We are telling about the offers being given on the savings account of SBI, PNB, BoB, HDFC, ICICI, Axis Bank, IDFC First, Bandhan and Kotak Mahindra Bank.
At present, the Savings Account is no longer just a simple account. Due to the increasing competition among banks, now many great features are also available in it.
Here we are telling about 9 such special features that 9 major private and government banks are offering their customers. Here we are telling about the attractive offers being given on the savings accounts of SBI, PNB, BoB, HDFC, ICICI, Axis Bank, IDFC First Bank, Bandhan and Kotak Mahindra Bank.
1. Life Insurance
All major government and private banks are offering life insurance cover including air accident on their savings accounts. Some of these banks charge a nominal fee for this while some banks offer it absolutely free.
This amount goes from Rs 2 lakh to Rs 10 lakh. SBI’s savings account holders get an insurance cover of Rs 4 lakh at an annual premium of just Rs 200.
PNB, Axis and Bandhan offer accidental death coverage up to Rs 5 lakh. The minimum cover available in this is Rs 1 lakh. IDFC First Bank, HDFC, Kotak Mahindra and ICICI Bank offer free air-accident cover up to Rs 10 lakh to their privileged customers.
2. Deposit Insurance
Your capital deposited in the bank is covered up to Rs 5 lakh. This includes Current Account, Savings Account and Fixed Deposit.
3. Unlimited ATM Withdrawals
Banks like IDBI, Citi, Yes, RBL, Bandhan and IDFC First offer unlimited ATM withdrawal facility to their savings account customers. However, many other banks offer this service only to their premium customers.
4. ATM Limit
Generally, normal savings account customers can withdraw Rs 10,000 from ATMs of other banks and a maximum of Rs 25,000 from their own bank. However, premium savings account holders are allowed to withdraw up to Rs 1 lakh in a day.
5. Airport Lounge Access
Banks like SBI, HDFC, ICICI, Axis and IDFC First offer airport lounge access free of cost to their premium savings account holders.
6. Free Transactions
Payments transactions on savings account are free. With the facility of NEFT / RTGS / IMPS, you can easily do online transactions. Some banks including HDFC, IDFC, ICICI and Axis offer free IMPS transactions only to those customers whose monthly balance is Rs 1 lakh or above.
7. Passbook, Check Facility
Almost all banks offer this facility on their savings account. However, the number of pages in a check book is only up to 10/25. However, some banks like HDFC, Kotak Mahindra and ICICI offer 75/100 pages checkbook annually free of cost to their premium customers.
8. Debit Card Insurance
Most of the savings accounts offer the facility of debit cards. This is the most common way to withdraw money from a savings account.
Banks usually issue debit cards with death coverage insurance. According to the convenience of the card, the cardholder gets life insurance up to Rs 20 lakh.
General customers of SBI, PNB, BoB, ICICI, HDFC, Axis Bank and Kotak Mahindra Bank get accidental death coverage of Rs 1 lakh on credit cards. According to the account, this amount can be up to 20 lakh rupees.
9. Other Free Benefits
Many banks also offer additional benefits. IndusInd, Citi, ICICI, HDFC, Axis and some other banks offer free demat account facility to the customers along with premium savings account.
Some banks offer the facility of free locker. SBI, PNB and BoB offer up to 35% discount on locker charges.
HDFC, ICICI, IDFC, Kotak Mahindra and Axis Bank also offer 50 to 100% discount on locker charges for the first year. Some banks also offer free locker insurance.
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