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For most people, a Savings Account is the first and most fundamental financial product needed at the beginning of their personal finance journey. This type of account can be opened with commercial banks, co-operative banks, and at post offices.
Let’s understand what makes them so special:
What is the purpose of this account?
The primary role of this account is to provide a safe space to hold your money. Here’s an example of how this account works:
What are the advantages of a savings account?
Along with offering a secure place to keep your money, this account comes with a plethora of advantages. Let’s discuss some of them below.
Offers passive income:
The savings account interest rate allows you to earn passive income. This interest rate may vary based on the amount of funds in your account.
Opens avenues of investment:
This account gives you a variety of options to multiply your money. With this account, you can consider various investments such as:
You can also trade in the stock market, if you link this account with Demat and Trading Accounts.
Offers other additional services:
Depending on the type, this account also makes you eligible for a variety of add-on services. Some of the services include:
What should you know about the tax implications of this account?
Since the interest earned is taxed, it can help you with tax planning. According to the Income Tax Act, this earned interest is taxable, irrespective of the interest rate.
IDFC FIRST Bank offers high-interest savings account with an array of benefits. To know more about this account, visit our website today.
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