Retirement is the golden period of your life. But it is also a phase where you would have no regular source of income, while your expenses would increase. You will need money to support your current standard of living, take care of family expenses, cover healthcare costs and more. To ensure you have a secure retirement, you must start your retirement planning sooner than later. A major constituent of this plan would be investing your hard-earned money to get attractive but secure returns. And a savings account is the perfect fit for your retirement portfolio.
A savings account is a deposit account that allows you to safeguard your savings for a long-term, while simultaneously earn interest. A savings account is available at a bank or other financial institution and offers an attractive rate of interest, allowing safe growth of wealth. For retirement purpose, you could start by depositing a specific percentage of your funds in a savings account.
Benefits of savings account for retirement.
The first step towards savings is online saving account opening as these accounts predominantly encourage savings. Securing your funds in this account helps you move a step forward on your retirement planning journey.
Security of funds: A savings account acts as a depository of your funds. These accounts do not have any market-bearing component. Hence, your sum is safe with the bank.
Interest earnings: Along with safeguarding your principal amount, a savings account also allow your funds to accumulate over time. You can earn high-yield interest rates on your money.
Convenient money management: A savings account provides you24/7 accessibility to your funds from anywhere in the world. In case of emergencies, you can easily use these funds, without incurring any penalties or charge.
Liquidity: Savings account is a liquid asset. You can use your funds without any hassle, unlike a fixed deposit, where your money is locked-in for a particular term.
Feasible and cost-effective: Some banks allow you to open a savings account with zero balance requirements. Other banks might require you to keep a minimum sum, which is comparatively very low as compared to the costs of other investments, like shares, bonds, mutual funds, etc.
Consider YES BANK Savings Account
When looking out to save your funds for retirement, consider YES BANK savings account. YES BANK offers a host of banking benefits, uniquely designed to help you achieve your financial goal and savings requirements.
YES BANK offers a variety of specially curated savings account options to provide seamless banking experience. These include:
Reserving your funds with YES BANK provides you reward points on transactions, several offers in lifestyle and privilege segments, multiple investment solutions, easy money management, special features for senior citizens, and an attractive rate of interest. The interest rate on savings account by YES BANK is quite competitive.
Key features of YES BANK Savings Account include:
High-interest rate, allowing the better accumulation of wealth over time
Specially-designed savings accounts to cater to different banking needs
Loyalty reward points for each transaction
Free ATM withdrawals across all YES BANK ATMs in India
Cost-free net banking and mobile banking
Easy access to funds via YES MOBILE app
Anywhere Free banking across all YES BANK branches in India
Demand-draft facility up to a specific limit
Free email and e-statement feature
24/7 Personal Banking Assistant (YES ROBOT) to pay bills, send money, do recharges, check balance, and more
You can open a savings account with YES BANK online by visiting www.yesbank.in or visit any nearest YES Bank branch in India. You can trust YES BANK to be your efficient partner in the retirement planning journey.