Main benefits of a savings account
Sweep facility: Under this, the deposit balance gets transferred automatically to a slab with a higher rate of interest than the standard rate as soon as it exceeds a pre-determined level. However, this facility does not kick in automatically; as an account holder, you have to complete a few formalities to activate it.
Discount benefits: Banks often offer discounts and cashback schemes to savings account holders at ‘partner locations’ such as specific petrol pumps if payments are made through that bank’s debit card. This can also apply to restaurants, shopping sites and more.
Locker facility: Account holders can be offered up to 30% discount on annual locker fees, but not all banks offer this scheme. Besides, qualification for the facility can depend on the type of savings account you have.
International debit cards: Sometimes your bank may offer a free debit card that is valid abroad.
Automated bill payments: If given standing instructions, banks these days can clear bills on your behalf – those related to credit cards, utilities (electricity, mobile etc.), insurance premiums, and others.
So, when you’re getting a savings account, ensure it offers you all these features and more. And make the most use of them to have a safe, convenient and delightful banking experience.