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Today, saving money has gained importance. Having a substantial amount of money saved can not only help you in meeting your financial requirements, but it can also act as a crucial source of funds in times of emergencies.
There are many ways to save money, but it is essential to keep this money aside. This problem is solved with the help of a savings account. Rapid developments in technology have allowed one to open online bank account easily. A bank account can be opened quickly; you only need a stable internet connection and a device to access the internet. You get several benefits with savings accounts:
Earn interest
One of the key benefits of a savings account is its ability to earn interest. When an individual deposits money in a savings account, the bank rewards them by offering them a fixed interest rate. This helps the individual use the different facilities of the saving account and earn a fixed income.
Safekeeping of money
In the past, cash was kept in homes and locked up safely. Having a large amount of money at home lead to a constant worry of it being stolen or lost. Bank accounts have solved this issue. Banks keep your money safe in an electronic system; therefore, one can rest assured knowing their funds are safe.
Develops a habit of saving
Savings accounts help keep your money safe and help an individual develop the habit of saving. When there is cash available easily, there is a tendency to spend it. One can avoid unnecessary expenses by putting a part of your income in your savings account. Individuals can also put money into recurring or fixed deposits to keep some funds aside to meet their financial goals. Individuals can also track their expenses and make financial decisions accordingly.
Payment facilities
Bank accounts have made things very easy. An individual can online open account and make use of the different payment facilities available to them. A savings account allows an individual to make payments with the help of debit cards, credit cards and cheques. Net banking facilities are also available to make instant transfers over the internet.
With the more widespread adoption of UPI, many banks also offer to link your UPI ID with your bank account. These facilities have made payments easy, quick, and much more secure.
Helps with tax returns
Filing tax returns is a tedious process. A savings account makes this process much easier, as all your income is directly credited to your bank account. This allows one to easily track the money coming in and out of the account. All financial documents can be easily downloaded for filing returns as well.
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