InvestorQ : I am a fresher and will be joining my first work place soon. Which bank account should I open- current or savings?
divya Sing made post

I am a fresher and will be joining my first work place soon. Which bank account should I open- current or savings?

Answer
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Rishita Das answered.
2 years ago


Congratulations on your first job!

You will have to open a savings bank account. This is the account that’s used by people like you and I to park our monthly savings. A savings bank account will allow you to withdraw your money as and when you need, subject to withdrawal limits.

With your savings account, you’ll get an ATM card or a debit that you can use to withdraw cash whenever required. Additionally, with the facility of netbanking, you can use your account to pay all your utility bills, to transfer money to friends/family, make direct investments, etc.

Additionally, you can earn interest on the amount you have saved in the bank. Rates for the same are in the 3-6% range. This way, your money isn’t just saved safely, it also earns you some amount in return.