Money can’t buy you happiness. Or can it? While we can debate over this topic for hours, one thing is for sure; having money in your wallet and bank account means one thing less to worry about when you give way to sweet slumber every night.
Although it’s sometimes difficult to save your hard earned money instead of splurging on things you want, having liquid cash during emergencies is nothing short of a blessing. Be it planning for retirement or preparing for an unexpected financial crunch, it doesn’t hurt to have money at hand. The best way to secure your future is by saving money.
The simplest thing you can do to build your savings, is to open a Savings Bank Account where you can deposit money and enjoy interest on it over the period of time. While there are so many avenues to invest one’s savings, holding a Savings Account is probably the best place to start.
You can enjoy the following benefits with Savings Accounts:
– Financial Safety
Depositing your hard earned money in a Savings Bank Account is the safest bet in terms of investment. The amount that you deposit in a Savings Account will always be available under any circumstances as all banks are insured these days. Compared to investing in stocks and the share market, where the risk of losing your savings is high, a Savings Account keeps your money safe and secure.
– Guaranteed Returns
When you open a Savings Bank Account, your money is not only safe but you also enjoy a decent amount of interest on it. Depending upon interest rates, which vary from bank to bank, Savings Account offer you guaranteed returns.
– Minimal starting investment
Compared to other investments options that require a significant amount of money to be channelled into them, the amount needed to open a Savings Bank Account is minimal. This makes Savings Accounts a good option to build savings even for people with low wages.
– Easy access to money
Money deposited in a Savings Account can always be withdrawn as and when you need it. With the advent of ATM Debit Cards, accessing your savings whenever you need, has become fairly easy. Compared to Fixed Deposits, where one can’t withdraw money before maturity without paying a penalty, Savings Accounts offer a steady flow of liquid cash.
– Automating Bill payments
Apart from providing facilities like demand draft and cheques that allow you to handle your financial transactions, a Savings Bank Account also offers to automate your monthly bill payments. Using auto debit, one doesn’t have to worry about missing due dates.
Additional Reading: Top 5 Kids’ Savings Accounts
|Bank||Interest Rate||Additional Info|
|Yes Bank Savings Account||6%||For balance below Rs. 1 crore|
|Kotak Mahindra Savings Bank Account||6%||For any amount across different types of Savings Accounts.|
|IndusInd Bank Savings Account||4% to 6%||4% for balance below Rs. 1 lakh, 5% for balance between Rs. 1 lakh and Rs. 10 lakh and 6% for balance above Rs. 10 lakh|
|Lakshmi Vilas Bank Savings Account||5% to 6%||5% for balance below Rs. 5 lakh and 6% for balance above Rs. 5 lakh|
|Axis Bank Savings Account||4%||On all amounts|
|ICICI Bank Savings Account||4%||For all users|
Additional Reading: Top 5 Savings Account Schemes for Women