While saving money feels challenging for many, it is quite essential. It enables you to enjoy more security in life. It lets you have the possibility of falling back on something in the case of emergencies. In addition, with some savings set aside, you may be able to take more risks. These days, there are several ways you can save and grow your money, and a Savings Account is one of them.
With a Savings Account, you can enjoy several benefits. Opening such an account and developing good money habits are the foremost steps in preparing for your economic goals during uncertain times. This article discusses more about a Savings Bank Account. We will also explore three reasons that make such an account an excellent choice and offer tips for opening one.
About Savings Accounts
A Savings Bank Account refers to a basic financial product you hold at a bank. Here, as an account holder, you can deposit money and earn interest. The interest on Savings Accounts is determined by your bank. It may also change periodically. The interest gets credited to your account yearly, monthly, or quarterly. In addition, this account is pretty liquid. Hence, you can withdraw funds from it whenever needed.
Reasons to open an account
Several reasons could convince you to open a Savings Account right away. Three of these include the following:
· Marks the first step towards savings
Opening a Savings Bank Account with a reputed bank marks the first step towards savings and investments. Today, you can choose from several Savings Accounts based on your needs. When you open such an account, you get an opportunity to open Fixed and Recurring Deposits, choose from five-star-rated Mutual Funds, get access to instant fast-track Loans, earn interest at competitive rates, etc.
· Lets you pay your bills
With a Savings Account, you can easily pay your utility bills on time. Just register your billers online and schedule your payments before the due date. You can also use Internet or Mobile Banking offered by your bank to pay your Credit Card bills online.
· Excellent for emergencies
A Savings Account also works as an excellent place to set aside funds for emergencies. This account does not have a lock-in period. Hence, you can access your funds whenever required.
Steps to open
Today, you need not travel to the branch to open a Savings Account. Instead, you can instantly open a Bank Account online without any hassle. For this, just follow these basic steps:
- Download the Mobile Banking app or visit the website of your chosen bank.
- Complete the account opening process carefully.
- Use Video-KYC for a seamless procedure.
- Once the bank verifies your KYC details, they will open your account.
Hence, you can easily open your account comfortably from your couch, using just the Banking app of your chosen bank.
