What are the Benefits of Opening a New Savings Account?

A savings account is one of the most useful bank-offered services. You enjoy a completely digital process with plenty of perks and benefits from the top Indian bank. As of April 2021, 2.3 crore new small accounts were added which translated to a monthly average of ₹29 lakhs. Indians believe in saving maximum for the ‘rainy days’ by building up a contingency fund which has particularly intensified after the pandemic.

A trusted bank further helps to meet your individual needs by offering industry-best savings account interest rates of up to 6%. One can also enjoy unlimited ATM withdrawals, paperless account opening with video KYC and free personal accident insurance cover. This way you can save more, do more and live your life to the fullest. Look at the other top benefits of opening a savings account.

Boosts Your Earnings

A good savings account credits the interest on a monthly basis. This is an excellent way to add to your income without effort. With compounding factored in, you can get an interest on the new balance in the following month. This mechanism helps to grow your earnings exponentially over the years. You will be able to save a significant corpus for your golden years, child’s education and marriage, a big home repair project or international vacation.

Ensures Safety

Your money is absolutely safe with a bank. You get paid additional interest which is not usually invested anywhere. This makes a savings account one of the safest options for any individual. You can make it even safer by being aware of different frauds and taking an instant action in case of suspicious activities in your account.

Provides Liquidity

A major portion of your income might be invested in less-liquid tools like an FD or a mutual fund. This is when a savings account can come in handy. Opening a new account helps you to earn more money with your money within a short duration. You can encash the amount at any time without penalties or other consequences. The top bank will offer a VISA Signature debit card for easy access to your funds. Enjoy free ATM transactions at any bank anywhere in India without hassle.

Inculcates Financial Discipline

A new account would be a good way to start using money wisely. You are less likely to spend frivolously which is quite common with cash in hand. This can keep the funds from getting diminished with time. You can also send a portion of your money to another avenue in case you are working towards a particular goal. For instance, automate a specific amount towards FD investment to be able to purchase a bike within the next few years.

Automatic Bill Payments

Opt for an auto-debit facility from your savings account to be able to clear bills without missing the due dates. Do not have to monitor the process manually which saves plenty of time and effort each month. You can pay utility bills, EMIs or credit card balances. This saves you from penalties and helps to stay up-to-date with payments.

Saving money may be a difficult habit to form. Take out willpower from this equation and set up an automatic transfer from a checking account. This will help grow your funds steadily as the deposits add up over time. Enter the basic bank account details to get started.