How Opening a Separate Savings Account for Investments will Help Manage your Financial Planning

Posted on Wednesday, January 18th, 2023 | By IndusInd Bank

A separate savings account helps you segregate savings from expenses. An easily accessible corpus of funds, it can help boost financial planning by enabling you to earn interest and invest with ease.

While none can deny the joys of earning money, there is an equal – if not greater – pleasure in seeing that money grow over time. Needless to say, this requires your earnings to be protected and invested in a judicious manner so as to ensure long-term stability and expansion. Luckily, it’s never too late to begin saving. No matter when you begin, effective financial planning can go a long way towards making your savings multiply.

Six Simple Tips for Sustainable Money Management

• Do not procrastinate; the earlier you begin, the more you get to save
• Keep a daily or weekly track of your expenses, reviewing them at regular intervals
• Imbibe financial discipline; identify and cut back on unnecessary expenses
• Set long-term and short-term financial goals and try to remain focused on them
• Try to avoid or limit your debt as much as possible
• Open a contingency account i.e. a separate Savings Account in which you set aside a certain sum of money at the beginning of every month

While all the aforementioned tips are essential for healthy financial planning, the last one, in particular, has long-term importance. Read on to find out more in detail.

A Separate Savings Account for Financial Planning

A savings account is a secure place to deposit your hard-earned earnings and gain access to those whenever you like. To begin with, opening a separate savings account helps you streamline your finances, segregating savings from expenses. There are 3 crucial ways in which a separate savings account helps boost financial planning:

1. Earn Interest: Every savings account comes with the benefit of earning interest on the money you deposit. This enables you to maximise your savings, no matter what the savings account interest rate.
2. Invest with Ease: A separate Savings Account for investments – stocks, mutual funds, Fixed Deposit, or Recurring Deposit – enables you to keep better track of your returns and earnings. For instance, whenever you earn returns, you may redeem them into your Savings Account for further investments.

3) Be Prepared for Emergencies: Unlike other investments with a ‘lock-in’ feature, the money in your Savings Account is always available for use. Should there arise an unforeseen situation, you may easily withdraw the money from your account – no penalty, no hassle.

Indus Delite: Zero Balance Saving Account

Convinced of the merits of a separate savings account? You may begin putting away your savings right away with the Indus Delite Savings Account from IndusInd Bank. Extremely easy to use and operate, this zero balance savings account can be quickly opened online in four simple steps anywhere, anytime. Thanks to the 100% paperless process, all you would require is your Aadhar and PAN card to open the account and begin experiencing world-class banking instantly!

The Indus Delite Savings Account has easy-to-meet eligibility criteria. Furthermore, there are nil charges on non-maintenance of balance, allowing you to use your money as per your convenience, without any restrictions. Best of all, the account allows you to enjoy several benefits. Some of the top benefits are:

• 6X reward points on shopping with the Platinum Plus debit card
• Buy-one-get-one-free offer on movie tickets booked on bookmyshow.com
• Discounts and offers on shopping & dining, including on Big Basket and Swiggy
• Attractive cashback on Amazon with your debit card
• Complimentary insurance cover worth *INR 35.5 Lakhs with the Platinum Plus Debit card

The Indus Delite Savings Account is a superb option for those who wish to maintain a separate savings account with minimum fees & charges, and maximum benefits. Begin making the most of your earnings with the Indus Delite zero-balance savings account today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.