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2 mins Read | 5 Years Ago

Why keeping money in your savings account is the safest option


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With the cost of living on a rise, it is now necessary for every individual to invest their hard-earned money. While you might want to earn the highest possible returns on your investment, options that generate higher returns also come with a higher level of risk.

Is there an option that can help you earn decent returns while also ensuring the complete safety of your investment? Well, there are a number of options but the safest of them all is a savings account. Let us have a look at why these accounts are the safest and what are the other benefits they offer.

Why are savings accounts the safest?

In simple words, a savings bank account is a deposit account which you hold at a bank. The bank pays interest on the money you deposit in this account. Your money is not invested anywhere, and this makes them the safest option for people looking to earn modest returns on their investment.

Moreover, unlike a bank FD which comes with a lock-in period, the money deposited in a savings account is available at your disposal 24x7. Apart from it being the safest way to invest money, savings bank account also offers a host of benefits such as-

1. Zero maintenance charges

Banks used to charge an annual maintenance fee for maintaining your savings bank account. However, this structure has now been replaced with the monthly average balance charges.

As long as you maintain the minimum balance in a savings account, you are not required to pay any maintenance charges. However, the minimum balance requirements vary between banks. The bank can charge a fee if you are unable to maintain the monthly average in your account.

2. Easy accessibility

As mentioned above, the money you deposit in your savings bank account is available 24x7. Every bank now offers a debit card for such accounts which you can use anytime to withdraw money from your account.

Similarly, you can also use the net banking facility of the bank for fund transfers to and from your savings account from the comforts of your home or office.

3. Many different types of accounts

One of the biggest reasons that make savings bank account one of the best money saving plans is the type of accounts offered by banks. Most banks now offer different types of savings account such as accounts for women, senior citizens and kids and offer a host of additional benefits.

A high interest rate, unlimited ATM transactions, discounts on loan and discounts on locker charges are some of the top benefits of such accounts.

4. Easy bill payments

Many of the banks now also allow you to pay utility bills automatically from your money saving accounts. This ensures that you never miss a deadline for any of the payments which can attract late payment charges.

A lot of reputed banks now also have their mobile apps which you can easily use on-the-go for bill payments.

Your first step to start saving

A savings bank account is the most common and safest way to start investing your money. While the interest you earn on the deposits is modest, there is no option that offers the level of safety that savings bank account offers.

If you are planning to begin your investment journey or just want to park additional funds temporarily, a savings bank account is the best option. Explore more about this safest place to invest money before selecting a bank that offers a decent interest with a host of other benefits.



The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

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