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5 Reasons Why Keeping Money in Your Savings Account is a Smart Move
Posted on Sunday, November 8th, 2020 | By IndusInd Bank
In today’s world, when medical, personal and emergency expenses can shoot through the roof, having a savings account can be the saviour you need during times of distress. The current pandemic has only reinforced the need to possess an emergency fund for a rainy day. Parking funds in a savings account has long been a popular choice, but there are many reasons why it’s also particularly smart to do so.
1. Safeguard Your Money
With an increase in income comes the temptation to spend more, often on unnecessary things. With a savings account, you can safeguard your money not just for the future but also from your own uncontrolled spending urges. Opening a savings account provides a safe avenue to park your funds and collect some interest along the way.
2. Enjoy Attractive Interest Rates
Depositing your funds in a savings account can fetch you attractive interest rates. IndusInd Bank, for instance, offers a starting 4% interest rate on savings account with daily balance of Rs. 10,000. Safekeeping your income in a high-yielding savings account also ensures that you have a retirement fund and a steady trickle of extra earnings every year.
3. Save for Future Goals
Opening a savings account is one of the best ways to learn how to manage your finances and budget your income in the long run. If you want to save up for a major future goal such as buying a home or a car or funding overseas education, it is a good idea to invest in a savings account. Having a savings account can help you easily tide over such purchases. In case you have to take a hefty loan, this can help you in easy repayment and even reduce the burden of the loan amount taken.
4. Maintain an Emergency Fund
Calamity can strikeat any time and sweep you off your feet. It has become extremely important tohave firm financial footing as the cost of living in contemporary times isbarely manageable for the lower to middle-income group. Coupling that withunforeseen circumstances can be disastrous and it might take you years torebuild a small fortune.
This is why an emergency fund has become a crucial requirement for every household today. And what better place to safeguard it than a savings account? Not only do you get a steady interest rate, but it also prevents your money from being stolen or destroyed in a natural calamity, fire, etc.
5. Secure Your Family’s Future
Prevention is always better than cure. Maintaining a savings account is a sure-shot way to have a plan for the future, finance your kids’ education, family vacations. All in all, a savings account is the silent guardian that looks out for you and your family, if the need arises.
Opening a Savings Account
When it comes to a savings account, IndusInd Bank is the best in the business. Our wide range of options, competitive interest rates and low minimum balance requirements make us the best option for opening a savings account. You can easily open a savings account by filling out the application online. Using IndusInd Bank’s extensive array of savings accounts designed for different needs, you can opt for the best fit based on your income, individual or family requirements. We offer premier banking options like Indus Exclusive, Indus Select, Indus MaxActive, Indus Maxima, and Pioneer, to deliver top notch banking facilities to our customers. So don’t wait or hesitate, open a savings account with us today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
