Top reasons to open a Savings Account on priority

Opening a Bank Account is the first step to taking charge of your finances. It facilitates the safe keeping of your money. Plus, now you can obtain digital access to your account. This allows you to do fund transfers, pay utility bills, make Loan repayments, and invest within minutes. There are various types of Bank Accounts you can open based on your requirement.

Savings Account is a popular account that every individual should have for its innumerable benefits. It allows you to park your money securely. It’s an interest-bearing account. This means you earn an attractive interest rate on your deposits. Note, the interest rate applicable to the Savings Account varies for every bank. Explore the market and open an account with the bank offering the best interest rate along with various other benefits.

You can opt for account opening online in India. This simplifies banking for you to a great extent. Following are the top reasons to consider opening a Savings Account on priority:

Assures the safekeeping of funds

Savings Account comes in handy to assure the safekeeping of your money. It eliminates the need to carry cash everywhere you go. You generally receive a Debit Card on Savings Account opening. You can use this Debit Card to make both offline and online transactions and payments.

Saves than spending

Savings Accounts encourages you to save a reasonable amount of your income every month. The account follows the minimum balance requirement. It is the minimum balance you should maintain in your account always. It helps observe good control over your spending. You are liable to a penalty in case of non-maintenance of the balance. This often keeps you on track with your savings and prevents you from going overboard with your spending.

Earn a competitive interest rate

Savings Account is also known as the Insta Account as it can be opened online in no time. As mentioned, Savings Account is an interest-bearing account. Hence, you should consider the interest rate before opening an account. A higher interest rate works in your favour. Furthermore, the interest rate is based on your account balance. A higher account balance helps you attract a better interest rate. Therefore, you must try to hold a good balance in your account.

Carry out banking with ease

A significant advantage of an Insta Account is it allows you to carry out various banking requirements with maximum ease. By linking your account to the bank’s internet banking portal or their banking app you can access almost all banking products and services at your fingertips. This means any requirement you may have can be completed in no time. It’s a simple and secure way of banking.

Arjit Chalmela is a finance student who loves to write in his free time. He has spent considerable time researching the foreign exchange rate.