These days every citizen wants a portion of their earnings to be saved for future use or future investments. For long-term savings, everyone opts for the best option of keeping accounts.
The saving account encourages the account holders to save their portions of money and benefits them with a wide range of deals that can prove advantageous. The saving account also allows you to monitor your finances and manage them with efficiency. With these accounts, you can withdraw your money at any time you want.
Banks provide their customers with different types of savings accounts according to their needs and preferences. You can open your account by following a few easy and simple steps for the online procedure of account opening.
The regular savings account is one of the simplest and most common types of savings account. This can be convenient for fulfilling the everyday needs of people. You can get internet banking facilities and carry your cash transactions from any place you want. You can pay your bills with a single click from your appropriate internet banking apps.
The zero balance saving account is almost similar to the regular saving account. This is beneficial for the people who cannot maintain the required minimum balance in a saving account. By opening a zero balance saving account, you can access free ATM/ Debit cards to carry out your everyday transactions.
Banks provide a variety of deals and offers to women. One of the best accounting options for women is a women's saving account which is modified in such a way that it fulfills every requirement of women. However, the account holder has to maintain a minimum balance, but they can get certain benefits in shopping and other cash transaction in return.
The kid's saving account is the best option for the parents who want a portion of their money to be saved for a better future for their small ones. The power of allowing money transfer from the account lies in the hands of the parents. They can issue debit cards, credit cards, and other means to transact money.
This account is provided for a senior citizen saving scheme that fulfills the cash requirements of old-aged citizens. This account contains health benefits and other investment-related benefits. The account holder also gets certain insurance benefits along with many tax benefits.
The family savings account allows each and every member of the account holder’s family to enjoy the benefits of the savings account. The death of any member of your family will have no effect on the account, and you can enjoy the benefits for as long as you want.
This account does not require the maintenance of a minimum balance. This account helps in the maintenance by collecting the salary amount from the company’s account and distributes it to the account of the employees.
All of these different savings accounts come with their deals and benefits. You can choose any of the above savings accounts that fulfill your needs and preferences at any period of your life.
By opening a saving account, you do not just get the option of saving money, but banks also provide you with many extra benefits like:
After the period of demonetization, the government gave every bank instructions to levy charges on cash deposited over a specific limit. An individual is allowed a cash deposit of Rs 1 lakh in his savings account. It's not that that the account holder cannot submit an amount of more than 1 lakh. However, the bank has to send notifications to the income tax department, which in return may send income tax notice to the depositors with regard to such transactions.
Under a saving account, the account holder is allowed a cash transaction that does not exceed Rs 25000 in a non-home branch. The account holder has to undergo some cash deductions if he exceeds the daily cash deposit limit. A cash deduction of Rs 5 per thousand is charged to a minimum amount of Rs 150. In the case of third-party persons, they are not allowed to deposit an amount that exceeds Rs 25000.
The government issued these guidelines due to the rising cases of criminal activities these days. Everyone, including criminals, is aware of the requirements, so the banks have to keep the income tax department updated even on a cash transaction below Rs 10000. Thus every cash transaction, be it a large amount or a small one, has to be notified to the income tax department. You need to be very careful while exceeding your deposit or withdrawal money amount. You can get a notice from the income tax department, and you have to provide them with the receipts of your every cash transaction.
All of these cash deposit limits are imposed to monitor and reduce the sources of black money. The tax experts can easily monitor the sources of a person's funds and ensure that the person has been paying the taxes appropriately.
So while depositing or withdrawing cash, you need to make sure that the amount does not exceed the given guidelines to keep yourself away from the radar of the income tax department. Your cash transactions should not fall under the provisions that have to be reported according to the government's policies.
To keep your transactions legal according to government guidelines and manage your accounts, you can access the Money Spring Tool. Many people find it challenging to manage their banking accounts and maintain their everyday cash transactions. Money spring tool makes the work easy and provides you with extra benefits like:
The money spring tool provides its users with new investment opportunities, providing early investment advantages.
Cash transactions, including deposits and withdrawals, need to be monitored and maintained according to the guidelines by the government to help the users stay away from the income tax radar. It also records all the cash transaction history required at the time of income tax notices.
The money spring tool works as a mutual fund scheme provider. You can use the inbuilt calculator provided by the tool to compare all the schemes and choose the best scheme for your investment.
The money spring tool keeps the record of our chosen insurance policies along with the history of our claiming dates. The tool also provides you with the amount of your fixed deposits. You can control all of your accounts, manage the cash transactions, and keep a record of your transaction using a single tool.
Saving is an essential aspect yet proves to be challenging for many people. There are many ways to make and save money, but the easiest and most convenient method for securing capital for your future use is to put them in your saving accounts. Through these, you can save money and increase your amount with the interest schemes provided by the banks. This is for the patient people who can wait for enough to fulfill their long-term goals.
No matter if you are a child, an adult, or an old-aged citizen, you can start the procedure of opening your own savings account, which can be trustful for a promising future. You can open joint accounts, which provide you greater flexibility and also track your incomes and spending. You can maintain accounts for your household incomes, and it can prove to be excellent for your future planning.
For better management of your savings, start using this tool and get assistance from Money Spring professionals for a happy future.