Compare to rectangular water tank circular water tanks are better in follwoing

reasons

1. The internal and external loads which comes on wall will be taken care by
Hoop compression, hence tensile stress are less. less reinforcement steel is
sufficient.
2. Concrete is very strong in compression, require concrete size will arrived by
design.
3. Water retaining structures should be leak proof, hence crack width is
checked in design.
4. Where as rectangular sections corners are having more stress concentration
, the critical portion are the corner junctions.