Have you ever wondered why you and not only you but everyone is required to have a bank account? have you ever wondered that everyone around you has at least one bank account with them irrespective of fact how much they are earning? if yes then this article is for you.
Firstly A bank account is an account that is opened and maintained by a bank or any other financial institution on behalf of their customers for financial purpose.
A bank account shows that customer trusts the financial institution with whom they maintain a bank account. isn’t it?
So yes everyone has an account but one may argue that it is not written anywhere in any law that one MUST has a bank account. YES it is true that it is not necessary that one must have a bank account but if we consider the reasons that are given below you would say that yes I should have a bank account.
Some of these reasons are….
- Safe place to have savings-
So you must agree that you are earning and spending a portion of your earning every month but still some money is there left with you. without a bank account you have to find a place to store your money. even if you find a place you will always be worrying whether your money is safe there or not.
But with a bank account you can store your money and sleep peacefully without any worry of theft.
Employed? get paid directly-
Suppose you work for a company and let’s take an example that you get your salary on 1st of every month. for a month if you are on a leave on 1st of that month then you will not get your salary on that day as you have to go physically to your office to collect your salary.
In same scenario if you have a bank account then on 1st of every month your employer will credit your salary in your bank account automatically. so you need not go physically each and every time to collect your salary.
You can withdraw this from anywhere at your ease.
- It makes your life easier
every month you get a bunch of different bills for electricity, telephone, internet, water, insurance premiums, loan EMI etc. etc..
so what you need to do is you have to spend at least 2-3 days to go at each biller separately to do away with these all and did you forget that telephone bill’s last date? oh a fine is waiting for you then.
Now with a bank account you can tell your bank that this is the list of my billers and my bank will make sure that each month my account will get debited automatically with bill amount. so no need to worry. bank account and bank will take care.
- Helps you to meet your investment goals-
A bank offers a number of options of accounts to its customers that depends on their saving as well as investment goals. if one wants to save and grow money he can opt for savings account. while it also offers other options like retirement planning accounts and annuities etc.
So why do I need to have a bank account? The answer is its safe,convenient and it helps you to save for your present and your future ,it helps you to develop a relationship with your banker who can advise you on various financial dilemmas.
Thus it is advisable to you that you must have a bank account.