In olden times, extra earnings used to be safely stacked at home and whenever any need arose, it was put to use. Investments were made in the form of land, gold or the likes. The concept of banking came into existence after moneylenders started charging an exorbitant amount of interest on the money lent to farmers. Authorised bodies came into existence that stored people’s money safely and made them available to them whenever they wanted it.
The simplest bank account is the Savings Account that pays a steady rate of interest and helps you keep a tab on the money earned and saved. It is very important to maintain one, if you want to align your funds as per your requirements. It gives you a sense of security among the other benefits. The other greatest benefit you can avail of is that your money doesn’t stay idle. You earn interest on it, and it keeps growing as your balance increases.
There are a few things like the interest rate offered, minimum balance requirement, etc. you need to take into consideration before deciding on a particular type of Savings Account. In the current financial scenario, there are a number of accounts available as per your requirements. You can enjoy the various features available with each one of them.
As against Current Account, which is suitable for businessmen, Savings Account caters to the needs of a variety of people ranging from kids, senior citizens, corporate salary account holders to housewives and more.
There are a few types of Savings Account available which include,
Zero Balance Account
You don’t need to maintain a minimum balance in your account. It is generally used by salary account holders. It reaps a relatively lower rate of interest but it gives you the flexibility of using up your money as and when you require.
Senior Citizen’s Account
It provides them with privileges that are as hassle-free as possible.
You even have an account for kids that build up on their capital, and help you get ready for their future requirements.
In this one, you have to maintain a slightly higher balance in the account, but you get better advantages and services.
Opening a Savings Account is simple too. Just take a few things into consideration before deciding on a particular bank. Look for its accessibility from your place of residence or work, the number of services it offers, the quality of customer service and the interest rates attached to it. You can either walk into the bank of your choice or make use of the online option guiding you with the procedure of opening a Savings Account. All you have to do is submit the documents required (residence proof, identity proof, PAN Card number, photographs and the likes) and you are on your road to organised savings.
Make saving a way of life, and put all your worries of securing your future to rest.