FAQs on Saving Account – Part 2

FAQs on Saving Account – Part 2

What are the benefits offered by senior citizens savings account?

There are various benefits offered by senior citizens savings account, these benefits vary bank to bank. Some of them are as following:

  • Free Passbook facility.
  • Free cash withdrawal facility at any Bank’s ATM.
  • Free SMS alerts to keep track of transactions taking place in your account.
  • Easy payment of utility and other bills using online banking.
  • Discounts at partner diagnostic centres and hospitals across the country.
  • Priority service at bank branches.

What is the use of ATM cum Debit Card?

An ATM cum debit card allows you to carry out multiple transactions using the balance deposited in your account.

  • One can withdraw cash at any ATM at any time of the day.
  • Additional transactions at the ATM using your card may include mobile phone recharge, utility bill payment,
  • Transfer of money to another person.
  • You can also use the ATM cum debit card to carry out your shopping online as well as offline.
  • You can pay your restaurant bill using you ATM card.

So ATM cum Debit card is very useful as it reduces the requirements to carry the cash with you.

Can ATM cum debit card be used for International Purchases?

Yes, many ATM cum debit cards are enabled with international payments. For this you have to intimate your ATM cum debit card issuer that you are intend to use your card at a location outside India, so that bank can remove any block that may be present is removed before you use your ATM cum Debit card overseas.

Can a DEMAT account open with savings account?

Yes, DEMAT Account can be opened along with savings account. DEMAT accounts are required to trade in various stock market instruments and they apply some feature charges that is separate from the Savings Account.

How to add or modify or delete a nominee for savings account?

It is very easy procedure and all you have to do is just get a form from your nearest bank branch or you can also download it from your Bank’s website. Fill this form and deposite it to your bank branch

And other thing you can do is call your bank to check if it can be changed online using online through Net-banking facility. If you are able to change it online, you don’t have to visit your branch physically.

What are the different ways of transferring money from one savings account to another?

You can transfer money from one savings account to another account within India by any of the following ways:

  1. Cash/Cheque Deposit
  2. NEFT/RTGS Transfer
  3. IMPS – Interbank Mobile Payment Service

What is NEFT Transfer?

NEFT or National Electronic Fund Transfer is a way of transferring money from one bank account to another in India. It requires beneficiary name, beneficiary account number and the IFSC (Indian Financial System Code) of beneficiary’s bank.

You can transfer money through NEFT up to Rs. 10 lakhs.

What is RTGS transfer?

RTGS stands for real time gross settlement. It is very much similar to NEFT also require similar data to transfer money. The minimum amount for RTGS is Rs. 2 lakhs and maximum amount is Rs. 10 lakhs.

What is IMPS?

IMPS stands for ‘Interbank Mobile Payment Service’. Using this service, account holders with some of the key banks in India can send money o beneficiaries using their mobile phones. This service is available for 24 hours even on Public Holidays.

You can also pay your utility bills using IMPS facility. There are some charges applicable for this service and these charges may vary from bank to bank.

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