It is essential to have financial stability in today’s world. Seeing the rise in prices and the cost of living, each person should have the income to meet them and fulfil their desires. Nothing is available for free, and every vendor requires something in exchange for what they sell to customers. Money is the primary element necessary to meet your expenses and fulfil your aspirations.
A Savings Account provides safety and much-needed liquidity for our funds. It is a famous low-return option to park your money. However, increase the income from your account deposit by following these tips:
Higher interest rates online
Many Online Banking platforms and financial institutions provide decent interest rates. If you find a credible one offering them, you invest there to earn extra interest income. But ensure that the maintenance or other additional charges do not wipe off any savings you make. Explore online for better returns.
Idle fund utilisation
You benefit from the sweep-in and sweep-out facilities in your online Bank Account to generate higher interest income from idle funds. Your surplus funds get swept out to a Fixed Deposit income, automatically yielding a higher return rate. Sweep the money into your Bank Account if you need cash urgently.
Criteria-based accounts
Check with your banker for a higher return on some Savings Accounts with specific criteria like a higher minimum balance, a specific number of Debit Card transactions, etc. Open a high-yield Internet Banking Account if you find such criteria acceptable.
Demography-based accounts
Most banks have specific accounts for children, youth, senior citizens, etc., offering a higher interest rate than regular ones. If you have a kid, open a Bank Account on the Banking app, deposit money there, and enjoy higher returns.
Regular interest credits
Your banker provides monthly interest credits on your Bank Account. If you maintain a decent balance, use your monthly interest credit for other investment purposes. Digital technology has transformed the banking scenario. For instance, open a SIP and deposit the interest income each month using M Banking.
Certificates of Deposit
Use your funds for investing in Certificates of Deposit, like Fixed Deposits. In India, scheduled commercial banks and other institutes are eligible for issuing CDs with a tenure of three months to a year. Reinvest the matured CD to continue earning higher interest than a Savings Bank Account.
Conclusion
You earn a higher interest income while enjoying the Bank Account benefits by following these tips. Share Market Investments are also possible with idle funds. While your income increases, your funds remain liquid and ready for use.
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