How to start the banking journey with a Savings Account?
Opening a Savings Account is usually the first step in the banking journey for many people. It is the first formal relationship you build with a bank rather. Besides, you need a Bank Account if you want to invest in Mutual Funds, apply for Loans, etc.
About Savings Accounts
A Savings Account is the basic account you open with a bank. It lets you save and deposit money for future goals. This keeps the problems of storing cash at home. A Savings Account is the most liquid investment. So, you can easily access and withdraw the money from here whenever you want. You can also access the account anytime and anywhere. Today, opening such an account is also relatively easy.
You can conveniently open one with your chosen bank through their Banking app and follow the necessary steps. The process is seamless. Once you complete the necessary formalities, the bank sends your account details to your registered email address. You can also use the account to deposit funds and carry out transactions until your welcome kit reaches your address.
Advantages
The other benefits of online Saving Account opening include:
Safekeeps the money
When you open an account at a reputed bank and deposit funds, you are assured and at peace that your hard-earned money is safe and secure.
Builds savings
Tracking your money is challenging when you have idle cash at home. This leads to increased spending, thereby reducing your chances of saving. However, with a Savings Account, you can track your funds more carefully. Opening a Bank Account allows you to open a Fixed or Recurring Deposit. This helps you save and deposit money for your financial goals and earn interest on the sum at a fixed rate over time.
Allows money to grow
Depositing money in your Savings Account lets you earn interest on the funds at attractive Savings Account interest rates. Hence, it allows your money to grow slowly and steadily in the long run.
A step towards credits
When you maintain a decent balance in your account every month, your bank may let you apply for a Loan or Credit Card.
Enables swift transactions
Typically, a Savings Account comes with a Debit Card, letting you carry out online and offline transactions. You can also link your account with a UPI services or e-wallets to transfer funds to other accounts. Besides this, you can use Online banking platforms to conduct various transactions.