Services Offered by Top Banks on Savings Bank Accounts

Last Updated : March 18, 2024, 5:13 a.m.

A Savings Bank Account is one of the most popular and useful banking products among customers. The reason being a savings account helps customers develop a money-saving habit from an early age. But there is one more thing that trumps all other reasons by a fair margin – An extensive range of services that customers can enjoy by having a Savings Bank Account. When an individual opens a Savings Bank Account in any bank, there are a few services like Mobile Banking, SMS Alerts, Internet Banking, Chequebook facility, Cash Withdrawal, ATM/Debit Card facility, Passbook facility, Nomination Facility, that a bank provides on the same.

Several banks provide different types of Savings Account to customers according to their needs. Since there are so many options when choosing a Savings Bank Account, it is important to compare all the services provided by some of the leading Top Savings Bank Accounts. When we talk about the Top Savings Bank Account, the banks who provide these are State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Bank of Baroda.

So, how does the same service provided by a Savings Bank Account of one bank is different from another? We will cover some of the important services one after another in this article. Let’s begin.

Cheque Book Facility

One of the most popular services that customers get with a Savings Bank Account is the Cheque Book facility. So how does a Cheque help customers? A Cheque is a financial document that helps customers to pay a specific amount of money from his or her account to someone else’s account on whose name the cheque has been issued. A cheque helps customers in a hassle-free money transfer, Bill Payments, School Fee Payments, etc. Every customer gets a Cheque Book facility with a definite number of cheque leaves without any extra charge. This number may vary from one bank to another. After you have exhausted the given leaves, the bank will charge for every cheque leaf you use.

We are telling you about the Cheque Book facility provided by top banks to their Savings Bank Account customers. Have a look.

Number of Cash Transactions

Cash Transaction facility (both Deposit and Withdrawal) is one of the premier services provided by top banks to their savings bank account holders in India. With this facility, customers can deposit their hard-earned money or withdraw the amount from the Savings Account Balance to fulfill their needs. Each bank allows a specific number of cash transactions or a definite transaction value on a monthly or daily basis without any charges. Above this limit, savings banks account holders need to pay a definite charge for each transaction that varies from one bank to another. We are showing the cash transaction facilities of savings bank accounts offered by top banks in India. Do check.

ATM/Debit Card Transactions

When you open a Savings Account, each bank provides an ATM/Debit Card with which you can do several things such as Bill Payments, Cash Withdrawal, Online & offline Shopping, Money Transfer, etc. The charges for the ATM/Debit card depends on the type of card your bank is providing.

But the most important thing that you need to know is the number of free transactions you can do with your ATM/Debit Card. Because, after a fixed number, the bank starts to charge on the same. However, the charges can vary from one bank to another and from one location to another. The ATM/Debit Card Transactions are mainly of two types — Financial (Cash Withdrawal) and Non-financial (Balance Enquiry, Mini Statement, Pin Change, Mobile Number Updation, etc.)

That’s why we are showing the details about ATM/Debit Card Transactions that top banks offer to their Savings Bank account holders. Please check.

Passbook Facility

How do customers keep track of their Savings Bank Account transactions? Well, for this, banks provide the Passbook Facility with which customers can record their transactions like Deposit or Withdrawal of the money date wise. A Bank Passbook can also be used as the Identification and Address Proof for different things. Generally, customers get a passbook from the bank without paying any extra cost for this. However, you may need to pay a certain charge if you want to issue a duplicate passbook for your Savings Bank Account. You can look at the passbook facility for some of the top Savings Bank Accounts in the below table.

Value-added SMS Alert Facility

Banks also provide the SMS Alert Facility to its Savings Bank Account Holders. You must be thinking, what is this SMS Alert facility all about? Well, with this, customers can get updated about the transactions in their Savings Bank Accounts such as Withdrawals, Deposit, Balance Enquiry, etc. For this facility, the banks charge a definite amount from the customers that can vary from one bank to another. We are showing the details about this facility in the below table. Please check.