A Savings Account is the most popular bank account used by millions to make regular savings at their own pace. If you are not familiar with the bank system and want to get started, a savings account might be the best option for you.
– When should I open a savings account?
Since there are different savings accounts for adults and children, you can open one at your earliest convenience.
– What are the advantages of opening a Savings Account?
The main advantages of a Savings Account are as follows:
- Great way to save for an emergency- It is essential to save for your future, as the times are very uncertain. It is always a prudent decision to stash some funds for emergencies.
- Save for large expenses- We all have some future expenses in the pipeline that we need to pay attention to constantly. Thus, the bigger ones can be managed well if you have a separate savings account dedicated to those expenses in particular.
- Automate your savings- If you are, for some reason, unable to save consciously, then it is a great option to automate your savings. Some banks offer a portion of your account balance to get transferred to your savings account regularly.
- A safe way to use your savings – Rather than keeping your savings in your piggy bank, you can keep your savings in a secure place like a savings account, and even earn interest on it. Use a mobile bank to keep track of your balance and transactions.
- Withdraw whenever you need- It provides easy liquidity of funds, and you can in-cash some of it whenever you need to.
- Open with minimum balance- You can open a savings account with a balance as low as Rs.1000, which is extremely affordable.
- Easy Bill Payments- You can use your savings account to pay off all your credit card, utility, shopping, mobile, and DTH bills at once. You can also use a bill payment app linked with your savings account to accomplish this.
– What documents are required to open a savings account?
The essential documents, including identity proof like Aadhar Card, Pan Card, and address proof, are required to open a savings account. You can use banking apps to open an account within minutes by submitting your documents online and verifying yourself in an instant.
Most of the banks offer online banking, where you can register and open a branchless account or also opt for online transactions by registering your existing account online from your registered contact number.
– How can opening a kid’s savings account be beneficial?
Developing good financial habits in your child is essential these days. Financial knowledge and discipline are very important in the long run. They will help your kids develop saving habits and learn to value money.
Additionally, they will get exposed to the banking system and learn to manage their account.
– Can I use my debit card internationally?
It is possible to get your savings account’s debit card converted into an international debit card that can be used abroad as well.
