Saving money is the most important habit to inculcate right from childhood. It helps keep the entire family safe for the future.
Saving money is a habit ingrained in the Indian psyche. Even we are little children earning a few rupees a week as pocket money, our parents tell us to save a part of it. This early grounding carries most of us forward into adulthood with a focus on saving for the future. As we begin to earn, this habit becomes a very important one in the overall scheme of things.
The savings habit is not an easy one to keep, however. It requires tremendous discipline to save a part of one’s income every month – especially when the temptation to splurge on personal luxuries strikes! Those who can resist the urge to spend all their income every month and save a part of it for the future are the ones who understand fiscal responsibility towards themselves and their loved ones.
The need for savings accounts
Banks in India reward the saving habit with personalised banking products known as ‘savings accounts’. This is an account one normally opens for personal banking, and it helps the account holder deposit his or her earnings in lieu of savings. The bank also pays a yearly interest on the saved funds, thus increasing the size of the corpus.
The advantages of savings bank accounts
The best savings accounts are those that offer a competent rate of interest on the savings. Premier banks in India offer as much as 7% interest on savings, apart from interactive banking features encompassing the digital and mobile phone space. They also offer responsive customer care on a 24/7 basis, apart from an extensive network of ATMs and convenient daily withdrawal limits. Most banks now allow potential customers to open savings accounts online within minutes.
Why keep the money in a bank account?
Customers can choose to grow their savings simply by letting them rest in their savings accounts. There are different savings account interest rates offered basis the quantum of funds resting in the account every month. Reputed banks in India also offer good rates of interest on savings accounts for NRE and NRO categories.
After all, if you wish for your savings to grow, why not park your funds in an excellent savings bank account?