Rahul and Priya had recently tied the knot and started a new journey together, full of dreams and aspirations. Like many, they understood the importance of a savings bank account. It was their financial backbone, offering a secure place to park their hard-earned money.
A savings bank account is not only an avenue to store your funds, but also an instrument that comes with various benefits. Let’s check out the benefits here.
Your savings account earns you interest, helping your money grow over time. While savings account interest rates are usually lower as compared to other financial instruments, they still come across as an essential route to accumulate considerable funds to meet short-term financial goals. The interest constituent is generally computed on the average daily balance, which is credited to your bank account semi-annually or quarterly. It is free of risk and ensures your funds do not stagnate.
A bank account makes sure the safety of the stored funds, protecting it from loss or theft that may happen if you keep them at home. Banks invest considerably in security measures such as alarms, secure vaults, surveillance, etc., to protect your parked money. Moreover, savings bank accounts are generally insured up to Rs 5 lakh as per DICGC (Deposit insurance and credit guarantee corporation), which makes them a secure platform to store your wealth.
Access your money conveniently through various channels, making it readily available for your needs. Savings accounts offer the flexibility of easy withdrawals. Whether you require paying bills, making transactions, or covering unanticipated expenditures, you can simply withdraw the fund or use distinct electronic methods such as mobile banking, online transfers, or debit cards. This convenience infers your funds are always within your reach when you require it the most.
It encourages regular saving habits as you can set up automated transfers from your salary account. Many people struggle with saving consistently. A savings account allows you to automate this process by setting up regular transfers from your salary account to your savings account. This “pay yourself first” approach ensures that a portion of your income is saved before you have a chance to spend it, promoting a disciplined savings habit.
Savings accounts offer high liquidity, allowing you to withdraw cash whenever required, which is essential in emergencies. Liquidity is the ease with which you can convert an asset into cash. Savings accounts are highly liquid because you can access your funds instantly. This feature is crucial during unforeseen circumstances, such as medical emergencies or urgent financial needs, where quick access to cash can make a significant difference.
Your account statements serve as a record of your expenses, helping you manage your finances better. Savings account statements provide a clear and organised record of all your financial transactions. By reviewing your statements regularly, you can gain insights into your spending patterns, identify areas where you can cut costs, and create a more effective budget.
Access your account 24/7 through online banking, which simplifies transactions and balance checks. Banking through the online mode has changed how we manage our money. With access to your bank account 24X7 through the mobile application or secure website, you can simply monitor your balance, transfer money, track transactions and pay bills timely from the convenience and comfort of your home. The only thing you require for using online banking is a swift internet network.
ATMs are readily available across India, allowing easy cash withdrawals from your savings account. ATMs are prudent machines, which make cash withdrawals easier. Most savings bank account users are offered a debit card on their account, permitting them to get hold of their money 24X7.
Some accounts offer an overdraft facility, providing a financial cushion when needed. Overdraft protection on a savings account allows you to withdraw more than your available balance up to a predetermined limit. This can be a lifesaver during temporary financial setbacks, preventing bounced checks and associated fees.
Check your account balance and conduct transactions on the go with mobile banking apps. Mobile banking apps bring banking to your fingertips. Whether you’re traveling, at work, or just out and about, you can use your smartphone to check your balance, make payments, and manage your finances, providing unparalleled convenience.
Let’s dive into the ways to check your savings account balance, something that Rahul and Priya often wondered about.
Ways to check your savings account balance
Use your ATM card at any bank’s ATM to inquire about your balance. Remember to keep your PIN safe.
Visit your bank branch and update your passbook to check your balance. Ensure you carry a valid ID proof for this.
Register your mobile number with your bank and send an SMS with a predefined code to get your balance instantly.
Mobile banking app
Download your bank’s mobile app and log in to check your balance, transfer funds, and more.
Access your account through your bank’s online portal, which provides a detailed overview of your finances.
Dial a USSD code provided by your bank, and a menu will appear allowing you to check your balance.
Set up email alerts to receive your account balance regularly in your inbox.
After completing a transaction at an ATM, check the receipt for your updated balance.
Missed call banking
Give your bank’s missed call banking number a ring, and you’ll receive an SMS with your balance details.
Call your bank’s customer care and follow the automated prompts to inquire about your balance.
Rahul and Priya were relieved to discover these convenient methods to check their savings account balance. They decided to use a combination of SMS banking, mobile apps, and ATM inquiries to keep a close eye on their finances.
In conclusion, a savings bank account is indeed an asset in your financial journey. With various benefits and easy ways to check your balance, it ensures your money remains safe and accessible whenever you need it. So, remember to utilise these methods. So, whether you have Union Bank of India balance check number and you are looking to know your balance or eyeing on to Central Bank of India balance check, you now can simply do it by being well-versed with the details mentioned above.