Top 5 Reasons Why Everyone Must Have a Savings Account

Top 5 Reasons Why Everyone Must Have a Savings Account

Savings form a key part of everyone’s life. Whether you are a student, housewife, worker or a senior citizen, savings is an important habit to be incorporated in daily life. Only after inculcating this habit, can you organize your finances.

One of the most effective ways of incorporating the habit of savings is through a savings account. Savings account is the most popular bank account format in India and is offered by both banks and post offices. Money saved in these accounts earn interest, thus providing a reliable source of income.

Having a savings account has many benefits. Here are the top 5 reasons why you should opt for one:

Safe Option for Storing Funds

Saving account offers a safe, risk-free option for keeping your surplus funds. After storing your funds there, you can easily withdraw money from the account.

It removes the need to always keep cash on you and relieves the stress over fear of theft.

Use Digital Banking Services

With the recent rise of online and cashless banking the attraction towards savings account has increased tenfold. With a savings account, you can make use of facilities like UPI, internet banking, NEFT, RTGS and more.

Through these facilities, you can easily operate your bank account without the need to visit the bank’s branch.

Benefit from Government Programs

To receive money from government programs, you must have a Savings account. In a move to eliminate the middlemen in these programs, the government has implemented direct benefit transfer and you can only get them from a savings account.

Many banks like UCO Bank are now offering zero balance savings accounts which do not require any monthly balance to be maintained.

Gain Interest Income

Excess cash lying in your house’s locker is not going to generate any income. However, if this money is stored in a savings account, it not only safe, but also generate income in the form of interest. Savings account interest rates vary from bank to bank.

Stop Carrying Cash

All savings accounts come with a debit card facility. Through this you can easily make purchases without having to cash on you all the time. Moreover, many savings account banks also give discounts and reward programs based on your purchases.

With well over 2.13 lakh Automated Teller Machines (ATMs) available throughout the nation, you can easily withdraw your money anytime and from anywhere.

With so many benefits to be obtained, there is literally no reasons why not should not have a savings account. If you are interested in applying for one, visit, a leading bank in India with a customer base of over 2.5 crore. UCO bank offers a great savings account interest rate of 2.5 percent.