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Money Matters

Savings Account|Can a Savings Account help you grow your wealth?|YES BANK

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A savings account is a type of deposit account. It allows you to save your hard-earned money and reap the benefits of a reasonable rate of interest. It is one of the safest ways to protect your funds to secure your financial future. The savings account is a type of investment that can act as a supporting pillar in case of a monetary emergency. The account is like an emergency fund. Thus, it is necessary to save a part of your income with a reputable bank.

Grow your money with a savings account

Investing your hard-earned money in a savings account is one of the most popular ways to save money. It is also one of the most reliable ways to safeguard your funds. However, the rate of interest offered by banks is significantly low. While it is true that you can grow your money with a savings account, it could take several years to earn a sizeable profit, as the return on investment is quite low.

Despite the unfavourable interest rate, one of the best benefits of a savings account is that it does not impact your funds due to market volatilities. Investments in real estate, commodities, equity, mutual funds, etc. can help you earn high investment returns. But, high-returns are often associated with higher risks too. Thus, saving a part of your income in a savings account can be a safer option to safeguard your money.

A savings account is a standard product offered by all banks. But the benefits and interest rates differ from bank to bank. Thus, it becomes essential to search for a dependable bank that you can trust. YES BANK has customer-centric strategies, and the range of savings account come with many advantages.

 

Five different types of savings account offered by YES BANK:

• Customizable Savings Account

YES Respect Savings Account

YES Grace Savings Account

XLRate Savings Account

MY First Savings Account

• Savings Value

• Smart Salary Platinum

• Smart Salary Exclusive

• Smart Salary Advantage

 

Key advantages of opening a savings account with YES BANK

  • Earn interest

The YES BANK savings account will put your money to work. You can earn a reasonable return on your funds. You can also avail attractive interest rates with any of the savings accounts offered by this bank.

  • Cashless convenience

YES BANK offers an ATM-cum debit card with all types of savings accounts. You can access them at a wide range of ATMs all around India. Besides this, you can also opt for an international debit card. This can be used for transactions when you are travelling abroad.

  • Net banking

With the YES ONLINE facility, you can manage your account from the comfort of your home or office. YES ONLINE allows you to get all the details of your account on your fingertips. You can make hassle-free payments, download account statements, make bill payments, etc.

  • Zero balance feature-rich savings account

You can opt for YES BANK Customizable Savings Account and link to it with a YES BANK Fixed Deposit Savings Account . With such accounts, you can reap the benefits of a zero balance savings account and do not have to worry about maintaining a minimum account balance. You can also forget about the penalties usually charged by banks on below minimum balances. A zero balance account does not mean that you will not earn any interest on your saved amount. You can earn up to ₹40,000 of tax-free income via interest on your saved money with such an account.

Conclusion

A savings account is essential as it is one of the most reliable ways to safeguard your money. Besides, it allows you to save money for the financial goals that you have planned for the future. You can grow your money with an attractive rate of interest and manage your current and future finances in a better way.

 

 

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