7 Key Benefits of Savings Account

If you are saving for some big dream or let’s, just say, a rainy day, keeping all that money in your wardrobe locker is a risky idea. To keep that money safe, and at the same time, earning some more from your own money – yes, that is exactly what a Savings Account is about. It provides interest on your deposited amount.

There are many benefits of Savings Account; some are highlighted below:

1. Encourages Saving Habits

Having a Savings Bank Account is an excellent way to encourage and inculcate the habit of saving, especially for individuals who receive monthly salaries or fixed incomes. By consistently setting aside a portion of their earnings, account holders can build a financial cushion over time, promoting financial discipline and stability.

2. Monthly Interest Payouts

AU Small Finance Bank, for instance, offers a monthly interest payout on Savings Accounts. This means that the interest earned on the account balance is credited every month, allowing account holders to see the benefits of their savings more frequently. A monthly payout helps in compounding interest faster and provides regular income, enhancing the growth of savings.

3. Auto-Upgrade Feature

AU Small Finance Bank offers an auto-upgrade feature, which automatically upgrades the account holder's Savings Account after a certain period. This upgrade comes with additional privileges and benefits, such as higher withdrawal limits, preferential rates on loans, and enhanced customer service. This feature rewards long-term customers and encourages them to maintain higher balances in their accounts.

4. Convenient Transactions with ATM/Debit Cards

In today’s fast-paced life, it is highly convenient to make transactions with ATM/Debit Cards instead of carrying hard cash. Savings Accounts come with ATM/Debit Cards that allow account holders to withdraw money, check account balances, and make purchases at millions of merchants worldwide. These cards also provide security features such as PIN protection and transaction alerts, making everyday transactions safer and more convenient.

5. Multiple Payment Facilities

Savings Accounts offer a range of payment facilities like NetBanking, NEFT, RTGS, and IMPS for instant money transfer and online shopping. NetBanking allows customers to manage their accounts online, transfer funds, pay bills, and more from the comfort of their homes. NEFT, RTGS, and IMPS enable quick and secure fund transfers to any bank account in India, with IMPS providing instant transfers 24/7. These facilities ensure that account holders can handle their financial transactions smoothly and efficiently.

6. Ease of Access and Extended Locker Hours

Savings Accounts at banks like AU Small Finance Bank offer additional conveniences such as extended locker hours^. This feature is particularly beneficial for individuals who need access to their safe deposit lockers outside of regular banking hours. The easy deposit process, including cash and cheque deposits at ATMs or branch counters, further simplifies banking operations for account holders.

7. Joint Account Systems

Joint account systems are another valuable feature offered by Savings Accounts. These accounts allow multiple individuals, such as spouses or business partners, to share a single account. This setup encourages joint savings and simplifies financial management for families and partners, promoting transparency and ease in handling shared expenses.

Now you can open a Digital Savings Account from the comfort of your home anytime, anywhere with the help of Video Banking. For instance, AU Small Finance Bank offers Video Banking for opening AU Digital Savings Account. The process is entirely paperless and is done using our Video Banking facility.

AU Digital Savings Account is an instant account that you can open in just a few minutes. Just the way you video call your friends or family, similarly, you can connect with us anytime and complete your KYC to start operating your Digital Savings Account.

AU Video Banking is completely safe as the mobile number is authenticated with OTP. It uses AI-based facial recognition and personalized security questions.

• Open a Savings Account with a bank that gives you the convenience of paperless banking.
• When you open a Savings Account, most banks also offer attractive deals on their Debit Cards which range from cash-back offers to insurance coverage. For instance, AU Small Finance Bank offers discounts and deals from top-notch brands on its Debit Card range.
• Choose a bank that provides doorstep services in the form of cash collection or delivery services.
• By opening a Savings Account, you can also avail yourself a wide range of services, including Mutual Funds, Demat, Lockers, Asset Products, Insurance, others.

If you are looking to open a Savings Account, you can easily initiate the process with AU Small Finance Bank through Video Banking. All you need is your PAN Card and Aadhaar Card. It is convenient, hassle-free and saves time. If you are not comfortable with the online process, then you can visit our Bank Branch or get in touch with our customer care 1800 1200 1200.

^Not applicable in some select locations. To know your branch timings, click here.