5 Reasons For Justifying Bank Account Opening

By Author: aarijit
Total Articles: 21
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Indian banks offer multiple accounts for different purposes. Whether you are working, a student, a partnership firm, an entrepreneur, or an NRI, you have several options to choose from. Bank Accounts vary depending on the frequency of transactions, purpose, and location. Since the entire world is embracing digitalisation, maintaining a Bank Account is necessary for seamless payments through your Debit Card.
While Bank Account opening is no more a luxury, it is ideal for every individual to apply for it either by visiting the bank branch or online. While it guarantees fund tracking and safety, you are also stress-free as you earn interest on the idle balance and make up for a financially secure future. Here are the reasons for it:
Money is safer
If you store your money at home or with yourself, then you are at greater risk of losing it or having it stolen. With a Bank Account, you store your money securely and access it when you need it, making it a safer and more convenient option. You get an ATM ...
... or Debit Card linked to your mobile number and account for payments and withdrawals.
Save on bills
You can set up Standing Instructions and Direct Debits from your Bank Account which makes it simpler to organise your payments and save money. Plenty of utility companies offer a Direct Debit discount. When you arrange for payments through your bank, you reduce the risk of missing the instalments and paying penalties for them.
Payment records
When you make a payment through your 0-Balance Savings Account, you have a record of it in your statement. You must consider this while making payments to companies in case there are disputes over your payment history. Bank statements are available in physical forms, or you can download them from your Banking app. Either way, you should also maintain a record of your transactions.
Setting alerts
You can use your monthly Bank Account statements to track your spending, create a budget, and keep an eye on your payments and balances. Whenever your account gets credited or debited, you receive an alert through SMS or email and become aware of your finances. Moreover, you can also shop for essential items using your Debit or Credit Card, or Net Banking Account with a Bank Account opening.
Access to other banking products
Once you have established a relationship with a bank, you can consider other financial products to help you achieve your financial goals, such as Credit Cards, Auto Loans, and Home Mortgages. These products enhance your access to funds in an emergency and aid you to fulfil your ambitions.