There are several options that are available for investment. Still, one needs to have a savings bank account. Do you wonder about it? Do you think why one must have a bank account? Even if they offer a lower-interest rate than other saving options. Here, we bring answers for you.
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Secure and constant growth:
It is the reality that bank accounts offer low-interest rates. At the same time, the bank offers secure and constant growth for your savings. Many of the investments come along with the risk of losing money. Therefore, it is essential to have a bank account. It provides slow and steady growth to win the race in the end.
Services at your fingertips:
Now, the world has come at your fingertips. You are free to enjoy rather, should say You can enjoy managing all banking processes online with your mobile. From transactions to loans, everything is manageable online. A bank account with online banking facilities enables you to manage all the stuff with your mobile from anywhere.
Cash and cashless transaction:
Transaction facilities define the simplicity and handiness saving offer and institute’s services. A bank account provides an instant cash withdrawal facility from ATMs. Also, offer cashless payment with a debit card. Most people nowadays want to enjoy comfortable and secure travelling with debit cards.
Easy Maintenance:
There is no need to be bothered about checking your account constantly or doing the process to maintain it. Bank only requires a minimum balance in your account to keep it operational, that’s all. There is no need for any extra maintenance process for a bank account.
Discount on lockers :
The bank account holder may have a 15-30% discount on locker fees. Still, it is compulsory to maintain the minimum required balance.
Automatic bill payment facility:
Some of the banks offer the facility to set up automatic transfers and payments of bills. That can help you to keep yourself away from the process of paying such bills every month. It will automatically transfer to the concerned one.
Get set Go :
Opening a bank account is not a tactic process.
It is a simple and straightforward process.
Bank offers both the mode, offline as well as online. You can choose at your convenience.
The applicant can visit the bank and fill out the form by depositing the minimum required balance amount. Another option is going to the website and fill out the form, and doing a transaction to keep the minimum required balance.
Liquidity when you wish:
Financial emergencies are like shocking surprises. The sudden need for money is manageable with a bank account. A bank account provides you with immediate access to your account.
Financial stability:
A bank account inspires us to save a portion of the amount via means of financial stability. They keep you motivated and also helps to keep track of your investment by providing an account statement for it. These bank statements assist you to be aware of your needs and extravagance. Also, inspire you to save from extravagance. That results in making you able to shape your budget more efficiently and leads toward a secure and stable financial future.
Eligibility Criteria :
Some eligibility criteria that applicant should have to fulfil are as below,
- The customer must have to be a citizen of India.
- The age limit for the applicant is 18 years or more
- In the case of a minor, the minor’s parents or legal guardian on behalf of a minor.
- The individual applicant must hold a valid government-approved identity and address proof.
- After completion of the authorization process from the bank side, the account holder will have to make an initial deposit as a minimum balance requirement as per the terms and conditions of the bank account.
Documents Required :
- Applicants must have to submit the below document with the account opening form to have an account in a bank.
- Address Proof that can be Adhaar Card, Voter ID card, Driving license, Passport
- Identity Proof that can be Adhaar Card, Voter ID card, Driving license, Passport
The online process to open Bank Account:
- Visit the homepage of a particular bank and click on the ‘Apply Now’ option.
- Select ‘Savings Account‘
- Fill in all the details in the application form precisely and take care that matches with the KYC document.
- Click on ‘Submit’
- Bank will ask the individual to visit the nearest branch with KYC documents.
- After document verification and approval, the account will take 3-5 bank working days to get activated.
Conclusion :
A bank account has some unique and essential services in terms of liquidity, withdrawal, financial stability, easiness, hardness, etc. Thus, it is advisable to have a bank account as an investment scheme.
Further, it inspires account-holders to save more and more for stable financial stability. Thus, it plays an important role in the starting phase of savings and investment.