Top 7 Features of a Savings Account

In today's fast-paced world, a savings account remains one of the most fundamental financial tools. It offers a safe place to park your money while earning interest, making it a cornerstone of personal finance management. Whether saving for short-term goals, building an emergency fund, or simply looking to grow your money with minimal risk, a savings account provides numerous features that cater to various needs.

Savings Accounts usually come with certain advantages which makes a perfect investment choice. They also come with additional features that make them more suitable for certain purposes. Here is a list of features of a Savings Account to help you understand why a Savings Account might be just what you need.

1. Easy Transactions 

You can use your Savings Account to send and receive payments. This can be done by NetBanking or through your Debit/ATM Card. This feature reduces the dependency on cash for all transactions, especially for paying bills.

2. Payment of Bills

These days, banks offer payment facilities such as BillPay with Savings Accounts. This enables account holders to make payments for utilities such as electricity, water and phone recharges directly from their account.

3. ATM facility

If you need to withdraw cash, you can do so from your Savings Account via an ATM. Most banks have their ATM branches spread all over the country. But if you cannot find one in your vicinity and the need for cash is too pressing, you can also access your account from another bank’s ATM. All you need is your ATM/debit card.

4. NetBanking and MobileBanking

Your bank will usually provide NetBanking facilities with your Savings Account. As mentioned earlier, this makes it convenient to conduct transactions. You can send and receive payments by logging in to your account online. Further, you can download the bank’s app on your phone and use mobile banking to make your banking activities more convenient and accessible from anywhere. Mobile banking apps also allow you to interact with bank executives for any queries without going to the bank’s nearest branch.

5. Debit Card

Banks provide Savings Account holders with ATM/Debit Card not just for accessing the account through the ATM but also for making payments, whether at the merchant’s store, or through an online payment gateway.

6. Savings interest rates

Banks offer interest rates on Savings Accounts, allowing your deposited money to earn additional income over time. That means the money you keep in your account will grow due to the interest credited periodically, helping your savings increase even when not actively invested or used.

​​​​​​​7. Cross Product benefits

Some banks offer their Savings Account holders cross-product benefits. That means that if you already have a Savings Account with the bank, you will get special benefits and offers if you decide to open another account with the same bank or want to avail of any of their other products. E.g. HDFC Bank waives off the first-year maintenance fee for a first-time Demat Account applicant if they already have a Savings Account with the bank. 

Banks offer a range of different Savings Accounts. With HDFC Bank InstaAccount, open a Savings Account instantly in simple steps. It comes pre-enabled with HDFC Bank NetBanking & MobileBanking, and you can enjoy Cardless Cash withdrawals. Click here to get started!

Click here to open a Savings Account.

* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.