A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
As per data compiled by BankBazaar, public sector banks such as IDBI Bank and Canara Bank offer interest rates of up to 3.5 percent and 3.2 percent, respectively on their savings accounts. IDBI Bank Discussion Activity. IBDI Bank 1 Year Fixed Deposit Rates - Deposits Q: Hi I would like to invest some money in my saving account.so how many%interest get he Amount. IDBI Bank Saving Account interest rate. Savings Bank Rate Saving Balance of: Less.
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
Hdfc Fixed Deposit Interest Rate
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.
IDBI Systematic Savings Plan (SSP) helps you to add your savings at your complete convenience. With your regular incomes, you can start saving any fixed amount from 100 to less than 2 crore every month. The amount as decided by you will be deducted every month from your savings account.
The IDBI Bank Systematic Savings Plan (SSP) Advantage
- No charges for executing your standard instruction
IDBI Bank Systematic Savings Plan (SSP) Features
- Pre-planned saving for a future goal
- Regular savings for a certain period of time
- The period of deposit can be from 1 year to 10 years
- Deposit can be start with minimum amount of Rs. 100
IDBI Bank Systematic Savings Plan Plus (SSP Plus)
SSP Plus offers Regular Savings with Principal + Interest protection Plus Complimentary Insurance Cover and Reward Points.
The IDBI Bank SSP Plus Features :
- Complimentary one time redeemable Reward Points ( upto 1,000 points )
- Complimentary Personal Accidental Insurance Cover upto Rs.5 lakhs
- Minimum eligible Instalment Amount : Rs.5,000 and multiples of 100 thereof
- Minimum eligible tenor : 3 years and completed quarters, Maximum : 10 Years
- Can be availed by Individuals / HUF
Idbi Saving Account Interest Rate
For the detailed T & Cs and features of SSP Plus, Click hereHow to Apply
Applying for a Systematic Savings Plan is absolutely simple. You can apply online through Net Banking /Go Mobile + App or visit our nearest Branch.