Savings Account Benefits You Might Not Know About

1. Higher Interest Rates: Earn More on Maintaining an Average Balance

Maintaining substantial average balance in your Savings Account can unlock higher interest rates. Some banks like Ujjivan SFB offer customers higher interest rates basis of the balance maintained in their Savings Account. This encourages prudent financial management and rewards individuals who actively save and manage their finances.

2. Maximum Convenience with Digital Savings Accounts

An Online or a Digital Savings Account mitigates the need for bank branch visits, saving both time and effort. You can manage such accounts entirely online or through mobile banking app. Additionally, there’s no paperwork required to open your account. Just enter your PAN and Aadhar details, make necessary payment and complete your Video KYC to open your account. However, you need to ensure that your mobile number is linked to Aadhar – it’s a must.

Also, Digital Accounts integrates additional security measures such as encryption, multi-factor authentication, and monitoring for suspicious activities. This helps protect your finances from fraud and unauthorised access.

3. Automated Bill Payments: Simplify Your Financial Life

Paying bills can feel like a chore, but a Savings Account can be your secret weapon to streamline payments. Most banks let you automate bill payments, sparing you from the trouble of manual transactions. You can set up standing instructions against your Savings Account for bills like credit cards, utilities (electricity, water, phone, internet), and insurance premiums among others. 

By automating bill payments, you ensure that you never miss a due date. This will also save you from late payment fees.

4. Sweep-in Facility: Grow Your Savings Effortlessly

If you struggle with disciplined saving, you can opt for a sweep-in facility. This feature allows excess funds in your savings account beyond a certain threshold to be automatically transferred to a linked Fixed Deposit account. With this feature, you can maximise your savings potential.

Disclaimer: Please note that Ujjivan SFB does not provide auto sweep facilities.

5. Investment Opportunities: Consolidate Your Financial Portfolio

Certain banks offer integrated savings, trading, and Demat accounts. This integration allows you to invest in stocks, bonds, and mutual funds directly from your savings account. By providing an all-in-one platform for your financial needs, these accounts simplify the investment process and make it more convenient for you to grow your wealth.

6. Rewards: Enjoy Banking Perks for Being a Savings Account Holder

Savings Accounts come with feature-rich Debit Cards that offer special discounts on transactions and purchases, travel benefits like complimentary airport lounge access, higher limits on transactions, etc. Some Debit Cards offered by Premium Savings Accounts may also come with extensive insurance coverage.

7. Internet and Mobile Banking

In this digital era, convenience is the key. With Internet and Mobile Banking, you can stay connected to your account 24/7. Just so you know, Ujjivan Small Finance Bank offers mobile banking facilities in 9 different languages.

8. Locker Facility: Secure Your Valuables at Discounted Rates

If you're looking for a secure spot to stash your valuables, consider reserving a locker at the bank where you maintain your savings account. Nomination facility is available on Safe Deposit Lockers that facilitates hassle-free release of the locker contents to the nominee in case of any unforeseen events.