Savings accounts is one of the most common and highly
preferred and stable accounts in terms of cash withdrawals and deposits. It is
easy to access and safe saving zone for the funds one possess. The added
benefit that adds feather to the cap of this saving mode is daily interest
earned that gets credited quarterly.
Ways to Add on to your Saving Banks
Payment banks
Recently government has come up with the concept of payments
banks popularly known India post payment bank that cannot lend but accepts
deposits up to 1 lakh and offers high interest rate up to 7.5 percent. You can
get the debit cards and cheque books to operate the account.
Mutual funds
Planned SIPs are also a source of saving provided you handle
them wisely and carefully. Planned investment be it in ELSS or other investments
for longer durations can serve as a source of your savings.
Fixed Deposit (FDs)
There are savings account that automatically convert to FD
account after a prescribed limit. So if you have limited your savings account
to 10,000. The excess amount will change it to an FD account and you will get
the interest accordingly.
You can choose as per your estimation and evaluation of
results there are several other government schemes that encourage savings like
post office savings. NSC, PPF, etc. The interest earned on some of the
investments are not taxable even and there is tax exemption under section 80C
in most of them.
Savings account is not only the saving medium but there are
several others that can get you higher yields and high returns. There might be
many saving schemes that you might not be aware of also, look for the once that
can benefit you in long run and take the move.
No comments:
Post a Comment