The primary objective of savings accounts is to help you in earning interests on your savings. Various banks offer different rates of interest for a range of savings accounts. However, there are a lot other things that you can do using your savings account.
Nowadays, you can open savings account, get your KYC done and carry out financial transactions online. You can avail a number of additional facilities as mentioned above on your savings account and save a lot on your daily purchases. Do you use your savings account only for stacking your hard earned money? Let us discuss about a number of additional benefits that you can avail through your savings account:
Bill Payment & Mobile Recharge
You can pay your utility bills such as electricity bills, water bill, LPG connection bill, DTH bill, etc. online through your savings account. Your savings account also allows you to recharge your mobile and pay your postpaid connection bills through your bank’s mobile app. These bills can also be paid by logging in to your internet banking account. Some banks also offer amazing discounts and cashbacks on the payment making it a convenient and money-saving method of bill payment.
People had to face a lot of problems while making payment of various taxes offline. Savings account holders can now pay taxes directly through their savings accounts. Various taxes such as tax deducted at source (TDS), tax collected at source (TCS), interest tax, wealth tax, etc. can be paid online either through your mobile app or through internet banking. You can fill Form 26AS as well through your savings account.
Amazing Discounts and Offers on Shopping
You can now save a lot of money on your shopping bills done either online or by visiting a retail store. Banks offer a range of exciting discounts and deals on making purchases through their debit cards. Not only this, you can save a huge amount of money when you dine out at selected restaurants. Many online retail marketplaces offer amazing cashbacks and rewards when you make purchases either online or through the bank’s debit or credit card.
Mutual Fund Investments
Investing in mutual funds was never this easy. Your savings bank account now allows you to invest in mutual funds directly and save a comprehensive amount through section 80-C. The bank allows you to purchase, redeem and switch mutual fund schemes through your savings account. You can also invest in Systematic Investment Plans (SIPs). The bank also allows you to track your NAV and mutual fund portfolio quite easily through your bank’s app or by logging in to your internet banking account.
You can not only apply for a credit card with reference to your savings account but also can make payments online 24×7 to prevent from being penalised for missing the deadline to pay your bills on time. You do not have to visit the bank to clear your dues by submitting a demand draft or cheque. You can now make payment from the comforts of your home. You also get option to upgrade your credit card if you can maintain a considerable account balance.
Insurance Schemes and Premiums
Banks offer insurance schemes with higher benefits to their existing account holders. You can insure your home, vehicle, health, travel and vacations and get a life cover as well at premiums lower than the market rate. Your savings account allows you to get instant insurance quotes, buy an insurance policy, renew the scheme or register your claim. Your premium amount will automatically be deducted from your savings account.
Travel and Vacation Deals
Various travel and vacation companies enter into tie-ups with banks these days and they offer amazing deals on both domestic as well as international trips to account holders. You can not only save huge amount on hotel bookings but also on flight, train or bus ticket bookings.
In order to make sure you utilise your savings account and reap maximum benefits from it, you can check various deals and rewards offered by the bank through the bank’s app and grab the opportunity to enjoy these extra features. These facilities offered by the bank will help you to make additional savings apart from earning interests on your hard earned money.