5 Reasons Why Having a Savings Account is Important

Opening a savings account is the first step in becoming financially independent. Humans have always been inclined to save their assets for an emergency or to achieve a goal in the future, and a savings account is the best way to ensure this. It is a safe avenue for saving funds and preparing for the future while being fiscally confident.

There are many reasons why people opt for a savings account. It is an easily accessible, short-term solution that can earn you some interest. However, having a savings account is not only convenient, but it has a lot of crucial benefits that every earning individual should utilise. Here's why having a savings account is of utmost importance for every adult.

Building a Corpus

Once you become independent, it is critical to allocate a specific proportion of your income towards savings. This will help you become more fiscally disciplined and help you save money for future endeavours. In addition, the amount that you keep aside in a savings account will also help you get better returns. IndusInd Bank online savings account offers an interest rate that is as high as 6%.

Easy Accessibility to Funds

If you need to withdraw money frequently and without hassle, a savings account is the perfect fit for you. It is safer and more beneficial than keeping money at home, and you can withdraw money anytime.

For this purpose, IndusInd Bank provides some of the best savings accounts for different parts of the population. The online savings account also enables you to make free cash withdrawal and free cash deposit of up to 2 lakhs. In addition, the online savings account also provides an option of free IMPS/RTGS/NEFT transactions.

Quick Income Generation

Make your money work for you with a savings account. The balance earned on the principal amount can help you fulfil your dreams and spend on acquiring things of necessity. You can earn up to 6% rate of interest, and earn an even higher rate if you maintain a higher balance. Moreover, allocating a certain amount of income towards savings can help you become better at financial planning.

Save For Your Major Life Goals

Have you been dreaming of buying a particular car, or having a house of your own in an uptown neighbourhood? Or do you want to save money for a comfortable life after retirement? With a savings account, you can cater to any of these needs. With a good savings fund, you can finance your major life goals with ease and sometimes, even without opting for additional financing options.

Get Rewards on Spending Money

Now, with IndusInd Online Savings Account, you can also earn some exciting rewards and benefits. This is a unique benefit offered by IndusInd Bank online savings account and is not available in many other banks. The savings account enables you to get attractive deals on travel, fashion and shopping. In addition, you can also enjoy discounts on Swiggy and Big Basket.

Wrapping Up

Having a savings account that works for you is essential for leading a financially independent life and fulfilling all your wants and needs without any hitches. IndusInd Bank gives you high interest savings accounts with a host of additional features, such as a platinum debit card, discounts on lockers, and more. Moreover, you can open an account with the basic KYC documents like PAN and Aadhar card.