Financial freedom is one thing that each and every individual wants in their life, and Savings Account forms the basis of this phenomenon at first. Opening savings account is an important part of your long-term financial planning. The Savings Bank Account is usually opened in bank by the salaried people or by the people who have a fixed regular income coming into their account. Banks generally offer several features and benefits on savings account, therefore making it a striking option.
What do you think makes a Savings Account the best one? Lowest maintenance charge, easy processing, high interest on money deposited and no restriction of keeping a minimum balance in the account? If all of these are checked as Yes, it could be considered as the one sought after savings account from the banks. There are certain savings account eligibility for opening a savings account in a reputed bank. A person who meets the savings account eligibility criteria can get the benefits of the Savings Account.
The savings accounts are available for any individual residing in India or a Hindu Undivided Family (HUF). All it takes is filling out of a simple application form to be submitted along with some basic documents, depending upon the applicant being an individual person, a Hindu Undivided Family or joint account holders.
There are many benefits of the savings account, some of them are as follows:
- Security: Once your money earned is protected somewhere with the governing body like bank, a sense of security comes in. The more money saved you have in your account, the more you feel secure.
- Easily Accessible: Banks allow you to use your money just as you want at your convenience. You have bank branches and ATMs available near you. You may withdraw or deposit money at your convenience without any hassle.
- Saving Habit: Once you get the habit of saving money in the savings account, it deepens and grows with time. Having cash makes you do some impulsive buying but when the money is in savings account you want to see it grow. A disciplined habit of saving inculcates in you and makes you reach closer to the financial freedom.
- Financial Goal Setting: When you have money in the account saved you may allocate different amounts to different goals associated with importance in your life. Goals could be anything from buying homes to buying cars or remodelling your house, you may achieve it all with a savings account saving habit.
- Automated Services: We all have some monthly or quarterly utility bills to be paid, and want them to be automated with a reminder. A savings account does it all once the frequency of the payment gets set.
- Growth of Money: The money kept in the savings bank account can earn you interest at the rate of 3.5%-6% annually, rather than it lying idle and possibly unsafe at home. Ultimately a person’s goal is to grow their money and keep it safely. A savings account serves both the purposes together.
There are a number of saving bank accounts types at the moment, some basic and some coming with extraordinary offerings along with characteristic features suiting to your needs. A basic savings account, women’s savings account, zero balance savings account, salary account, senior citizen savings account, joint savings account are some other types as well. There are so many savings bank and accounts available with bank, but you should look for ones that best suit your needs and provide maximum of benefits. The first and foremost thing that should never be compromised while choosing a savings account is safety and security of our hard-earned money, therefore one should do thorough background study before parking money with the bank. The savings account that comes bundled with delightful customer service and hassle free banking experience must be preferred.
In today’s time, when technology is an inseparable part of our lives choose a savings account that enables internet and mobile banking for a smoother control over your personal finances.
Select your savings bank account sensibly and lead a strong financial life.
