We have all been told the age-old story of the ant and the grasshopper. The crux of the story is that the ant was always busy working and saving for a rainy day, whereas the grasshopper wiled away it’s time. Come winter, the grasshopper does not have resources to sustain itself, whereas the ant, because of its continued and gradual savings, has enough to take care of itself and it’s family.
The lesson from this fable is the Indian mindset when it comes to our finances. India has largely been a savings based economy. We have been told, repeatedly, even by our elders and financial leaders to save, invest, and be prepared for an unprecedented, unexpected future because we do not know what lies ahead.
Even when this pandemic struck, it was our savings and investment that helped at least some of us sail through this economic crisis. Hence, even at the cost of reiterating, it is necessary, smart, and intelligent to always put aside some of your earnings as savings for securing your future.
Thus, a savings bank account becomes a necessity.
- Why a low balance savings bank account?
- Opt for a bank that does not insist on a large amount as balance. This is because, in case you face a cash crunch, you can use your funds instead of using your credit card or incurring debt. Besides, a low amount would encourage you to save every month and not seem like too much of a burden to maintain.
- Earn while you save
- A savings account would offer interests on the amount that you set aside. This means that just putting aside cash or maintaining a balance would even earn you interest. This way, your habit of saving continuously is increased. The more you save, the higher is the interest you earn.
- Benefits and offers
- A savings bank account also offers some additional benefits and offers for their customers. Loans at special rates, insurance cover for health, life, or accidental incidents, cash/ cheque pickups and delivery, unlimited withdrawals, use of any ATMs free of cost or at a nominal charge, digital and online facilities to transact anytime anywhere, etc. and many others. Hence you can decide which savings bank account is best suited for your interest and accordingly make a choice
- Variants on Debit cards
- Based on the kind of savings bank account you choose, you will get a debit card which will have certain special offers of rewards, discounts, bonus points, or cash back available on them. Opt for the savings bank, which offers a debit card that has the ideal features in your best interest.
In conclusion, the competitive financial markets have forced the banks to offer unique and specialized features on their savings account product. This means that you can choose from a plethora of different accounts with a wide range of offers and benefits. Remember to research and explore the market so that you can grab the best deal.