A savings account is mandatory to pay your bills, make investments, keep your money safe and earn interest. However, have you considered opening separate bank accounts to address your diverse needs?
Think about it. Using the same account for your savings, rent, EMIs, phone bills, leisure activities, or the house you’re planning to buy, things can get a bit messy. For instance, you may get tempted to dip into your savings to buy that new phone which is slightly over budget. This would rarely happen with separate bank accounts.
Read ahead to find out the benefits of having multiple bank accounts for diverse financial needs:
Stay aware of your budget
You can keep one account strictly out of bounds to fund, for instance, the down payment of a house or your child’s higher education. Once it is in a separate account, you would think several times before dipping into it for daily needs. It helps you create a realistic budget for any plans, whether it is weekend travel or a dinner party with friends. With your spending money in one account, you know exactly how much stress your wallet can take.
Focus on financial goals
Creating multiple accounts is a gamechanger in helping you meet and track specific goals without any overlapping. You can allocate a certain amount from your income every month towards a long-term goal and easily track your savings.
A targeted savings account thus helps to focus on your goals while also instilling discipline in your spending habits. It sets boundaries to your spending limits while making sure that you have an emergency fund to fall back on.
Enjoy transparency and security with Airtel Payments Bank
Airtel Payments Bank Logo To Be Used Here
If you’re still on the fence, remember that putting all your eggs (or money) in one basket leaves you vulnerable. In fact, if security is a key concern, then consider opening an account with Airtel Payments Bank, which offers a bouquet of services in a completely transparent, secure, and seamless manner. You can open a savings account with Airtel Payments Bank, India’s true digital bank, which is a completely paperless process and can be opened with just a video call.
Once you have separate bank accounts, you will experience the peace of mind that comes with knowing where your money is at all times. Compare that with feeling flush with funds at the beginning of the month and then feeling broke once you’ve made all your payments or perhaps even gone overboard buying goodies during an online sale!
Additionally, having a separate savings account will shield your money because, in case you fall victim to online scams and frauds, it can empty your entire main account. Thus, Airtel Payments Bank is an ideal option for all your daily transactions because it provides an extra layer of security of Airtel Safe Pay, where no money leaves your account without your consent.
With separate accounts, you can move towards spending responsibly, making targeted savings to meet your goals. Meanwhile, an Airtel Payments Bank Savings Account also offers smart investment options like DigiGold and fixed deposits.
We can safely conclude that multiple accounts serve our diverse needs. In the case of Airtel Payments Bank, you can enjoy multiple benefits such as speedy withdrawals and transfer of funds with an extra layer of security of Airtel Safe Pay. Go ahead and download Airtel Thanks App and open an account now with Airtel Payments Bank with just a video call.