A Savings Account is the most popular Bank Account you can opt for. It is the most basic account you open with a bank. You can use it to save and deposit your money. You can also utilise it for other purposes. However, with the different investment options available, you might wonder how such an account is helpful. In this guide, let us discuss a Savings Account, who can open it, and why it is essential.
About Savings Accounts
A Savings Account is a financial instrument you hold with a bank. You can use this account to deposit your hard-earned money and earn a decent interest at fixed rates.
Who can open it?
An Indian national can open a Savings Account with their chosen bank, individually or jointly with another Indian national. A Hindu Undivided Family can also open such an account. Today, opening a Savings Bank Account is convenient. You can visit the bank’s website or use their Banking app to open an account online instantly. You can also complete the process from anywhere and anytime.
Once the bank verifies your account, you get the details on your email address. You can use them to deposit money and carry out transactions.
Reasons to open
The following reasons make it essential for you to open a Savings Account:
- Safe avenue for your money
A Bank Account acts as a safe avenue for your money. The funds stay there until you withdraw them. In addition, the account is liquid. You can withdraw your money up to a specific limit.
- Lets you make payments
This account not only lets you collect funds from various sources but also lets you transfer money to payees globally using various channels. For example, you can use IMPS, NEFT, etc., for high-value transactions.
- Access to investments
You can use the money in your Savings Account to open Term Deposit. These are typically risk-free investment avenues that let you reach your financial goals with time. Such a Bank Account also provides access to Mutual Funds and expert insights on investments.
- Generates income
With such an account, your money earns interest at a competitive rate fixed by the bank.
- Offers curated delights
When you open a Savings Account, use Mobile and Net Banking platforms to access your account anywhere and anytime. Besides this, you can enjoy other exclusive offers on your Debit Card. You can also access memberships, vouchers, etc.
A Savings Account is usually the first interaction you have with the banking system. It is a simple instrument yet an important aspect of your life. So, if you want to store your money securely and enjoy the various benefits offered by this account, open a Savings Account with a reputed bank at the earliest.