Before starting our topic, let’s first understand what a bank is.
What Is a Bank?
A bank is a financial institution that accepts money from the public and also provides loans to people.
The concept of creating banks was first time possible in the 17th century. The purpose of the first bank is to facilitate farmers and church owners. Later, with time, people started depositing gold and other precious items in the bank lockers.
Now we understand what a bank is. It’s time to list some benefits of a bank account.
1. Protection Of Money:
You don’t need to carry cash in your hands or pockets because of a bank account. The money is kept safe in your bank account.
2. Credit And Debit Cards:
It’s become easy now to do online transactions all over the world. Suppose you like to buy a shaving machine and you are a busy person. You can simply place an online order on any online shopping store to buy a shaving machine. In Pakistan, cash on delivery is also available. Now it has become possible to buy anything locally or online. You can fill petrol, shop your daily groceries and book tickets by using your credit and debit cards.
3. Easy Management:
You can easily track your expenses and savings by having a bank account. Getting bank statements is easier than before. You can also view your bank statements through online banking apps and online banking websites.
4. Pay Utility bills:
Paying utility bills becomes easy through online banking. In earlier days, people had to stand in queues for hours to pay Utility bills, but now banking apps have solved this problem.
5. Getting Loans:
If you have enough money in your bank account, then banks give you the facility to get loans. You can start your business or build your office by getting a loan from your bank.
6. ATM Facility:
As you know, the bank’s office is open during the day and not at night. Every bank has an ATM through which people can get money 24 hours.
7. Managing Salaries:
Now, employers prefer to transfer employees’ salaries into their bank accounts. It is easy to keep track of employees’ salaries through the bank.
8. Locker Facility:
If you have gold, then you can easily open a locker account in your bank. Banks have high security to keep your precious items in lockers.
9. Saving Account:
By using a savings account, you can also earn money from your reserved money in the bank.
10. Peace Of Mind:
As you know, money is earned with hard work, and no one wants to lose their money. So, keeping your money safe is to deposit it in banks and this way you get peace of mind also.
Conclusion:
With time, banking is becoming better and more secure. Online banking has made our lives easy and tension-free. If you have not yet opened your bank account, then you can decide for yourself.
