6 Benefits Of Opening A Savings Account

Money is a resource which if saved today, can benefit the future. It is the only saviour during medical emergencies and other urgent fund requirements. Nowadays, every process and facility require money for initiation and completion. Without having enough funds and savings, it is impossible to fulfil even daily necessities. Remain prepared for any circumstance with the help of adequate cash and face all difficulties easily.

Banks offer many services to their customers, one of which is a savings account. It helps secure all the assets and cash and provides interest on it. As a bank account holder, you can withdraw funds conveniently without the fear of loss or theft. Here are some of the benefits it offers:

1. Creates an emergency corpus: With a saving account, you can prepare yourself financially to face any unplanned emergency. Whether it is a broken major appliance, automobile repair, or medical emergency, you can always withdraw the funds from the account at any time as it offers lots of liquidity. The amount in the bank account is sufficient to cover the expenses and escape the hassle of borrowing. 
   
   
2. Asset protection: You can also opt for an online saving account opening to store your assets. They are free from any impact from market volatilities. For instance, if you invest funds in real estate, bonds, and stocks, there are chances of getting higher returns on the investment than bank accounts. But you risk losing money in unforeseen circumstances where you get lower returns which is not the case with bank accounts. 
   
   
3. Hassle-free operations: Technology has changed the scenario of every sector, including banking. Nowadays, smartphones have become the prime mode of payments and banking with compatible mobile banking apps. It offers 24/7 service and makes funds available at any time of the day.   
   
   
4. Easy bill payments: One of the greatest advantages of having an online bank account is the freedom to pay pending utility, mobile recharge, credit card, and water bills directly from the bank. You need to enter your bank account and card details on the provider’s website and pay the bill. You receive an SMS and email alert of the transaction on your registered mobile number and email ID. 
   
   
5. Minimal amount requirement: It has become very convenient to operate a bank account with the minimal amount required for opening it, which can be as low as Rs. 500.
   
   
6. International debit card: When you open a bank account, you get a kit from the bank containing the passbook, chequebook, a debit card for cash withdrawals at ATMs and other necessary documents. You can activate the facility for international transactions on your debit card.