The savings bank account teaches you the value of savings. It offers you features which are an incentive to save. Your savings bank account offers you a lot of facilities, besides just parking your money and earning 4-6% interest a year.
You invest your money in a savings bank account. The money you invest is safe. You also get interest on the money you deposit in your savings bank account. This interest varies from bank to bank. Most banks offer 4-6% interest a year.
The word "savings" in a savings bank account encourages you to save. You save your money for a rainy day.
If you maintain a high balance in your savings bank account, you get a discount on locker fees on gold / valuables you store in the bank locker.
Many banks offer you a free accident insurance plan, if you maintain a savings bank account with them.
If you maintain a savings bank account with a high balance, you get discounts on the gold coins you purchase with the bank.
If you are a resident of India, you can open a savings bank account. You can also open a savings bank account in the name of your minor child.
If you maintain an average quarterly balance of INR 50,000-INR1,00,000, your bank will give you a 10-25% discount for the locker fees on the gold or other valuables you deposit in your locker.
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.
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
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.
You can apply for a savings bank account at your nearest bank branch. You have to fill the application form and submit the relevant documents.
You require proof of identity and address: passport/ driving license/ voter's identity card/ PAN card/ ration card/ recent utility bills/ credit card bill. This is necessary for the KYC (Know Your Customer), procedure.
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