Savings accounts, which allow customers to deposit money and earn interest on it, are without a doubt a crucial type of bank account. Because they can be withdrawn at any time and from any location, customer deposits are very liquid. Due to its many advantages, this type of bank account is the best option for saving for the vast majority of people worldwide.
However, in addition to the returns provided by the interest rate and also the presence of high liquidity, a person with a savings account has access to a number of financial services, just like a housing loan borrower has facilities like Home Loan Customer Care.
To give you a better idea of the services you might be ignoring because you are unaware of them, here are a few of the benefits that have been briefly discussed.
The types of savings accounts offered and the financial institutions that offer them, however, might have an impact on the banking facilities.
1. Bill-paying simplicity
Are you aware that you can use the bank’s mobile application to pay direct bills in addition to using it to check your balance using the Bank Balance Check Number? Most banks now allow customers to use their savings accounts to pay for expenses. All utility bills, including those for water, electricity, gas, and mobile phone recharge, can now be paid with the money in the account holder’s savings account.
2. Mini statement facility
Whenever a home loan borrower is curious about anything related to the loan or EMI, he or she can contact Home Loan Customer Care.
Similarly, savings account holders can choose the mini statement option from all banks to view the most recent transactions whenever they want to check anything. The service is free and provided by banks. To get a mini statement, account holders only need to place a missed call from their registered mobile number to the mini statement toll-free number. The call will end shortly after their phone receives an SMS containing details about the previous five transactions. Due to the fact that customers can receive mini statement numbers via SMS and phone call, there are many of them available.
3. ATM equipment
The ATM facility is a popular feature, along with the ability to use a Bank Balance Check Number. If you have a savings account with a bank, you can use the ATM. Most banks have authorised ATM branch locations dispersed all over the country. You can still use an ATM from another bank if your bank doesn’t have any close-by locations but you urgently need cash. You only need to have your debit card with you. It’s critical to be aware that after a certain number of withdrawals, the bank may charge you for using an ATM that belongs to another bank.
4. Availability of online banking
With a savings account at any bank, customers can easily conduct online transactions from any location at any time. You can send money, pay bills, receive money, buy things, choose insurance and other investment options, and obtain a chequebook with the aid of a net banking service. Mini-statements are accessible via net banking for clients of a number of organisations, including Indian Bank, Punjab National Bank, and SBI. To view their mini statement, the account holder must log in to the online banking platform using their username and password.
Customers can view the last five account transactions in full by accessing the mini statement option under the account details section after logging in. The best perk is that account holders can access all services online without having to physically go to a bank. Similarly, home loan customers can sit at home just call or email Home Loan Customer Care for whatever query you have.
5. Services for mobile banking
By downloading the bank’s mobile app, the owner of a savings account can use their phone to access a variety of financial services. They can send and receive payments using the bank’s mobile banking app. It also offers a way to get in touch with bank executives if you have any inquiries about bank accounts. Account holders can access all financial services while lounging in their homes, eliminating the need to visit the bank.
6.SMS alert service
Savings account holders can always check their balance (and find out whether it has been debited or credited) by calling the Bank Balance Check Number because all banks offer SMS alert options. You will now get an SMS on your registered mobile number each time a transaction using your debit or credit card is made. Through a mobile application, you can view mini statements, purchase a chequebook, check your account balance, change your email address, view information regarding your savings account, and do a lot more. However, businesses like Indian Bank also provide their clients with a free mini statement service. Simply make a missed call to the Bank mini statement number using your registered mobile phone. The conversation would automatically end after three to four rings, and you would get a text message on your phone with information about your most recent three transactions.
Just as in the case of home loans the customer gets benefits like low rate for women, availability of Home Loan Customer Care, etc, sometimes discounts are offered to customers with savings accounts on a range of products. You will automatically be eligible for additional benefits and incentives if you choose to open a second savings account with the business after already having one with them. For instance, the bank may provide a Demat account and waive the first year’s maintenance fee if a customer requests one for the first time and already has a savings account with it.
Unlike other financial products, a savings account typically has no explicit age restriction for the account holder. It provides something for everyone, in other words. Anyone, regardless of age—from a young child over the age of ten to an elderly person over the age of seventy—can open a savings account and opt to use a Bank Balance Check Number whenever and wherever they satisfy the conditions set forth by the bank. By utilising the incentives and offers that banks provide through their applications, you can maximise your savings. Banking is simple as a result of the aforementioned features.