Importance of a Savings Account

It is the most basic and popular bank account, that starts your banking and investment journey. There are several types of  Savings Account that can be used for different requirements.

For people who wish to know more about the savings account here are a few important points: 

1. Funds in a savings accounts are safe. Savings Accounts are insured up to Rs. 1 lakh and Rs 5 lakhs for scheduled banks by the Deposit Insurance and Credit Guarantee Corporation (DICGC).  The funds kept in a Savings Account remain there unless they are withdrawn or paid out. In fact, the customer can withdraw his money up to a particular limit at any point in time in a month. This is of particular advantage for working or salaried people and retired or senior citizens. With a savings account they can withdraw money whenever they want for their daily needs while the balance amount can earn interest. 
2. Depending on each person’s requirement there are different types of savings account. We provide 4 types of savings account, each with value added facilities. Example the Super Saver account offers value adds like a RuPay debit card, sms & internet banking, cash withdrawal and deposit at any branch, fast remittance through RTGS /NEFT etc. 
3. A savings account offers comparatively lesser interest rate, but is also very simple and hassle-free to operate. A customer can receive and issue as many cheques from different sources.  
4. A savings account is an individual’s first very basic steps towards income generation and financial inclusion. Unlike a current account it earns interest on the funds lying in the account. For an individual who has never opened a bank account and whose money lies idle with him/her, the savings account is an income earner such an account is ideal for kids too!
5. Make sure you open a Savings Account today! Read more on how you can open your very own Savings Account online here! 
6. It is easy to do their banking from their mobile phones. It saves them the hassle of going all the way to the bank. Click here to download the Capital Mobile+ App, if you have our savings accounts.