Are you planning to open a savings bank account where you can save money from your monthly
earnings? Opening Savings Accounts means depositing money for safekeeping and earning interest on
the overall balance.
Indeed, these Savings Accounts generally come with an ATM card. This is the reason such accounts are
known as ATM Savings Accounts. With such accounts, you can easily access cash and even debit money
for your purchases whenever needed using an ATM.
Are you interested in opening an ATM Savings Account? Learn how and why to do so.
What Exactly is an ATM Savings Account?
An ATM Savings Account is designed to help you save money. These Savings Accounts come with an ATM card for managing personal finances and wealth over time.
This account’s prime feature allows you to access your funds easily and conveniently. Using this, you can withdraw the money, check your account balance, and even deposit money at the bank.
Salient Features of ATM Savings Account
Savings Accounts with ATM cards are one of the most basic bank accounts that almost every bank offers customers. These Savings Accounts have some salient features that you cannot ignore.
● ATM Facility
You can easily withdraw cash from your Savings Account using your ATM card. More or less, each bank
has ATM branches spread all over the country. But if you don’t find your bank’s ATM in your local area,
you can access the card at any bank’s ATM for withdrawal.
● Minimum Balance Requirement
Most banks allow ATM Savings Account holders to maintain a minimum balance in their accounts. There are even Savings Accounts where you don’t need to maintain the minimum balance. Those are known as zero-balance accounts.
● Flexibility in Withdrawal
Banks allow Savings Account holders to withdraw money anytime and anywhere. But sometimes banks limit the withdrawal amount and how often the withdrawal can be made.
● Interest Earnings
With each deposit you make in your bank’s Savings Account, the money will grow over time. You can
witness good growth as banks offer the best savings interest rate on depositing money.
● Mobile Banking and Online Access
Banks usually provide mobile banking and online access facilities with ATM Savings Accounts. This is for convenient and safe transactions. You can also send and receive money and do different finance-related activities by logging in to your ATM Savings Account.
How to Open an ATM Savings Account?
Opening an ATM Savings Account at a bank is easy and simple. This section mentions steps to help you
open an ATM Savings Account.
Step 1: Research and Choose a Bank: You should start by researching different banks in your area or
online to find one that suits your needs.
Step 2: Select the Type of Savings Account: Banks offer various types of Savings Accounts. So, choose
the one that aligns with your financial goals.
Step 3: Gather Required Documents: You require these common documents to open ATM Savings
Accounts.
● Valid government-issued ID (Aadhaar card, driving licence, etc.)
● Address proof
● Initial deposit money
Step 4: Fill Out an Application: You must complete an application form mentioning your details and
financial information (if required).
Step 5: Deposit Money: Make the initial payment or deposit money into your account.
Step 6: Review and Sign Documents: Carefully check all the terms and conditions before signing and
submitting the documents.
Step 7: Receive Your Account Information: Once the bank approves your application, they will open
your account and provide the documents.
This process may vary from one bank to another. So, thoroughly examine it before you choose a bank and make any final decision.
Advantages of Opening ATM Savings Accounts
When it comes to finance, savings, and investment options, most people only focus on the schemes’
advantages. As there are plenty of advantages an ATM Savings Account offers, we are mentioning those points below-
1. Offer Interest on Savings
A Savings Account is a good way to earn interest on your deposit. These days, many banks offer the best savings interest rates to attract more customers. It implies that your account will grow over time,
keeping every fund easily accessible.
2. Easy Access to Funds
Easy access to funds is one of the most important features people seek when making deposits. In case of emergencies, people can have access to their Savings Accounts and access their funds according to their needs.
3. Safe and Secure
Banks offer ATM cards to make seamless, cashless, secure transactions from your Savings Account. You can even use the card to make in-store and e-commerce purchases. These cards are extremely safe
because, using your secret pin, you can withdraw cash anytime as per your needs.
4. Trackable Transactions
With an ATM Savings Account, you can monitor your transactions. As these transitions are trackable, you can have all the details about your previous withdrawals and interest earnings. With this, banks and account holders can be aware of suspicious activities.
5. No Lock-in Period
Your money is not locked in an ATM Savings Account. It means you can access, withdraw, or deposit your money anytime. However, some banks restrict withdrawal limits to prevent financial scams.
Final Thoughts
An ATM Savings Account is excellent for saving money towards fulfilling your financial goals. Now that
you know about the ATM Savings Account and how the accounts work, you can easily deposit the
money. Remember to check the available options before choosing a Savings Account with the right bank.
Nowadays, most financial institutions provide a Savings Account with ATM cards. So, open an account,
start saving today, and bring this lifesaver into your life.