Water is essential, of course, for all plant life. Palms, being for the most part tropical plants by nature, usually appreciate a regular watering schedule. If planted in well draining soil one can water fairly regularly. The more water a palm gets, as long as it’s not sitting in heavy, sloggy, poorly draining soil, the faster it will grow. But some palms used as indoor palms are NOT tropical and can rot with a careless watering schedule, so be careful. Overpotted palms, even the most tropical water-loving species, can rot in too-wet soil for too long. Palm roots do not like sitting in water, either, so if using a pan below the pot, empty it once the water is done draining through.