Do more with your Savings Account

No matter who you are, where you live, or what you do, if you want to be a part of the financial ecosystem, you need a savings bank account. What started out as a humble deposit account for safekeeping your money has evolved into the backbone of the Indian financial system.

In addition to transaction capabilities that allow you to send and receive money conveniently, the modern savings account is replete with various features and benefits that make it the focal point around which all financial decisions and actions are considered.

Whether you are looking to open a new bank account or upgrade with the times, it is important to evaluate the features of the savings accounts offered by different banks before you commit to one.

Here are a few of the benefits of savings accounts that you should look out for and take advantage of.

UPI payments

The Unified Payments Interface (UPI) is a digital money transfer system that allows you to send or receive funds instantly at no additional cost. UPI payments is especially convenient for small transactions on the go. It has eliminated the need to remember bank account details, IFSC codes, etc. You can create your own Virtual Payment Address (VPA) that is prefixed to your bank's name, like an email address. The UPI ID is linked to your savings bank account and works as a digital wallet that allows you to do everything that a mobile banking app does.

Make investments

Banks offer a suite of investment services that are connected to your savings account. From term deposits and mutual funds, to investments in small savings schemes, government bonds, and gold schemes - are all possible through your account.

The investments can be made in person at the bank branch, or digitally via the netbanking platform or mobile app. All purchases, redemptions and other credits in the form of interest or dividend income are linked to your savings account as well.

You can even set up standing instructions for systematic investments that allow for a periodical auto-debit from your account. More importantly, investments made through your savings account can be easily monitored and managed. Many banks even send periodic updates giving an overview of how your investments are performing.

Bill payments

You don’t need to queue outside the physical storefront of service providers or even go through the hassle of visiting different websites to pay your various bills. All your utility and sundry bills can be paid from the convenience of the bank’s netbanking or mobile app. The bill payment facility has expanded from electricity, water, LPG, mobile connection, and DTH subscriptions to now include a host of services such as FastTAG, insurance premiums, broadband connections, municipal and property tax payments, and more. Most banking apps even enable you to customise and add payees for various recurring payments such as those for society maintenance and rent, loan repayment, school fees, etc.

A few banks even offer cashback and discounts on payments to certain vendors allowing you to save money while conveniently taking care of your expenses.

Income tax compliance

If your annual income exceeds the taxable threshold, you will need to provide all details regarding income and transactions for tax purposes. The savings account gives a consolidated list of income earned through all sources such as salary, investments, interests, rent, etc., as well as expenses that can be categorised for easy tax reportage and for claiming tax deductions. You can even fill out Form 26AS through your savings account to compile all advance tax paid by you.

One of the key benefits of savings account is that you can now pay various taxes online directly from your account. Not just the annual income tax, even tax collected at source (TCS), wealth tax, etc. can be paid from the convenience of your savings account mobile app.

Shopping deals

With a view to provide value-added benefits and bring greater accessibility to customers, banks tie up with various aggregators and service providers to offer their products or services directly through the banks' online platforms or by swiping the debit card. You can now buy everyday staple items, medicines, shop online, dine out, watch movies, and even plan your travels directly through the mobile app.

In fact, many banks have introduced their own dedicated online portals for shopping that bring hundreds of brands under a single webstore. Additionally, banks are able to offer discounts, cashback, or freebies that help you to save money on various purchases.

Additional services

There are a lot more features of savings account. Availing of other financial services such as insurance or credit cards becomes a lot easier when you have an existing relationship with a bank.

In the case of credit cards, it not only becomes easier to get approvals but also receive higher credit sanctions when you have a savings account with the bank. With 24x7 access to online bank portal, you are less likely to miss the payment due dates. You can even set an auto-debit instruction for all credit card payments directly linked to your savings account.

When it comes to insurance, you can benefit from preferential schemes that are specifically geared towards existing customers. With your savings account, you can not only insure your life and that of your loved ones but also get health, vehicle, home safety, and travel insurance. Premiums are automatically deducted from the savings account ensuring continuous cover for everything that is precious to you.

Conclusion

Making the decision easier for you is IDFC FIRST Bank with an unbeatable savings bank account. Get access to a host of banking services such as convenient UPI and mobile banking, up to 7% interest on savings account balance with monthly credits, complimentary personal accident cover, consolidated investment services, higher limits on ATM transactions, pre-approved loan offers, simplified credit card management services, and much more. If that’s not enough, take advantage of a variety of lifestyle benefits across shopping, dining, travel, and entertainment categories.

IDFC FIRST Bank’s Savings Account is not just a tool for transacting, but your gateway to a world of possibilities!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.