BASICS OF SAVINGS : SIGNIFICANCE OF SAVING .

SAVINGS :
BASICS OF SAVINGS : SIGNIFICANCE OF SAVING .


We basically save, because we can not predict the future. Money saving can help you become financially secure and can provide security in the event of emergency.
SIGNIFICANCE OF SAVING:
  • Emergency Caring -                                                                                                                         It can be any number: a new roof, medical expense, or sudden loss of income for your home. To avoid going into debt to pay for your needs, you will need a separate fund for these emergency situations.                                                                                                                          
  • Retirement -                                                                                                                                       If you intend to retire someday, you will need savings and / or investment to replace the income that you will no longer get from your job.                                                                              
  • Average life expectancy -                                                                                                            With more progress in medical and public health, people are living longer and need more money for it.                                                                                                                                        
  • The instability of social security -                                                                                                The purpose of social security was never the primary source of income and it should be considered as a supplement to income.                                                                                                
  • Education -                                                                                                                                    The cost of private and public education is increasing every year and these demands are becoming difficult to fulfil.
If you are looking for ways to save, the easiest way to save is to:


A bank savings Account : This is a type of account which is opened in the bank or other financial institution which earns a moderate interest on the amount deposited therein.

A savings account is essentially opened to invest on one side, which is not immediately needed. Banks banned the number of withdrawals from the account every month.

The interest rates earned on the savings account are fixed on the basis of the minimum average balance kept in the account, which is calculated on time limit of 3 to 6 months.

The Savings Account interest rate on the balance in a savings account is different from the bank in the bank, as the interest rate on savings bank accounts is close to 5% whereas in SBI Savings Account it is 3.5%.

The reason for this is that the brand and market value of each bank is different, since SBI is a well-known official name, so it can take money even on low interest.

thanks for the time . 

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