When it comes to savings, people always tend to choose something which is secure. It doesn’t matter if the returns are not considerable, sometimes the safety, as well as flexibility, becomes more important. Instead of investing in any market-linked products with a minimum lock-in period of 3 years and so on, it is always beneficial to keep the money safe in savings account with availing some interest on it. Almost all the banks in the middle-east, especially Kuwait, offer savings accounts to their customers. Though they provide other types of accounts, people prefer to go for a savings account. Here are some advantages that attract them-
Safety Opening a savings account in Kuwait bank and keeping your money safe is anytime preferable. You are needed to maintain some minimum balance in your account, e.g. some of the banks need at least KD 500 for new customers and KD 100 for the existing customers. Get Supplementary Services Savings account come with several supplementary services such as debit cum ATM card, net banking, mobile banking and so on. You can use the card to withdraw money from an ATM centre as well as use it to purchase anything online. SMS services are also enabled with a savings account in Kuwait so that whenever any transaction is made, you will get notifications on your phone through an SMS. No Limit on Withdrawals Banks offering savings account in Kuwait allow you to withdraw the desired figure of amount limitlessly. Of course, you must have that amount in your account, that’s the only clause. You can withdraw from any ATM present in Kuwait and all around the world. This money liquidity is important over all. Earn Interest Keeping your money in the savings account provides you not only safety but also offers some interest over it. Though it is not as sizeable as other investments, you can get around 0.0625% per annum on the amount. The interest calculation is made monthly and credited twice a year, i.e. 31st of May and 30th of November. Easy Handling There’s no hassle in handling your savings account. Automatic deposits to and from the savings account in Kuwait can be set, and you don’t need to worry about manual transactions. You can track your savings account details and history through net banking. To conclude, opting for a savings account in Kuwait is advantageous in several ways. If you haven’t chosen one for you, get it soon!
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August 2022
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