Why open a Savings Account?

Being financially independent is a principle we all wish to follow. The independence we get from earning and saving money makes us economically responsible. When we set to open a Savings Account, we carve the way to financial freedom. Developing the discipline to save funds instead of spending them recklessly helps achieve many goals. 

One of the things you should do when you turn 18 is open a Savings Account to park your hard-earned funds. Following are the reasons you should do so today:  

Builds corpus

You cannot build wealth in a day. It takes years of disciplined savings. You can spend money impulsively and recklessly, but with a Savings Account, you can save every rupee. By doing so, you are adding a new brick to building your dream home. Also, remember that banks provide interest on the money parked in your account. 

As your money grows, you can use it to invest in different financial instruments like Shares, Mutual Funds, Bonds, Equities etc., and build a corpus.

Choose a suitable account

There is a range of online Bank Account you can choose from to park your savings. These include Regular, Joint, Senior Citizens, Women’s, Minor, Salary or Zero-Balance, and Pradhan Mantri Jan Dhan Yojana Account. Each comes with its unique benefits and merits. 

Bails you from emergencies

Life is unpredictable as there are expenses attached to it. One moment you would be hale and hearty; in another, you would require medical treatment. You could be employed today but lose your job tomorrow. Such circumstances force us to check our finances. With no savings, you depend on Loans that should be repaid with interest rates. 

If you have some savings parked, you can be stress-free until your situation gets resolved. They act as a saviour and bail you out of financial emergencies. 

Accumulates capital for investment

Inflation is real. The funds you save today help in the long run. The only way to conquer inflation is to convert your savings into investments. But you require capital to begin your investment journey. A Saving Bank Account is the right platform for you to accumulate your investment capital. Regular savings lets you create a significant capital amount. As such, this makes for the perfect launch pad for all your future investments. 

The best part about such an account is that savings can be accessed anytime. Instead of keeping cash in your locker at home, leave the money in your account for it to grow. With ATMs at every corner, you can access your account from anywhere without worrying about visiting banks during peak hours. Moreover, most banks provide high daily cash withdrawal limits. You could also access account with your Banking app.