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FinFIRST Blogs
Savings Account
Why a savings account is better than stacking up cash at home
Key Takeaways
Keeping cash at home exposes you to theft, damage and inflation without earning any return.
- A savings account lets your money earn interest, helping counter inflation and increase your funds over time.
- All transactions in a savings account are tracked via statements, making it easier to manage and review your finances.
- A savings account offers liquidity and safety, allowing you to access funds quickly and avoid risks linked with keeping physical cash.
A savings account offers a safe place to keep your money. Additionally, there are other benefits of a savings account that can be used for financial management.
We give you a few reasons why you should keep your funds in a savings account:
Helps you save more
The value of money may decrease with inflation. Savings accounts offer best bank interest rates. This can add to your savings and counter this devaluation.
Entitles you to a tax benefit
Another advantage of a savings account is the tax benefit it offers. You can claim a tax deduction on the interest earned from the account under Section 80TTA of the Income Tax Act.
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Inculcates financial discipline
As you know, savings accounts offer an attractive rate of interest. Thus, they can help your money grow. This, in turn, can motivate you to save more. It also helps inculcate the habit of saving regularly.
Facilitates tracking of expenses
One of the best things about a savings account is that you can keep tabs on your money. Every transaction that you make using the savings account can be tracked. You can view periodic statements or check the latest transactions online. In this manner, you can keep track of your spending with the help of a mobile banking app.
Helps meet your liquidity needs
You can withdraw money from your account at any time. The money in your account can be used for short-term goals, emergencies, paying online bills, and everyday expenses.
Helps secure your money
Savings accounts are perhaps one of the safest financial instruments for keeping your money. They are safer than other market instruments which invest your money and give you returns. Also, they ensure the physical safety of your money.
There are various financial instruments where you can park your money, but a savings account offers you a good balance of liquidity and returns. Also, you do not have to visit the bank to open an account; you can easily open savings bank account online.
IDFC FIRST Bank offers different types of savings accounts with competitive interest rates, minimal charges, and free multiple fund transfers. Also, you get to benefit from cashbacks on movie tickets, airport lounge access, and complimentary personal accident insurance. Start building your wealth with a savings account today.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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