It would sound surprising if anyone comes up to you and says he doesn’t have a savings account. Probably you won’t even believe it in the first place. But, yes! Savings accounts are a ubiquitous necessity to manage finances in today’s world. Whether receiving or withdrawing money, paying for daily expenses, or bank transfers, your best saving account is an allrounder for all your banking needs.
But, do you know all the details and facilities your best saving account can provide you? Many of you know that your savings account can earn you considerable interest depending on the money you deposit in it. Want to know how? Well, there you go!
The Master Tips To Earn Better Returns Via Your Savings Account
In this article, we are here for you to show you the right ways to earn the maximum return possible from your best saving account. In addition, these tips will help you to boost your savings account interest rate.
Selection Of The Account
If you are planning to deposit your money in an account, you must go through a complete analysis outlining the obvious reason for choosing that particular bank. The savings account interest rate differs with each bank. A better interest will undoubtedly give you a better return on your deposited money. So, why are you wasting time? Start analysing now!
Switch To Recurrent Deposits
You must be wondering what this means! Well, lemme shed some light on it. At some point, most of us have faced the issue of making fixed deposits as it’s not always possible to have so huge an amount to invest in banking. That is when we know that the entire money, along with interest, will only be available after a certain period in a lump sum amount at one go.
Well, in that case, a recurrent deposit (RD) is something that will allow you to save money monthly, and interest will be counted accordingly. Generally, an RD’s saving account interest rate will vary in the range of 3.7-5.25%. The best part about it is you can start an RD even with an investment of 1000 Rs. monthly, and you need not worry about the time limit.
A Planned Budget And Auto-Sweep Facility
Budgeting is essential to save money. It might sound old-fashioned, but you indeed earn what you save. Once you are done estimating and finalising your monthly expenditure, you can make use of the auto sweep facility, which will provide you with an option to transfer your monthly saved money to an FD automatically.
Multiple Savings Account Multiplies The Facilities
There are very few people out there who are still not connected to online payment procedures. Be it UPI, net banking, or any other method, your account must be linked to at least one of them. That interferes with your savings account’s interest rate as you tend to spend money through these online payment modes.
You need to create multiple accounts so that you can have another account that is not related to any UPI. Not just that, but it’s better if it does not have a debit card.
Make Use Of Your Debit Card To The Fullest
This is nothing new almost every shopping site offers great discounts and deals if you choose to pay with your debit card. So, for earning outstanding credits, use your debit card as your default payment option.
Setting Up A Goal
Setting up a goal is extremely important for properly completing any work. Saving money is not an exception. Therefore, it is crucial that you set up an amount you need to save every month and spend accordingly, thus boosting your saving account interest rate.
Make The Most Of Your Saving Account Today!
Well, that was all about the primary ways to help you maximise your savings account interest rate. Well, that’s how your standard savings account will turn into the best saving account.
