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Features offered in a savings bank
account :
The humble saving bank account is no longer the humble
savings bank account. It is not just an account where you park your money.
Your savings bank account offers you a lot of facilities
besides just parking your money and earning 4-6% interest a year.
You get a locker
discount:
If you maintain an average quarterly balance of INR 50,000-INR
1,00,000 your bank will give you a 10-25% discount for the locker fees on the
gold or other valuables you deposit in your locker.
The insurance benefit:
Some banks offer a free accident policy if you have a savings
bank account with them.
Your savings bank account is no longer a zero balance account with an ATM card.
Your savings bankaccount linked to your fixed deposit:
You
have the flexi fixed deposit where your fixed deposit is linked to your savings
bank account .Your money moves easily between the fixed deposit and the savings
bank account.
If
there is too much money in your savings bank account you can set a trigger
where money from your savings bank account automatically moves to your fixed
deposit and earns a high rate of interest.
You can buy gold coins from your bank:
If you have a savings bank account with a sizeable amount say
over INR 50,000-INR 1,00,000 maintained quarterly, you may get a 3-5% discount
on the gold coins you purchase from your bank.
Promotional offers and
discounts:
You have a lot of money lying in your saving bank account.
You might be in for a pleasant surprise.
You might just get a discount at your favorite eatery and on that
awesome Doughnut they sell there.
The demat benefit:
You can open a demat account which is linked to your saving
bank account. You have to pay an annual maintenance fee for this demat account.
Your bank might waive off your annual maintenance fees for
your demat account if you have a savings bank account with them.
Your ten year old can
have his own savings bank account:
Your 10 year old child can soon own and operate his own
savings bank account. All the pocket money you give him may just land in his
savings bank account.
Your child will have to submit proof of date of birth and the
Know your customer details of you or
your spouse have to be filled with the bank.Your child might have his own cheque book, debit card and
even an internet banking facility.
Your child might not be able to have money beyond a certain
limit in his savings bank account.The child’s account is linked to the parents account as the
child does not have his own income and the money comes from the parents
account.
The aim of this type of savings bank account is to inculcate
savings in children at a young age.The bank also benefits by you opening a kid’s savings bank
account as the child learns to save at an early age and banks can catch
children when they are young and establish a relationship with them.
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