All strive for financial freedom. It allows you to live your life on your terms. You can make decisions and act independently without needing approval. Achieving financial freedom requires consistent work. Moreover, sustaining the same level of freedom also requires an equal commitment. So, give your utmost in everything you do.
Achieving financial freedom is focused on earning money. While sustaining financial freedom is all about financial management. Bank accounts are one of the most effective banking and financial management tools. Hence, consider to open bank account online, if you haven’t already.
In this blog, we will understand the role of bank accounts in financial freedom.
Assures Security
Security is paramount with money. Having a large sum of physical money is risky. You would constantly worry about a potential robbery or pickpocketing. Another concern you would face is the wear and tear of cash.
A Bank Account acts as a safe repository for your money. You can securely park your money in it. The bank employs a robust security system to protect your money. Hence, you need not worry about losing your money.
Such assured security allows you to enjoy your financial freedom to the fullest.
Modest Interest-Earning
To enhance your financial freedom, consider opening a bank account online. A bank account, like the Savings Account, earns you a competitive interest rate on your deposits. This way, your money keeps growing with no effort on your part.
Typically, the bank considers the interest, considering the average daily balance. The bank credits the accumulated interest every quarter. This means you may get a reasonable amount in hand.
Note: The Savings Account interest rate is subject to change. Hence, the interest earnings will vary. The Savings Account interest earnings are taxable as per the applicable tax laws.
Convenient Accessibility
Accessibility is another critical aspect of financial freedom. Whether buying for yourself, gifting a loved one, or caring for someone, you want your money accessible. Consider opening a bank account online to access your money anywhere, anytime.
There are several types of bank accounts to open. Savings Account is a popular option to consider. You can make direct online transfers through the Savings Account.
Generally, when you open a Savings Account, the bank provides you with a Debit Card. You can use this Debit Card to make seamless transactions and payments. This means your financial freedom is just a tap away.
Latest Debit Card EMI option
As mentioned, you receive a Debit Card when you open a bank account online. Besides facilitating various transactions, the Debit Card aids in financing. The latest Debit Card EMI option allows you to convert a transaction amount into EMIs. This gives you the freedom to take care of your financial needs in a systematic manner.
Note: At present, only a few banks are offering the Debit Card EMI option. Furthermore, select account holders are eligible for this facility. Reach out to your bank to inquire about the availability and eligibility of this service.
Unlocking Valuable Services
As you embrace your financial freedom, you may seek something specific. For instance, you may desire to go on an international trip with family and friends. Given this, you may seek forex services. Several leading banks extend forex services for their account holders.
Besides, forex service account holders can also access various other banking services. So, open a bank account online to access valuable services. It will never be like the banking experience.
Enables Mindfulness
Mindfulness is key when pursuing or maintaining financial freedom. Keeping tabs on your finances has become challenging due to increased transactional frequency. However, develop a strong hold over your finances to ensure long-term financial freedom.
Opening a bank account is helpful here, for example, with Savings Account activity updates via SMSs and emails. You can also access a monthly statement. These aspects ensure mindfulness in your finances. It keeps your financial freedom journey on track.
Summing It Up
Financial freedom is paramount. It eliminates hesitation, fear, and obligation surrounding money matters. Both achieving and maintaining financial freedom require conscious effort.
A bank account is an essential tool for navigating your financial journey. It lets you securely park your money while retaining instant access to it. A bank account, like a Savings Account, earns you a competitive interest rate on your deposits. This means your money keeps growing automatically.
So, open a bank account online to handle all your banking needs, small or big, with ease!
