How opening a separate Savings Account for investments will help to manage your financial planning
May 30, 2020
A strong financial plan requires a great deal of analysis of one’s daily expenditures along with an overview of the short term and long-term goals for which savings need to be made. Taking into consideration the availability and range of credit options and how it builds into the illusion of higher affordability, it is important to bring discipline into one’s financial planning early on. The earlier you start, the bigger your funds. Thus, it is essential to take steps to maximise benefits of your salary by taking the right measures.
One of the most effective ways to ensure a healthy financial plan is to open a contingency account i.e., putting aside a certain amount of money at the beginning of every month into a separate Savings Account. Making monthly savings precede other expenses is the main ideology behind opening a separate Savings Account which also helps in inculcating a habit of making the most of your earnings.
Savings Account is a deposit account wherein the bank pays interest on the money deposited by you in the account. This enables you to maximise on savings by depositing idle money which can be withdrawn whenever required while you are also earning interest on the remainder of the balance.
With ICICI Bank Insta Save Account, one can easily claim a variety of benefits. Funds deposited by you are at your disposal 24x7 which makes it one of the safest ways to invest money. Unlike most investments such as Public Provident Funds or Mutual Funds, one doesn’t have to freeze their funds for a fixed period. You can earn modest returns without having to ‘lock-in’ money for a certain period of time.
Although, as a norm various banks used to charge maintenance fee, nowadays, one has to maintain minimum balance in their Savings Account. The protocol follows that if this balance is not maintained then the bank deducts a fee. There are very few Savings Accounts that provide the facility of no minimum balance account. However, with ICICI Bank Insta Save Account, you can enjoy the benefits of having a separate Savings Account with no balance commitment upon opening an FD of minimum Rs 10,000 for 12 months. This facility helps you maintain your savings in a separate account without any extra cost.
One of the most important reasons to invest money in a separate Savings Account is to prepare yourself in case of any emergencies. Opening a separate Savings Account is extremely important because unexpected expenses can be a major drawback to a structured financial plan. It is essential to allocate a budget to your Savings Account for the emergency funds. As stated above, since the money you deposit in your Savings Account is available 24x7, in case of any unforeseen expenditures, you can withdraw money from your account anywhere, anytime.
In the same manner, you can even avail of the Internet Banking facility for fund transfers at your convenience. There are many benefits associated with a separate Savings Account. ICICI Bank Insta Save Account offers a Platinum chip Debit Card with a system of reward points and various offers on the card.
The highlight of a separate Savings Account as an investment option is the ease with which you can invest your money. You can open an Insta Save Account online, from the comfort of your home. All you need is your Aadhaar Card. With 24x7 access to banking services, you can open an account instantly on ICICI Bank iMobile.
You should always plan and choose investment options keeping in mind three things; safety, growth and income. With Insta Save Account, safety is ensured with not just the ease of access to your funds, but also constant availability of the same. As you grow your funds, you earn higher interest making your investment worthwhile. Most importantly, a separate Savings Account is essential to safeguard and protect yours and your family’s progress and future.
The contents of this document are meant merely for information purposes. The information contained herein is subject to update, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient’s own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. ‘lClCl’ and the ‘I-man’ logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.