking representatives who will assist you in the account closing process. Follow the instructions and submit all the necessary documents to close your account. Paytm Payments Bank, on the other hand, allows you to close your savings account online, whereas many banks do not. All you have to do is request that the savings account be closed.

Why Choose Paytm to Open a Savings Account?

This is why you should have a savings account with Paytm-

• No requirement for minimum balance
• After submitting a request, a physical debit card can be obtained
• Savings account holders are given a free digital debit card
• All digital transactions are free of charge
• A user is eligible for an annual interest rate of 2.5% of the amount deposited.
• Regular Fixed Deposits earn 5.5% interest, while Senior Deposits earn 6% interest
• To check transactions, a digital passbook is available
• Checkbook can be ordered

Currently, around 65 million savings account holders take advantage of Paytm benefits. Join a group by opening your savings account with Paytm and explore its many other benefits.