Savings Account: Today, almost every person has a Savings Account, in which people keep their money. Most people understand only one function of these accounts, to keep money safe.
Savings Account: Today, almost every person has a Savings Account, in which people keep their money. Most people understand only one function of these accounts, to keep money safe. However, there are some things related to these accounts, which many people do not know. Let us know today 10 things related to these accounts that everyone should know.
1- It is useful to keep money
You can keep your money safely in a savings account and withdraw it whenever needed. If you keep this money with you at home, then you will be worried that the money may get stolen or lost, keeping money in the bank means that now the worry of that money has been handed over to the bank.
2- You can make transactions
You can send money to others from your savings account and also ask for money from them in your account. In this way, if you have to send or give money to someone, then there is no need to withdraw money from the account, this money can be transferred directly to them online. Asking for money online has also become a cakewalk.
3- Pay bills
You can pay any bill from the savings account through net banking, debit card, UPI or cheque. With this, you can pay your house rent, electricity bill, internet bill, mobile bill or any other bill. You can make payment after shopping through the savings account.
4- It is easy to track expenses
From the savings account statement, you can know when and how much money came or went in your account. In this way, you can track your expenses and accordingly you can plan the expenses to be incurred in the coming days.
5- Understand the minimum balance
It is necessary to maintain a minimum balance in most bank accounts, otherwise you are charged by the bank. The minimum balance is calculated on a monthly basis. This balance can be different in different banks.
6- Minimum balance calculation
Keep in mind that the minimum balance is calculated on the average of the whole month, not on a daily basis. That is, if you keep a minimum of 10 thousand rupees in your account and you keep 3 lakh rupees one day, then your monthly average will come to 10 thousand rupees.
7- Interest is earned on money
You also get interest on the money kept in the savings account, but it is very low (3-4%). That is, while you worry about keeping money at home, by keeping it in the bank, you will be worry-free and will also earn interest on it.
8- You can get an FD
If it is already decided that you are keeping money in the savings account for a long time, then get an FD done and earn more interest. However, if you want to withdraw money before the amount for which you have made the FD, then you will have to break the FD and for this you will have to pay some additional charge.
9- Interest is taxable
The interest received on savings account is taxable. Its rate depends on your tax slab. So do not think that the tax you have received from the bank account is completely yours, you will have to pay tax on it too.
10- Exemption up to ten thousand
Tax exemption can be availed on interest up to Rs 10,000 received from savings account under section 80TTA. Meaning, if the interest is more than Rs 10,000, only then you will come under the purview of tax, otherwise you will get tax exemption on that interest.
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