An individual can deposit their money securely in a savings bank account given by the bank. However, in return, banks provide interest on that amount. Moreover, the savings account interest rates tend to change from one bank to other. Therefore, a savings account is considered to be the most liquid investment. It is because you have the freedom to withdraw the amount anywhere, anytime you want. Due to digitalization, you can open a savings bank account from your mobile too. Furthermore, you don't have to visit the branch with your documents for opening an account. Moreover, some banks also give you the facility of opening a savings account by just calling a number. You just upload the KYC documents, and you will have the savings bank account, fill out the application online. Whether individual or joint, anyone can open a savings account. Therefore, there are various reasons to open a savings bank account like can make bill payments, accepting and receiving money, saving money in a secure place, mobile recharge, credit card bill payments, etc.