(New Delhi). Many people use banks for saving. Here the money is secured and the bank also pays interest on this amount. Along with interest, banks also offer many other benefits on savings accounts. Many people do not know about this benefit.
Money is secure: Whenever you open a savings account, you do not have to worry about money. Here your money is completely secured. The bank also gives interest on the amount deposited in the interest saving account. The interest rates of all banks are different. Financial Discipline: It is better to keep cash in the bank rather than keeping it at home. It is also a financial habit. Keeping money in the bank prevents unnecessary expenditure and also saves money. However, these savings should be used in emergency situations. Saving in a way helps in achieving your financial goals.
For example, if you are thinking of buying a bike, then you can start saving for it. If you save a fixed amount every month for your bike, then you can buy the bike soon. Loan: Saving account also helps you if you need a loan for some work. The bank gives loan on the basis of your savings and bank transactions. Apart from this, if you have taken a loan, then the bank can use the amount deposited in your account for EMI.
All taxpayers of the country have to pay ITR tax on time. Your income is deposited in your savings account, so you can easily calculate your annual income. While filing income tax return, you can submit bank statement for your income proof.
Facility of instant payment: If you need cash immediately, you can avail this facility through debit card. You can easily make digital payments through debit card, UPI.
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