Most of us use bank accounts for basic transactions like deposits, withdrawals, and bill payments. But banks often provide lesser-known features that can save money, improve security, and make financial management easier. Knowing these hidden features can help you maximize the benefits of your account.
1. Auto Sweep or Sweep-In Accounts
Automatically transfers excess funds into fixed deposits for better interest.
Helps you earn more without manual intervention.
2. Standing Instructions / Auto-Pay
Set recurring payments for utilities, EMIs, or insurance.
Reduces late payment fees and simplifies monthly budgeting.
3. Linked UPI and Mobile Banking Features
Use UPI for instant payments and fund transfers.
Some banks allow QR-based recurring payments for subscriptions.
4. Zero Balance Benefits & Waivers
Many accounts waive fees if minimum balance is maintained or linked to salary credits.
Some even offer interest on zero-balance accounts.
5. Overdraft Facility
Access extra funds during emergencies without applying for a separate loan.
Usually available to salaried or high-balance account holders.
6. Alerts and Notifications
Customize SMS or email alerts for transactions, withdrawals, and suspicious activity.
Improves security and helps track spending.
7. Reward Points & Cashback Programs
Certain savings accounts or debit cards offer cashback, reward points, or discounts.
Can be used for shopping, travel, or bill payments.
8. Account Aggregation / Insights
Some banks provide spending insights, budget analysis, and linked account summaries.
Helps in smarter financial planning and tracking.
Tips to Explore Your Bank Account Features
Read the fine print or product brochure carefully.
Use mobile banking apps to explore all tabs.
Ask your branch representative for lesser-known perks.
Conclusion:
Bank accounts are more than just repositories for money—they can be powerful tools for savings, budgeting, and security. By exploring hidden features, you can save time, reduce costs, and manage finances more efficiently.
❓FAQ Section
Q1. What are hidden features of a bank account?
Features like auto sweep, overdraft, alerts, and reward programs that are not commonly used by most account holders.
Q2. How can I access these hidden features?
Through mobile banking apps, net banking portals, or by asking your bank representative.
Q3. Do all Indian banks offer reward points on savings accounts?
Not all; it depends on the bank and the type of account. Check terms and conditions.
Q4. What is an auto sweep facility?
It automatically transfers excess funds from your savings account to a fixed deposit for higher interest.
Q5. Can hidden features help in financial planning?
Yes, tools like account aggregation, alerts, and overdraft facilities make budgeting and managing expenses easier.
Published on : 23rd September
Published by : SMITA
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