Saving money is a priority for everyone and having a Savings Account is the first step in achieving this goal. Apart from being a safe avenue for your money or an emergency fund, a Savings Account can serve multiple purposes, each with its own benefit.
This is how you can maximise the benefits of your Savings Account:
1. Start investments
Want to make your money grow by investing it? You need a Savings Account to get started on your investment journey. Be it Fixed Deposits, Recurring Deposits or SIP (systematic investment planning) Mutual Funds; you can invest in different avenues through your Savings Account.
Besides, HDFC Bank's Sweep-in Facility enables you to earn an interest rate that's as high as a Fixed Deposit. It is an option given to Savings Account holders where any amount above a particular limit is automatically converted to a Fixed Deposit. And whenever you need funds, the bank automatically liquidates the Fixed Deposit to meet the fund requirements.
2. Set up bill payments
Bills payments such as utility bills and others and even investment-related transactions such as insurance premium, loan EMIs and more can be easily paid via your Savings Account.
With HDFC Bank’s comprehensive bill payment solution – BillPay, you can clear all your bills via NetBanking, MobileBanking or the ATM in just a few simple steps.
3. Tax compliance
A Savings Bank Account keeps a record of the income earned by you and the total expenses made. It is simple to trace how assets have been funded from a matching income. The bank's annual bank statement has a record of the income earned along with earnings in the form of salary, interest, rent, gifts, profit dividends, etc. Hence it serves as an essential document for income tax compliance.
4. Leverage relationship with the bank
Establishing a strong banking relationship with your bank comes with its own advantages, such as availing other bank benefits. Depending on your relationship with the bank you can be eligible for for Credit Cards, pre-approved loans, overdraft facilities and more. And as an HDFC Bank customer, you will also be rewarded in the form of exclusive offers, discounts CashBack, vouchers etc. for all your shopping needs.
5. Digital Payments
Today, we make most of our transaction payments digitally via UPI. Be it money transfers, bill payments or payments at stores; UPI is the preferred mode. And to make such payments, all you need is a Savings Account. Once you have an account, you can link it to any payment app of your choice. If you are an HDFC Bank customer, you can make UPI transactions through our e-wallet PayZapp. On PayZapp, you can also benefit from CashBack and offers.
Open your Instant Savings Account here now!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.