Are you uncertain about holding a Savings Account? This article rubbishes off your hesitations. Today, as everyone solely focuses on improving their income, a Saving Account does not receive any consideration. With this account, compared to other investment alternatives like Mutual Funds, Fixed Deposits and Bonds, you do not receive high interest.
Although Savings interest rates are lower than other investment options, it provides many benefits that improve your finances. Here is how the account is unique:
Safety
You need not worry about economic unpredictability when you open a Bank Account. Even if you get higher returns from your stock market investments than a Savings Account, there are risks linked with the stock market investments. Such risks can lead to low returns or even losses owing to economic volatility. Your money with a Savings Account is secure always.
Convenient
It is easy to open and maintain. By going to the branch or the bank website, you can open an Account. You can track your balance by logging in to your Digital Banking Account. Often, the best alternative to save money is a Savings Account. You also can make or receive payments, easily withdraw funds through ATM whenever you want, or transfer funds to other Accounts. Savings Account also gets directly credited to your account.
Emergency fund
You never know when you will face an emergency, be it a medical problem, vehicle concerns, loss of employment, or financial crisis within the family. If you are facing such unexpected financial challenges, holding a Saving Account may be advantageous. Its liquidity facilitates you to access your money on the move.
Auto-debit facility
You can opt for this provision with your Saving Bank Account and comfortably make payments on time. When auto-debit gets set up, the cash gets debited directly from your account on a specific day. Many daily transactions can also get made using banking apps, such as electricity bills, phone calls, etc. If all your transactions are done directly from one single account, life becomes simpler.
Services offered with Savings Account
While not all the mentioned aspects are offered with every Savings Account, but banks ensure to provide most of these whenever you open an account:
- International Debit Card
- Cheque and passbooks
- Net and phone banking facility
- ATM cash withdrawal (from other banks as well)
- Value-added services such as Insurance, discounts, additional facilities to family members, etc.
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