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4 Things You Can Do with Your Savings Account

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IDFC First
4 Things You Can Do with Your Savings Account

With a savings account, you can keep your funds safe while also earning interest on your savings. However, there are a bunch of other things that you can do with your savings account and make the most out of it. Thanks to financial transactions that can be carried out through online portals, your savings account can now do much more than stacking up your money.  

Here are a few things that will help you get the maximum use out of your savings account:

Bill Payments

With your savings account, you can pay your utility bills like water bills, electricity bills, LPG connection bills, and even make payments for DTH connection and recharge your mobile. You can easily do all of this through your bank’s mobile app. Other than paying all your bills with utmost ease and convenience, you can also avail some amazing discounts and cashback on your payment through your savings account with a debit card or through UPI.   

Amazing Discounts 

Talking about discounts, you can also save a few more bucks while shopping. Whether you are at a shopping mall or browsing through an online shopping portal, you can avail some amazing benefits while paying through your savings account debit card. Moreover, you can also avail some really exciting cashback and rewards while dining at select restaurants and cafés. You can even avail some amazing deals while you book travel tickets or carry out hotel bookings by paying through your savings account. 

Tax Payment

Paying taxes offline is so behind the times. Not to mention the kind of hassle it comes with. But with your savings account, you can now easily pay your taxes directly. There are several taxes such as (TCS) tax collected at source, (TDS) tax deducted at source, interest tax, and wealth tax that you can easily pay online through your smartphone application or internet banking. 

Apply for Credit Cards

Lack of funds is a common issue, especially if you have hefty EMIs and rentals to pay each month. This can lead to missed payment deadlines. However, being a savings account holder, you can apply for a credit card and make easy online payments to avoid being penalized for any missed deadlines. 

While earning interest is one of the major purposes of your savings account, it is better that you do so in a prudent way. One should consider having a look at IDFC FIRST Bank savings account interest rates as it can prove to be a good option. But you can always do a little more through your savings account by using it in the aforementioned ways.

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