Best practices for encrypting and decrypting passwords? (C#/.NET)

Question

I need to store and encrypt a password in a (preferably text) file, that I later need to be able to decrypt. The password is for another service that I use, and needs to be sent

Answer 1

One of the most important thing is the permissions on the file. Even if the content is encrypted you need to make sure that only the processes that need access to the file can read it.