Why Consider Banking Accounts to Start Saving?
With numerous investment options vying for your attention, you must be wondering why you need a bank account to start saving. While banks accounts like checking & savings account, may offer lower interest rates than other investment options, they do some very distinct benefits. A bank account like a checking account can help you handle your everyday expenses. On the other hand, a savings account can help you save while offering unmatched liquidity and steady growth. You could also invest your money into wealth management accounts which provides wealth management expertise and business banking solutions, along with premium banking services and a host of exclusive lifestyle privileges Regardless of the type of account you choose, bank accounts entail several benefits:
Safe and Steady Growth
While it’s true that bank accounts offer low-interest rates, they also offer a safe and steady growth avenue for your hard earned wealth. Several investment options even run the risk of losing the money invested. Therefore, it’s prudent to have a safe bank account for your money, where it can grow slow and steady.
Online Banking Benefits
By opening a bank account, you can enjoy a whole new world of banking convenience. Whether you want to send money to a loved one who lives abroad or check your previous day’s transactions, everything is possible with online banking. When you have a bank account with online banking facility, most of the banking functions will always be at your fingertips no matter where you are.
ATM Cash Withdrawal and Debit Cards
Nothing beats the convenience of instant cash withdrawals at ATMs or making cashless purchases with debit cards. Transactional convenience is perhaps the greatest benefit of having a banking account.
Most bank accounts have a minimal balance requirement to keep the account operational, although some have no such criteria. Additionally, you don’t need to do any account maintenance to keep your savings going.
Discount on lockers
If you are a bank account holder, you can avail 15% to 30% discount on locker fees. However, you need to maintain the minimum quarterly balance in your accounts.
Some bank accounts also offer the facility to set up automatic transfers for regular bill payments, EMI payments etc. By setting up automatic payments, you can do away with the hassles of making multiple payments every month.
Easy to get started
Opening a bank account is a straightforward process and you can start saving right away. Several banks allow online applications for bank accounts, which can be completed within a matter of minutes. Therefore if you are not comfortable with other modes of investments which requires extensive research and documentation, a savings account is just what you need.
Financial emergencies often strike out of the blue. Whether it’s the sudden hospitalization of a family member or house repairs, a bank account gives you immediate access to your finances no matter where you are.
Encourages financial stability
Having a bank account encourages you to save a portion of your paycheck and helps create a sense of financial stability. Additionally, your bank account statements also help you keep track of your finances and spend judiciously. This, in turn, helps you plan your budget and work towards a sound financial future.
Now that you understand the various benefits of having a bank account, the next step is to open one. Here’s how to open a bank account online:-
1. How to open a bank account online?
Opening a bank account online with Citibank is a very simple and quick process. Just visit the Citibank website and select the type of bank account you want to open and click on apply now. Fill up the online application form and a Citibank representative will get back to you and guide you with the documentation.
2. What do you need to open a bank account?
You just need an Aadhar Card, PAN Card and the duly completed KYC form to open a new bank account.
For more, visit Citi Help, the one - stop destination for all your queries.