Savings Accounts : There Is Much More To It

By Author: Vijay K Shetty
Total Articles: 2541
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Until recently, savings accounts were seen to be god-sent. However, in an economy kept buoyant by rising inflation rates, a mere savings bank account is only as useful as keeping the money safe at home. Hence customers today looking at opening a new savings account look for privileges bundled with the savings account being offered by the bank. And most leading banks do oblige with offers that are customer oriented.

A savings account in most banks also entitles you to opportunities that give you returns on your money saved. For instance, this can be done through the facility of term deposits. You can even use the money from your savings account to save tax by purchasing, redeeming, switching and making systematic investments in mutual funds from various mutual fund schemes.

With savings account in some banks, you even get the privilege of having control over your wealth and monitoring them in a consolidated fashion. These banks provide a system linked to your savings account that give important details such as balance in your term deposit account, your demat account, mutual funds and at times also provides graphical ...
... representations of your current assets and recommends asset allocations depending on your risk profile.

In the age of convenience banking, some people would like to access their money without stepping into am ATM! For the aged who prefer to have someone deposit and withdraw cash from your location, this is a boon. Certain banks also provide the facility of withdrawing and depositing cheques as per the customer’s convenience!

Facilities such as automated bill pay systems ensure that you steer clear of debts. You can also enable the mobile and email alert facility linked to your savings account bank to ensure you do not miss a due date.

Some other facilities that a few banks offer to savings account holders are the electronic fund transfer facility and the ability to fill forms and apply for IPOs online.

So don’t wait! Consult your bank today to learn more about savings account banking and manage your finances better.

Vijay K Shetty,
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