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Having a single savings catering to your needs is common. But many may often hold more than one savings account, which begs the question – is it worth opening a second account?
The benefits of opening a separate savings account
When planning to save money, opening a separate savings account can be a good measure. A savings account is a deposit account wherein the bank pays interest on the money deposited in it. You can maximise your savings by depositing idle money into and it and withdraw the amount when needed. The remainder of the balance can keep earning interest.
A separate savings account can help you get a clear picture of how much you are actually saving. The earlier you open an account, the more funds you can accumulate. Investing money in a separate savings account can help you prepare yourself in the event of any emergencies. You can allocate a budget to your savings account and save the required amount of emergency funds. The money deposited in the account will be available 24x7. In case of an emergency, you may withdraw money from the account anytime, anywhere.
Savings Account with IDFC FIRST Bank
You can open a savings account online with IDFC FIRST Bank. Enjoy the best features of a savings account with IDFC FIRST Bank’s Classic & Signature Debit Card offering. Our savings account offers an industry-best interest rate which will let you save more and live life to the fullest.
Some of the many features and benefits include:
For digitally opening an account, you need to submit your:
For physically opening an account, you need to submit any one of the following (along with your PAN card):
When you plan and choose investment options, do not forget the aspect of safety. While most investment options may grow your wealth, not all of them will keep your money safe. A savings account with IDFC FIRST Bank will ensure ease of access to your funds. Furthermore, the interest rate will help your funds grow, making your investment worthwhile.
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.