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How to Earn Better Returns by Linking Your FD with Your Savings Account
Posted on Thursday, September 28th, 2023 | By IndusInd Bank
In today’s financial landscape, the adage “saving money is important” remains true, but it’s equally vital to recognize that merely stashing your funds away may not yield optimal results. Investing your money wisely can significantly boost your financial prospects. Two key instruments for achieving this are the Savings Account and the Fixed Deposit (FD).
Benefits of a Savings Account
A Savings Account offers a secure place to store your money while providing liquidity for everyday expenses. It earns a modest interest, making it an ideal choice for short-term financial goals and emergency funds.
Benefits of a Fixed Deposit
Fixed Deposits, on the other hand, offer higher interest rates than Savings Accounts and are perfect for those with a long-term perspective on their savings. They provide capital protection and assured returns.
Here are 5 reasons why you must link your Fixed Deposit with your Savings Account:
1. Enhanced Returns: By linking your FD to your Savings Account, you can earn higher interest on your idle funds. The balance above a certain threshold is automatically converted into an FD, ensuring your money works harder for you.
2. Automatic Savings: It promotes disciplined savings. Instead of manually transferring funds to an FD, the system does it for you, encouraging consistent savings.
3. Liquidity: In case of an unforeseen expense, you can withdraw from your Savings Account without breaking the FD, providing the liquidity you need while maintaining your investment.
4. Ease of Management: The integration of both accounts simplifies financial tracking. You can monitor your savings and investments in one place.
5. Safety Nets: Linked FDs can act as overdraft facilities or backup funds when your account balance runs low, helping you avoid overdraft charges.
Indus Multiplier Max Savings Account – the FD-linked Savings Account
Indus Multiplier Max Savings Account offers a seamless solution to harness the benefits of both Savings Accounts and Fixed Deposits. With a minimum balance of ₹20,000, any excess amount is automatically converted into multiple FDs of ₹1000 each. This ensures that your money generates higher returns without requiring constant manual intervention.
Additionally, you can pay bills and expenses directly from your linked FD when your account balance is insufficient, saving you from the hassle of transferring funds.
Other benefits of this account include digital account opening through Video KYC, the flexibility to choose your account number, easy mobile banking via the IndusMobile App, and an attractive interest rate on your account balance. It’s the perfect financial tool to make your money work harder while ensuring flexibility and accessibility in managing your finances. Open an Indus Multiplier Max Savings Account today and watch your savings grow effortlessly.
Open Indus Multiplier Max 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.
