Be it for achieving short-term goals or planning to fund a major purchase, a savings account is probably the best investment option to look out for. Most people often don’t consider savings account as an investment instrument, and this is the mistake they usually make. ASAP Zero Balance Account is a place where you can safely park your hard-earned money, while earning interest on the balance. Unlike investment instruments such as mutual funds or equity shares, accountholders doesn’t have to wait until the maturity period to get access to their funds. Therefore, they can get access to their funds without worrying about the penalty charges or something of such sort.
What is ASAP Savings Account?
As the technology is evolving, banking system is upgrading too. Several mainstream banks and financial institutions have moved over the digital platform to offer convenient and hassle-free banking services. ASAP Zero Balance account is one such digital savings account that can be opened and accessed online via a mobile application or website. Moreover, the account comes with a host of benefits and privileged features to offer banking experience like never before.
Earn interest :
Just like traditional bank accounts, accountholders can earn whopping interest on the deposited balance. Moreover, apart from interest rates, the account is also packed with a host of benefits such as discount on locker charges, free cash withdrawals, and unlimited banking transactions. All these additional features are added to meet diverse needs and preferences of the customers.
Safe investment instrument :
While parking their hard-earned money to some investment instruments, thing which concerns people the most is about its safety and security. And, this is one of the biggest advantages of ASAP Zero balance savings account that it is completely safe and secured. Accountholders doesn’t have to worry about the market fluctuations or risking their money to lose due to a dip in share market. The account offers assured returns despite the market’s changing scenarios.
Minimum investment :
As the name suggests, applicants are not required to invest hefty sum of amount to open savings account. In fact, the account can be opened with a minimum zero balance without compromising on other features and benefits.
Easy access :
As aforementioned, unlike other investment instruments, accessing funds in savings account is easier without any restrictions. While, investment instruments like mutual funds, fixed deposits, or equity shares doesn’t provide access to the invested funds until the maturity or lock-in period. However, this is completely not the case with zero balance savings account and accountholder can get easy access to their funds right after opening the account.
Tax savings :
Another benefit of opening online savings account is that the interest earned up to Rs.10000 on the account is exempted under section 80 TTA of Income Tax Act, 1961. Interest above Rs.10000 is taxable under ‘Income from other sources’ while filling Income Tax Return.
Complimentary add-ons : ASAP Zero balance account comes with complimentary add-ons such as debit card, internet banking, passbooks, chequebooks e-statements, and SMS alerts. Apart from these add-on privileges, some banks and financial institutions also offer exciting gift vouchers, reward points, cash backs, and discount coupons on online and offline shopping.
Insurance cover - Andhra bank offers personal accidental insurance cover for a premium of just Rs.15. Under the insurance policy, the bank provides coverage worth Rs.50000 in case of accidental death, and Rs.50000 and Rs.25000 in case of permanent disability and partial disability, respectively. The insurance premiums are collected at the time of account opening and on August 31st every year. In order to claim the policy cover, home bank branch should be informed within 90 days of the unfortunate event, while the claim documents should be submitted within 180 days from the date of accident or death.