One of the most common types of bank account that all of us use on a day to day basis is a savings account. It involves basic kind of transactions such as depositing money, safeguarding money and withdrawing funds. Savings account generally pay interest to your deposits, which is lower. However, there are some savings accounts that pay a higher interest rate that allows you to grow your money quickly.
Why do you require savings account?
It is wise to have a savings account because where else will you save your hard-earned money? It is also unsafe to keep hard cash on loose. There is also a psychological benefit of having a savings account. By owning one, you can save the money for achieving your future goals. Today, banks assist you in having one by enabling customers to get an online saving account opened. This way you not just save time and effort but also secure the money sitting home.
Some other benefits of having an online saving account opened are:
1) Safety: Cash kept at home can get easily stolen or damaged by unforeseen circumstances. Savings account holds your money safely and allows you to withdraw cash once you are ready to spend. However, there are restrictions on outgoing transfers. Nevertheless, you can make unlimited withdrawals at an ATM or bank branch.
2) Steady growth: Savings account generally pay interest on your amount. There is a tendency the bank may make small additions to your account to keep up with the economic standard or compete with other banks.
How to go about getting an online saving account opened?
1) Almost every bank offers the same kind of savings account with some variations here and there. So, your first step is selecting a reputed bank by doing comparative analysis.
2) Once you have done your study, keep the following information of yours ready and add those in the application form:
- Full name
- Date of birth
- Residence address
- Transfer information for initial deposit
- Tax identification number
- PAN card
3) Choose the kind of account you wish to open: individual or joint. If you choose a joint one, you will have to add your family member/spouse’s details as well. Research about joint account before opening one.
4) Once you get an online saving account opened, you also have the choice of mentioning a family member who can access the account, in the event of your death.
5) You will then have to make an initial transfer either through wire mode or cheque deposit.
6) You can then create a login id and password for your account. Try to opt for a long password that has a mix of letters, special characters and numbers.
Before opening a saving account online, ensure the bank has easy access to mobile and website. This way you can electronically access your account on the go.
Why do you require savings account?
It is wise to have a savings account because where else will you save your hard-earned money? It is also unsafe to keep hard cash on loose. There is also a psychological benefit of having a savings account. By owning one, you can save the money for achieving your future goals. Today, banks assist you in having one by enabling customers to get an online saving account opened. This way you not just save time and effort but also secure the money sitting home.
Some other benefits of having an online saving account opened are:
1) Safety: Cash kept at home can get easily stolen or damaged by unforeseen circumstances. Savings account holds your money safely and allows you to withdraw cash once you are ready to spend. However, there are restrictions on outgoing transfers. Nevertheless, you can make unlimited withdrawals at an ATM or bank branch.
2) Steady growth: Savings account generally pay interest on your amount. There is a tendency the bank may make small additions to your account to keep up with the economic standard or compete with other banks.
How to go about getting an online saving account opened?
1) Almost every bank offers the same kind of savings account with some variations here and there. So, your first step is selecting a reputed bank by doing comparative analysis.
2) Once you have done your study, keep the following information of yours ready and add those in the application form:
- Full name
- Date of birth
- Residence address
- Transfer information for initial deposit
- Tax identification number
- PAN card
3) Choose the kind of account you wish to open: individual or joint. If you choose a joint one, you will have to add your family member/spouse’s details as well. Research about joint account before opening one.
4) Once you get an online saving account opened, you also have the choice of mentioning a family member who can access the account, in the event of your death.
5) You will then have to make an initial transfer either through wire mode or cheque deposit.
6) You can then create a login id and password for your account. Try to opt for a long password that has a mix of letters, special characters and numbers.
Before opening a saving account online, ensure the bank has easy access to mobile and website. This way you can electronically access your account on the go.
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