The main purpose of saving account is to help you earn interests on your savings. Various banks propose different interest rates for a variety of savings accounts. However, there are other things you can do by using your savings account.
Nowadays, you can go for online saving account opening facility, get your KYC done and do financial transactions online. You can avail several additional facilities on your savings account ans save plenty on your daily buys. Let us discuss several additional advantages that you can avail through your savings account:
Bill payment and mobile recharge
Your utility bills such as water bill, LPG connection bill, electricity bills, DTH bill, etc. can be paid online through your savings account. Your savings account also lets you recharge your mobile and pay your post-paid bills through your bank’s mobile app. These bills get paid through online banking account. Some banks also offer amazing discounts and cashback on the payment making it a useful and money-saving process of bill payments.
People face plenty of problems while making payment of taxes offline. Savings account holders can easily pay taxes through their savings account directly. Taxes such as tax collected at source (TCS), interest tax, tax deducted at source (TDS), etc. could be paid online either through internet banking. Nowadays personal banking comes with customised features to avail different facilities.
Shopping discounts and deals
You can now save money whether you shop online or visit a retail store. Banks offer a range of awesome discounts and deals when you make purchase through debit cards. Not only this, you can avail huge discounts when you dine out at selected restaurants. Many retail companies offer amazing cashback and rewards when you shop either online or through debit or credit card.
Mutual fund investments
Investing money in mutual funds is a bit complicated. Your saving account now allows you to invest in mutual funds directly and save through section 80C. The bank allows you to purchase, buyback and switch mutual fund plans through savings account.
You can apply for a credit card with reference to your savings account and make payments online 24*7 for eliminating the delayed payment penalty. You need not visit the bank for paying your dues by submitting a demand draft or cheque. You can make payment by sitting at home or office if you apply for savings account online. You also get an alternative to upgrade your credit card if maintain a significant account balance.