A savings account, which enables customers to deposit funds and earn interest on it, is a crucial type of bank account. Customers are free to withdraw their deposits whenever they want and from wherever they choose. For the vast majority of people globally, this type of bank account is the greatest choice for saving because of its many benefits. One of the main benefits of having a savings account is the guaranteed rate of growth in the form of interest on the amount deposited, which is not provided by other investment options.
A savings account holder also has access to a number of financial services, such as SBI mini statement amongst other services from banks they have accounts with. Here, a few of the benefits have been briefly mentioned. However, the types of savings accounts available and the banks that offer them can affect the banking facilities.
1. A System For Bill Payment
Are you aware that, in addition to the ability to use a Balance Check Number and providing SBI pre approved personal loan, your bank’s mobile application also supports direct bill payment?
Today, the majority of banks provide their customers bill-paying options using their savings account. This makes it possible for the account holder to pay all utility bills directly from the savings account.
2. Mini Statement Facility
The SBI mini statement feature, which all banks provide, allows owners of savings accounts to access the most recent three to five transactions on their phone, is available to all customers. Banks provide this service without no cost. To receive a micro statement, account holders merely need to place a missed call from their registered number to the mini statement toll-free number. The call will then automatically cease, and their phone will receive an SMS with details about the prior 5 transactions. Customers can acquire mini statements via SMS and phone call, hence there are numerous SBI mini statement numbers available along with SBI pre approved personal loan feature for eligible customers.
3. ATM Equipment
The Balance Check tool is equally visible as the ATM facility, which is also a widely used feature. If you have a savings bank account, you can use the ATM to obtain cash. If your bank doesn’t have any local ATMs and you urgently require cash, you can still use an ATM from another bank. You only need to have your debit card on hand. It is important to be aware that after a certain amount of withdrawals, the bank may charge fees if you use an ATM that belongs to some other bank to withdraw cash.
4. Services for Internet Banking
With a savings account at any bank, customers may easily perform online transactions from just about any location at any time. The net-banking capability is available to account holders for a variety of purposes. You can perform a number of operations with the use of a net banking facility. Besides offering SBI pre approved personal loan, bank can also permit their customers to examine mini-statements online through net banking. To read their mini statement, the account holder must log into the online banking system with their username and password. Customers can access the most recent five account transactions in full by selecting the SBI mini statement tool under the account details section after logging in. The nicest part is that account holders can use all services online without ever having to go to the bank physically.
5. Services For Mobile Banking
By installing the bank’s mobile app, the user of a bank account could use their phone to utilize numerous financial services. They can receive and send payments via the lender’s mobile banking app. It also offers a mechanism to get in touch with bank executives if you have any inquiries about bank accounts. Account holders can access all financial services while unwinding in the convenience of their own homes without physically visiting the bank.
6. SMS Alert Service.
Users of savings accounts at all banks have the option of signing up for SMS alerts so they can always check their balance to see if it has been deducted or credited. You will now get an SMS on your registered cellphone number each time a transaction utilising your card is conducted. Through a mobile application, you may access information about your savings account, update your email address, check your account balance using Bank Balance Check, buy a chequebook, read small statements, and do a lot more. However, banks like Indian Bank also provide free micro statement numbers to its customers. You merely need to provide the SBI mini statement number a missed call The call would automatically cease after 3–4 rings, and you would then get an SMS on your cell phone with information about your most recent 3-5 transactions.
Cross-Product benefits
Customers with bank savings accounts at some banks might receive benefits from many products. According to this, if you already have a savings account, you are automatically eligible to enjoy special benefits and incentives if you decide to create another account with the same company. For instance, the bank might offer a Demat account and waive the first year’s maintenance fee if a person applies for one for the initial time and already has a bank savings account with it.
Unlike other financial products, a savings account often has no stated age restriction for the account user. In other words, it caters to all age groups. By satisfying the standards set forth by the bank, anyone of any age—from a child over the age of 12 to a senior or super senior citizen over the age of 70-80—can open a savings account and take advantage of the bank’s anytime, anywhere bank balance check service. Through their app, banks provide access to a variety of benefits and promotions, and you may utilise these additional banking tools and features such as SBI pre-approved personal loan to get the most out of your savings account. The aforementioned features make banking simple for you.