A savings bank account marks an individual entry into the formal banking system. Indian citizens typically open this account before starting their investment journey. Every investment you make or government-provided financial service you take in India requires a savings bank account number. A savings account is essential in India and mandatory for making financial transactions.
A savings account is the most feature-rich account provided by financial institutions like RBL Bank. You can open this account online or offline. Besides high-interest rates, RBL savings accounts provide liquidity, security, and flexibility.
5 Reasons to Open a Savings Bank Account Immediately
Be it returns or flexibility, liquidity or security, ease of account opening, or managing the account, a savings bank account meets all the parameters. The following are the five best reasons to open a savings account today.
High Returns
You may have heard that Fixed Deposits fetch higher returns than savings accounts. Well, it’s time to say goodbye to that myth since RBL Bank provides interest rates of up to 6.50% per annum on savings accounts.
This is only 1.05% less than the highest Fixed Deposit interest rate.
Moreover, RBL Bank calculates the savings account interest rate on daily balances to maximize your income. High savings account interest rates make opening a savings account a very lucrative offer for many.
Safety at Its Best
Unlike risky investment instruments like stocks or mutual funds, savings accounts are highly secured. You can stay assured about the funds in this account since there is no volatility.
Banks like RBL Bank specify the interest rate in advance, so you can determine the amount you will earn on your deposits. Also, according to Indian government laws, any amount of up to Rs. 5 Lakh in any bank account is insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
So, savings accounts provide optimal security and stable returns.
Flexibility
Very few secured investment instruments offer as much flexibility as a savings bank account. For instance, not only can you put money into your account as many times as you need, but you can withdraw it whenever you need.
RBL Bank provides debit cards to all eligible savings account holders. You can use the card to withdraw money from all bank ATMs or nearby RBL bank branches.
The account opening process is also as flexible as the features of this account. You can conveniently open a savings bank account from the comfort of your home.
Quick Account Opening
Thanks to the online application facility provided by RBL Bank, you can now open a savings account in less than five minutes.
To do this, visit the RBL Bank’s official website and click on ‘Apply for a Savings account. The webpage will ask you to input details, such as your name, email ID, and phone number. After this, you will have to upload your KYC (Know Your Customer) documents and schedule a video call. Once the video call is successful, you will receive your savings bank account details and can start transacting.
Opening a new RBL Bank savings account does not take more than a few minutes.
Incredible Value-Added Services
To attract customers, banks provide many value-added services.
RBL Bank has always ensured their customers get the best features in their savings bank accounts. They provide:
- Free virtual debit card for online shopping
- Netbanking for paying bills at merchant establishments and recharging your mobile phone, DTH, or Data Card.
- RBL MoBank 2.0 app, via which you can check your account balance status on the go.
- Use your savings bank account to invest in Fixed Deposits or mutual funds.
Conclusion
Why open a savings bank account with RBL Bank? Because it provides high-interest rates on savings accounts and is the gateway to financial freedom. You can invest your idle amount in a savings account and watch them grow steadily.
A savings account is beneficial for developing the habit of saving and fulfilling financial goals today!
